Singapore legislation
Regulation 9
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 9
Lapsing of capital markets services licence
For the purposes of section 95(1)(b) of the Act, where the Authority has not revoked a capital markets services licence under section 95(2) of the Act, or suspended the capital markets services licence under section 95(3) of the Act, the licence shall lapse —
if the holder has not commenced business in at least one of the regulated activities to which the licence relates within 6 months (or such longer period as the Authority may allow) from the date of the grant of the licence, immediately upon the expiry of that period; or
if the holder —
has ceased to carry on business in all of the regulated activities to which the licence relates;
has not resumed business in any of those regulated activities for a continuous period of 2 months from the date of cessation of business; and
has not notified the Authority of such cessation of business at any time during the period of 2 months,immediately upon the expiry of that period of 2 months.