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Application for appointment of chief executive officer or director

Financial Advisers Regulations

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—(1) For the purposes of section 63(1) of the Act, a licensed financial adviser shall submit to the Authority an application for approval of the appointment of a person (referred to in this regulation as the appointee) as its chief executive officer or director, or to change the nature of the appointment of a person as a director from one that is non-executive to one that is executive, in Form 11.(2) For the purposes of section 63(5) of the Act, the Authority shall have regard to the following criteria in determining whether to grant its approval in respect of an application made under paragraph (1):(a)whether the licensed financial adviser has provided the Authority with such information relating to the appointee or director as the Authority may require;(aa)whether the appointee or director has had a prohibition order made against him that still remains in force;(b)whether the appointee or director is an undischarged bankrupt in Singapore or elsewhere;(c)whether an enforcement order against the appointee or director in respect of a judgment debt has been returned unsatisfied in whole or in part;(d)whether the appointee or director has, in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;(e)whether the appointee or director —(i)has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; or(ii)has been convicted of an offence under the Act;(f)the educational or other qualification, experience or expertise of the appointee or director, having regard to the nature of the duties he is to perform as a chief executive officer, director or executive director, as the case may be, of the licensed financial adviser;(g)whether the appointee or director is a fit and proper person to be a chief executive officer, director or executive director, as the case may be, of the licensed financial adviser;(h)the financial standing of the appointee or director;(i)the past performance of the appointee or director, having regard to the nature of the duties he is to perform as a chief executive officer, director or executive director, as the case may be, of the licensed financial adviser;(j)whether there is reason to believe that the appointee or director will not conduct himself with professionalism or act in an ethical manner in discharging the duties he is to perform as a chief executive officer, director or executive director, as the case may be, of the licensed financial adviser.

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