On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 23/02/2009.
28. Sections 94 and 95 of the principal Act are repealed and the following sections substituted therefor:
94.
—(1) The Authority shall keep in such form as it thinks fit records of holders of a capital markets services licence setting out the following information of each holder:
(a)
its name;
(b)
the address of the principal place of business at which it carries on the business in respect of which the licence is held;
(c)
the regulated activity or activities to which its licence relates;
(d)
where the business is carried on under a name or style other than the name of the holder of the licence, the name or style under which the business is carried on; and
(e)
such other information as may be prescribed.
(2) The Authority may publish the information referred to in subsection (1) or any part of it in such manner as it considers appropriate.
95.
—(1) A capital markets services licence shall lapse —
(a)
if the holder is wound up or otherwise dissolved, whether in Singapore or elsewhere; or
(b)
in the event of such other occurrence or in such other circumstances as may be prescribed.
(2) The Authority may revoke a capital markets services licence if —
(a)
there exists a ground on which the Authority may refuse an application under section 86;
(b)
the holder of the capital markets services licence fails or ceases to carry on business in all the regulated activities for which it was licensed;
(c)
the Authority has reason to believe that the holder, or any of its officers or employees, has not performed its or his duties efficiently, honestly or fairly;
(d)
the holder has contravened any condition or restriction applicable in respect of its licence, any written direction issued to it by the Authority under this Act, or any provision in this Act;
(e)
the Authority has reason to believe that the holder is carrying on business in any regulated activity for which it was licensed in a manner that is contrary to the interests of the public;
(f)
the holder has furnished any information or document to the Authority that is false or misleading;
(g)
the holder fails to pay the licence fee referred to in section 85; or
(h)
a prohibition order under section 101A has been made by the Authority, and remains in force, against the holder.
(3) The Authority may, if it considers it desirable to do so —
(a)
suspend a capital markets services licence for a specific period instead of revoking it under subsection (2); and
(b)
at any time extend or revoke the suspension.
(4) Subject to subsection (5), the Authority shall not revoke or suspend a capital markets services licence under subsection (2) or (3) without giving the holder of the licence an opportunity to be heard.
(5) The Authority may revoke or suspend a capital markets services licence without giving the holder of the licence an opportunity to be heard, on any of the following grounds:
(a)
the holder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
(b)
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, for or in respect of any property of the holder;
(c)
the holder has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly; or
(d)
a prohibition order under section 101A has been made by the Authority, and remains in force, against the holder.
(6) Where the Authority has revoked or suspended a capital markets services licence, the holder of that licence shall —
(a)
in the case of a revocation of its licence, immediately inform all its representatives by notice in writing of such revocation, and the representatives who are so informed shall cease to act as representatives of that holder; or
(b)
in the case of a suspension of its licence, immediately inform all its representatives by notice in writing of such suspension, and the representatives who are so informed shall cease to act as representatives of that holder during the period of the suspension.
(7) Any holder of a capital markets services licence who —
(a)
performs a regulated activity while its licence has lapsed or has been revoked or suspended; or
(b)
contravenes subsection (6),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(8) A lapsing, revocation or suspension of a capital markets services licence shall not operate so as to —
(a)
avoid or affect any agreement, transaction or arrangement relating to the regulated activities entered into by the holder of the licence, whether the agreement, transaction or arrangement was entered into before, on or after the revocation, suspension or lapsing of the licence, as the case may be; or
(b)
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.”.