—(1) The Authority may, if it thinks it necessary or expedient in the interests of the public or a section of the public or for the protection of investors, issue written directions, either of a general or specific nature, to —
any licensed financial adviser;
any representative; or
to comply with such requirements as the Authority may specify in the written directions, or for any other purpose.
(2) Without prejudice to the generality of subsection (1), written directions may be issued —
with respect to —
in the conduct of his business, including the provision of any financial advisory service to any person outside Singapore and the duties to be undertaken when making recommendations to clients in respect of investment products;
the type and frequency of financial returns and other information to be submitted to the Authority;
the qualifications, experience and training of representatives; or
the procedure for the conduct of disciplinary control of licensed financial advisers, exempt financial advisers and their representatives;
where any person is contravening, is likely to contravene or has contravened, any provision of this Act, to require the person —
to comply with that provision or to cease contravention of that provision;
to take such action necessary to enable him to conduct his business in accordance with sound principles;
where the person is a corporation, to remove any of its directors;
to remove any person whom the Authority considers unfit to be associated with him;
to take action as to the disposition or recovery of assets;
to take any available step for the recovery of sums which appear to the Authority to have been improperly paid; or
to make good any default committed by him; or
for any other purpose specified in this Act.
(3) It shall not be necessary to publish any written direction issued under subsection (1) in the Gazette.
(4) The Authority may at any time vary, rescind or revoke any written direction issued under subsection (1).
(5) Any person who fails to comply with any requirement specified in a written direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
(6) In this section, “written direction” includes a circular or notice.
[SF Bill, Clause 101]