On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 18/04/2013.
96.
—(1) Subject to subsection (1B), no holder of a capital markets services licence shall —
(a)
appoint a person as its chief executive officer or director; or
(b)
change the nature of the appointment of a person as a director from one that is non-executive to one that is executive,
unless it has obtained the approval of the Authority.
[2/2009 wef 26/11/2010]
(1A) Where a holder of a capital markets services licence has obtained the approval of the Authority to appoint a person as its chief executive officer or director under subsection (1)(a), the person may be re-appointed as chief executive officer or director, as the case may be, of the holder immediately upon the expiry of the earlier term without the approval of the Authority.
[2/2009 wef 26/11/2010]
[16/2003]
(1B) Subsection (1) shall not apply to the appointment of a person as a director of a foreign company, or the change in the nature of the appointment of a person as a director of a foreign company if, at the time of the appointment or change, the person —
(a)
does not reside in Singapore; and
(b)
is not directly responsible for its business in Singapore or any part thereof.
[2/2009 wef 26/11/2010]
(2) Without prejudice to any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3) Subject to subsection (4), the Authority shall not refuse an application for approval under subsection (1) without giving the holder of the capital markets services licence an opportunity to be heard.
(4) The Authority may refuse an application for approval under subsection (1) on any of the following grounds without giving the holder of a capital markets services licence an opportunity to be heard:
(a)
the person is an undischarged bankrupt, whether in Singapore or elsewhere;
(aa)
a prohibition order under section 101A has been made by the Authority, and remains in force, against the person;
[2/2009 wef 26/11/2010]
(b)
the person has been convicted, whether in Singapore or elsewhere, of an offence —
(i)
involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
(ii)
punishable with imprisonment for a term of 3 months or more.
[16/2003]
(5) Where the Authority refuses an application for approval under subsection (1), the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
(6) Without prejudice to the Authority’s power to impose conditions or restrictions under section 88, the Authority may, at any time by notice in writing to the holder of a capital markets services licence, impose on it a condition requiring it to notify the Authority of a change to any specified attribute (such as residence and nature of appointment) of its chief executive officer or director, and vary any such condition.
[2/2009 wef 26/11/2010]
(7) Any person who contravenes any condition imposed under subsection (6) shall be guilty of an offence.
[2/2009 wef 26/11/2010]