On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 18/04/2013.
86.
—(1) A corporation may make an application for a capital markets services licence to carry on business in one or more regulated activities.
(2) In granting a capital markets services licence, the Authority shall specify the regulated activity or activities to which the licence relates, described in such manner as the Authority considers appropriate.
(3) A capital markets services licence shall only be granted if the applicant meets such minimum financial and other requirements as the Authority may prescribe, either generally or specifically, or as are provided in the business rules of a securities exchange, futures exchange or recognised market operator.
[1/2005]
(4) Subject to regulations made under this Act, where an application is made for the grant of a capital markets services licence, the Authority may refuse the application if —
(a)
the applicant has not provided the Authority with such information or documents relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its manner of conducting business, as the Authority may require;
(aa)
any information or document that is furnished by the applicant to the Authority is false or misleading;
(b)
the applicant or its substantial shareholder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
(c)
execution against the applicant or its substantial shareholder in respect of a judgment debt has been returned unsatisfied in whole or in part;
(d)
a receiver, a receiver and manager, judicial manager or an equivalent person has been appointed whether in Singapore or elsewhere in relation to, or in respect of, any property of the applicant or its substantial shareholder;
(e)
the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;
(f)
the applicant or its substantial shareholder, or any officer of the applicant —
(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 it or he had acted fraudulently or dishonestly; or
(ii)
has been convicted of an offence under this Act;
(g)
the Authority is not satisfied as to the educational or other qualification or experience of the officers or employees of the applicant having regard to the nature of the duties they are to perform in connection with the holding of the licence;
(h)
the applicant fails to satisfy the Authority that it is a fit and proper person to be licensed or that all of its officers, employees and substantial shareholders are fit and proper persons;
(i)
the Authority has reason to believe that the applicant may not be able to act in the best interests of its subscribers or customers having regard to the reputation, character, financial integrity and reliability of the applicant or its officers, employees or substantial shareholders;
(j)
the Authority is not satisfied as to the financial standing of the applicant or its substantial shareholders or the manner in which the applicant’s business is to be conducted;
(k)
the Authority is not satisfied as to the record of past performance or expertise of the applicant having regard to the nature of the business which the applicant may carry on in connection with the holding of the licence;
(l)
there are other circumstances which are likely to —
(i)
lead to the improper conduct of business by the applicant, any of its officers, employees or substantial shareholders; or
(ii)
reflect discredit on the manner of conducting the business of the applicant or its substantial shareholders;
(m)
the Authority has reason to believe that the applicant, or any of its officers or employees, will not perform the functions for which the applicant seeks to be licensed, efficiently, honestly or fairly;
[2/2009 wef 26/11/2010]
(n)
the Authority is of the opinion that it would be contrary to the interests of the public to grant the licence; or
[2/2009 wef 26/11/2010]
[16/2003; 1/2005]
(o)
a prohibition order under section 101A has been made by the Authority, and remains in force, against the applicant.
[2/2009 wef 26/11/2010]
(5) Subject to subsection (6), the Authority shall not refuse an application for a grant of a capital markets services licence without giving the applicant an opportunity to be heard.
[2/2009 wef 26/11/2010]
[1/2005]
(6) The Authority may refuse an application for the grant of a capital markets services licence on any of the following grounds without giving the applicant an opportunity to be heard:
(a)
the applicant 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, in relation to or in respect of any property of the applicant;
(c)
the applicant 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;
[2/2009 wef 26/11/2010]
[16/2003]
(d)
a prohibition order under section 101A has been made by the Authority, and remains in force, against the applicant.
[2/2009 wef 26/11/2010]
[SIA, s. 29; FTA, s. 14 and s. 24]