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Cancellation, etc., of appointment as primary dealer

Monetary Authority of Singapore Act 1970

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) If the Authority is satisfied that —(a)a primary dealer is contravening, is likely to contravene or has contravened —(i)any provision of this Act applicable to the primary dealer; or(ii)any condition or restriction of its appointment as a primary dealer;(b)a primary dealer has not complied with any direction issued by the Authority under section 147;(c)a primary dealer has gone or is likely to go into compulsory or voluntary liquidation other than for the purpose of amalgamation or reconstruction;(d)a receiver, a receiver and manager or a person in an equivalent capacity has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the primary dealer;(e)a primary dealer has obtained the primary dealer’s appointment as such by fraud or misrepresentation;(f)a primary dealer has failed to satisfy any of its obligations under or arising from this Act;(g)a primary dealer has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after 18 April 2013, involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly;(h)a primary dealer is no longer in a position to effectively carry out its duties or responsibilities as a primary dealer under this Act or under any regulations made under section 151; or(i)a primary dealer is carrying on its business referred to in section 145(1) in a manner that is likely to be detrimental to its clients or contrary to the public interest,the Authority may by order cancel the appointment as a primary dealer.(2) The Authority may, if it considers it desirable to do so, in lieu of an order cancelling the appointment as a primary dealer, by order do either or both of the following:(a)suspend the appointment for such period (not exceeding 6 months) as the Authority thinks fit;(b)reprimand the primary dealer in writing.(3) In the case of a failure by a primary dealer to comply with any direction issued by the Authority under section 147, the Authority may, in addition to any order that may be made under subsection (2), order the primary dealer to pay to the Authority, for every day or part of a day of such failure, a financial penalty in accordance with such formula as the Minister may, by notification published in the Gazette, prescribe.(4) A financial penalty collected by the Authority under subsection (3) must be paid into the Consolidated Fund.(5) The Authority must not make any order under subsection (1), (2) or (3) against a primary dealer unless the Authority has given to the primary dealer an opportunity of being heard by a representative in writing, being a period of at least 21 days but not more than 28 days.(6) Where the Authority has made any order under subsection (1), (2) or (3) against any primary dealer, it must serve on the primary dealer a notice of the order.(7) Subject to subsections (8) and (9), any order made by the Authority under subsection (1), (2) or (3) against any primary dealer does not take effect until the expiration of 21 days after the Authority has served the notice of the order on the primary dealer.(8) Any order cancelling or suspending an appointment as a primary dealer does not operate so as to —(a)prejudice the enforcement by any person of any right or claim against the financial institution formerly appointed as a primary dealer, or by the financial institution formerly so appointed of any right or claim against any person; or(b)affect the validity or enforceability of any agreement, transaction or arrangement in respect of any securities issued by the Authority entered into (whenever) by the primary dealer.(9) An order of reprimand under subsection (2) takes effect on the date it is served on the primary dealer concerned.(10) The Authority may recover on behalf of the Government any financial penalty ordered under subsection (3) as though the financial penalty were a civil debt due to the Authority.

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