§ 138 — Application for licence

138.—(1) An application for a licence must be made to the Authority in the form and manner required by the Authority.(2) Upon receiving an application under subsection (1), the Authority may —(a)

grant a licence to the applicant, with or without conditions; or

(b)

refuse to grant a licence.

(3) Where an applicant has applied for a licence, the Authority must not grant the licence to the applicant unless —(a)

the applicant has a permanent place of business in Singapore;

(b)

in the case of an applicant that is a corporation, an executive director of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(c)

in the case of an applicant that is a partnership, a partner of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(d)

in the case of an applicant that is a limited liability partnership — a partner or manager of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(e)

the applicant satisfies such financial requirements as may be prescribed;

(f)

the Authority —(i)

is satisfied that the applicant is a fit and proper person under the Guidelines on Fit and Proper Criteria;

(ii)

is satisfied as to the financial condition of the applicant;

(iii)

is satisfied that the public interest will be served by the granting of the licence; and

(iv)

is satisfied that the applicant meets such other criteria for the grant of the licence as the Authority considers relevant;

(g)

the applicant satisfies such operational requirements as the Authority may specify; and

(h)

the application is accompanied by —(i)

such information or documents as the Authority may require; and

(ii)

a non-refundable application fee of a prescribed amount that is payable in such manner as the Authority may specify.

(4) The Authority may at any time add to, vary or revoke any of the conditions of a licence imposed under subsection (2)(a) or this subsection.

(5) The Authority must not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.

(6) Every licensee must, while its licence is in force, satisfy —(a)

such financial requirements as may be prescribed or specified by the Authority by written notice; and

(b)

such operational requirements and other requirements as the Authority may specify by written notice.

(7) A licensee that fails to comply with any requirement mentioned in subsection (6) must immediately notify the Authority of the failure.

(8) Where a licensee fails to comply with any requirement under subsection (6) —(a)

the Authority may, by written notice to that licensee, do either or both of the following:(i)

restrict or suspend the operations of that licensee;

(ii)

give such directions to that licensee as the Authority considers appropriate; and

(b)

that licensee must comply with that notice.

(9) A licensee that, without reasonable cause, contravenes subsection (6), or fails to comply with any condition imposed by the Authority under subsection (2)(a) or (4), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

—(1) An application for a licence must be made to the Authority in the form and manner required by the Authority.

(2) Upon receiving an application under subsection (1), the Authority may —(a)

grant a licence to the applicant, with or without conditions; or

(b)

refuse to grant a licence.

(3) Where an applicant has applied for a licence, the Authority must not grant the licence to the applicant unless —(a)

the applicant has a permanent place of business in Singapore;

(b)

in the case of an applicant that is a corporation, an executive director of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(c)

in the case of an applicant that is a partnership, a partner of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(d)

in the case of an applicant that is a limited liability partnership — a partner or manager of the applicant —(i)

is resident in Singapore; or

(ii)

if the applicant satisfies such conditions as may be prescribed — belongs to a prescribed class of persons;

(e)

the applicant satisfies such financial requirements as may be prescribed;

(f)

the Authority —(i)

is satisfied that the applicant is a fit and proper person under the Guidelines on Fit and Proper Criteria;

(ii)

is satisfied as to the financial condition of the applicant;

(iii)

is satisfied that the public interest will be served by the granting of the licence; and

(iv)

is satisfied that the applicant meets such other criteria for the grant of the licence as the Authority considers relevant;

(g)

the applicant satisfies such operational requirements as the Authority may specify; and

(h)

the application is accompanied by —(i)

such information or documents as the Authority may require; and

(ii)

a non-refundable application fee of a prescribed amount that is payable in such manner as the Authority may specify.

(4) The Authority may at any time add to, vary or revoke any of the conditions of a licence imposed under subsection (2)(a) or this subsection.

(5) The Authority must not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.

(6) Every licensee must, while its licence is in force, satisfy —(a)

such financial requirements as may be prescribed or specified by the Authority by written notice; and

(b)

such operational requirements and other requirements as the Authority may specify by written notice.

(7) A licensee that fails to comply with any requirement mentioned in subsection (6) must immediately notify the Authority of the failure.

(8) Where a licensee fails to comply with any requirement under subsection (6) —(a)

the Authority may, by written notice to that licensee, do either or both of the following:(i)

restrict or suspend the operations of that licensee;

(ii)

give such directions to that licensee as the Authority considers appropriate; and

(b)

that licensee must comply with that notice.

(9) A licensee that, without reasonable cause, contravenes subsection (6), or fails to comply with any condition imposed by the Authority under subsection (2)(a) or (4), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.