§ 33 — Removal of chief executive officer or director of dispute resolution scheme operator

33.—(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer or director of an operator of an approved dispute resolution scheme is not a fit and proper person under the Guidelines on Fit and Proper Criteria to be a chief executive officer or director (as the case may be) of the operator, the Authority may, by written notice to the operator, direct the operator to remove the chief executive officer or director (as the case may be) from his or her office or employment within such period as may be specified by the Authority in the notice, and the operator must comply with the notice.(2) Without affecting any other matter that the Authority may consider relevant, in assessing whether to direct an operator to remove an individual under subsection (1), the Authority may consider any matter which the Authority considers relevant, including (but not limited to) whether —(a)

the individual has wilfully contravened or wilfully caused the operator to contravene any provision of this Act;

(b)

the individual has, without reasonable excuse, failed to secure the compliance of the operator with this Act;

(c)

the individual has failed to discharge any of the duties of his or her office or employment; or

(d)

the individual’s removal is necessary in the public interest or for the protection of investors.

(3) Before directing an operator to remove an individual under subsection (1), the Authority must give both the operator and the affected individual an opportunity to be heard, except in any of the following circumstances:(a)

the individual is an undischarged bankrupt, whether in Singapore or elsewhere;

(b)

the individual has been convicted, whether in Singapore or elsewhere, of an offence, committed before, on or after the date of commencement of this Part —(i)

involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and

(ii)

punishable with imprisonment for a term of 3 months or more.

—(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer or director of an operator of an approved dispute resolution scheme is not a fit and proper person under the Guidelines on Fit and Proper Criteria to be a chief executive officer or director (as the case may be) of the operator, the Authority may, by written notice to the operator, direct the operator to remove the chief executive officer or director (as the case may be) from his or her office or employment within such period as may be specified by the Authority in the notice, and the operator must comply with the notice.

(2) Without affecting any other matter that the Authority may consider relevant, in assessing whether to direct an operator to remove an individual under subsection (1), the Authority may consider any matter which the Authority considers relevant, including (but not limited to) whether —(a)

the individual has wilfully contravened or wilfully caused the operator to contravene any provision of this Act;

(b)

the individual has, without reasonable excuse, failed to secure the compliance of the operator with this Act;

(c)

the individual has failed to discharge any of the duties of his or her office or employment; or

(d)

the individual’s removal is necessary in the public interest or for the protection of investors.

(3) Before directing an operator to remove an individual under subsection (1), the Authority must give both the operator and the affected individual an opportunity to be heard, except in any of the following circumstances:(a)

the individual is an undischarged bankrupt, whether in Singapore or elsewhere;

(b)

the individual has been convicted, whether in Singapore or elsewhere, of an offence, committed before, on or after the date of commencement of this Part —(i)

involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and

(ii)

punishable with imprisonment for a term of 3 months or more.