§ 295 — Procedure to modify FSSA authorisation condition or for regulatory action against FSSA authorisation holder

295.—(1) Subject to subsections (8) and (9), before exercising any relevant power under section 82, 83, 84, 95, 96, 112, 195, 196, 209 or 213 in relation to a holder of an FSSA authorisation, the Agency must give to the holder concerned, a written notice inviting the holder to show (as the case may be) why —(a)

the condition of the FSSA authorisation should not be modified; or

(b)

the regulatory action should not be taken against the holder in question,

each called a proposed action.

(2) The written notice must state all of the following:(a)

the proposed action, including (where applicable) the type of action in section 82, 83, 84, 95, 96, 112, 195, 196 or 213 that the Agency proposes to take;

(b)

the grounds for the proposed action;

(c)

the facts and circumstances forming the basis for the grounds;

(d)

if the proposed action is suspension of the FSSA authorisation, the proposed suspension period;

(e)

if the proposed action is modifying any condition of the FSSA authorisation, the proposed modification;

(f)

that representations may be made about the notice;

(g)

how and where representations may be made, and a period within which the representations must be made.

(3) The stated period in subsection (2)(g) must be, or must end, at least 14 days after the notice is given.

(4) If, after considering all representations made within the stated period the Agency still considers any proposed action should be taken, the Agency may —(a)

if the proposed course of action is modifying under section 82, 95 or 195 any condition of the FSSA authorisation — modify the condition; or

(b)

if the proposed course of action is any regulatory action under section 83, 84, 96, 112, 196 or 213 — take any regulatory action mentioned in the appropriate section that the Agency considers appropriate.

(5) Where the Agency has made any decision under subsection (4) against any holder of an FSSA authorisation, the Agency must serve on the holder concerned a notice of the Agency’s decision.

(6) Subject to Part 12, a decision under subsection (4) that is specified in the notice given under subsection (5) takes effect starting the date on which that notice is given, or on another later date if specified in that notice.

(7) Any suspension, cancellation or revocation of an FSSA authorisation with respect to the holder of the FSSA authorisation does not affect —(a)

the enforcement by any person of any right or claim against the holder; or

(b)

the enforcement by the holder of any right or claim against any person.

(8) However, if the Agency —(a)

considers it necessary in the public interest of Singapore to suspend an FSSA authorisation urgently; or

(b)

has reasonable grounds to believe there is a serious and imminent risk to public health and that it is appropriate or requisite, to avoid any actual or imminent occurrence that endangers or threatens to endanger the safety of the public, to suspend the FSSA authorisation urgently,

the Agency may immediately suspend, for a period not exceeding 30 days, the FSSA authorisation by written notice given to the holder thereof.

(9) Subsections (1) to (4) do not apply where the holder of the authorisation in question —(a)

has died or is adjudged a bankrupt;

(b)

has been dissolved or wound up; or

(c)

has otherwise ceased to exist.

—(1) Subject to subsections (8) and (9), before exercising any relevant power under section 82, 83, 84, 95, 96, 112, 195, 196, 209 or 213 in relation to a holder of an FSSA authorisation, the Agency must give to the holder concerned, a written notice inviting the holder to show (as the case may be) why —(a)

the condition of the FSSA authorisation should not be modified; or

(b)

the regulatory action should not be taken against the holder in question,

each called a proposed action.

(2) The written notice must state all of the following:(a)

the proposed action, including (where applicable) the type of action in section 82, 83, 84, 95, 96, 112, 195, 196 or 213 that the Agency proposes to take;

(b)

the grounds for the proposed action;

(c)

the facts and circumstances forming the basis for the grounds;

(d)

if the proposed action is suspension of the FSSA authorisation, the proposed suspension period;

(e)

if the proposed action is modifying any condition of the FSSA authorisation, the proposed modification;

(f)

that representations may be made about the notice;

(g)

how and where representations may be made, and a period within which the representations must be made.

(3) The stated period in subsection (2)(g) must be, or must end, at least 14 days after the notice is given.

(4) If, after considering all representations made within the stated period the Agency still considers any proposed action should be taken, the Agency may —(a)

if the proposed course of action is modifying under section 82, 95 or 195 any condition of the FSSA authorisation — modify the condition; or

(b)

if the proposed course of action is any regulatory action under section 83, 84, 96, 112, 196 or 213 — take any regulatory action mentioned in the appropriate section that the Agency considers appropriate.

(5) Where the Agency has made any decision under subsection (4) against any holder of an FSSA authorisation, the Agency must serve on the holder concerned a notice of the Agency’s decision.

(6) Subject to Part 12, a decision under subsection (4) that is specified in the notice given under subsection (5) takes effect starting the date on which that notice is given, or on another later date if specified in that notice.

(7) Any suspension, cancellation or revocation of an FSSA authorisation with respect to the holder of the FSSA authorisation does not affect —(a)

the enforcement by any person of any right or claim against the holder; or

(b)

the enforcement by the holder of any right or claim against any person.

(8) However, if the Agency —(a)

considers it necessary in the public interest of Singapore to suspend an FSSA authorisation urgently; or

(b)

has reasonable grounds to believe there is a serious and imminent risk to public health and that it is appropriate or requisite, to avoid any actual or imminent occurrence that endangers or threatens to endanger the safety of the public, to suspend the FSSA authorisation urgently,

the Agency may immediately suspend, for a period not exceeding 30 days, the FSSA authorisation by written notice given to the holder thereof.

(9) Subsections (1) to (4) do not apply where the holder of the authorisation in question —(a)

has died or is adjudged a bankrupt;

(b)

has been dissolved or wound up; or

(c)

has otherwise ceased to exist.