§ 23 — Key appointment holders

23.—(1) Every licensee must ensure that —(a)

every key appointment holder of the licensee is in the opinion of the Director-General a suitable person to act in that capacity in relation to the licensee; and[Act 11 of 2023 wef 01/05/2023]

(b)

the composition of the key appointment holders satisfies the skills and competencies requirements prescribed or as specified in any code of practice if not prescribed.

(2) Where the Director-General is satisfied that a key appointment holder of a licensee —(a)

is not a suitable person to act in that capacity in relation to the licensee; or

(b)

does not possess any of the skills or competencies in subsection (1)(b), resulting in a contravention by the licensee of subsection (1)(b),

the Director-General may, without affecting the Director-General’s power under section 20, issue a direction to the licensee to remove, within the period that the direction may specify, that key appointment holder from his or her appointment, and the licensee must comply with the direction, despite any other written law.

[Act 11 of 2023 wef 01/05/2023]

(3) Every licensee must, within the prescribed period, notify the Director-General of —(a)

the appointment of every key appointment holder of the licensee; and

(b)

any change in any key appointment holder of the licensee.[Act 11 of 2023 wef 01/05/2023]

(4) A notification under subsection (3) must be made in the form and manner that the Director-General requires.[Act 11 of 2023 wef 01/05/2023]

—(1) Every licensee must ensure that —(a)

every key appointment holder of the licensee is in the opinion of the Director-General a suitable person to act in that capacity in relation to the licensee; and[Act 11 of 2023 wef 01/05/2023]

(b)

the composition of the key appointment holders satisfies the skills and competencies requirements prescribed or as specified in any code of practice if not prescribed.

(2) Where the Director-General is satisfied that a key appointment holder of a licensee —(a)

is not a suitable person to act in that capacity in relation to the licensee; or

(b)

does not possess any of the skills or competencies in subsection (1)(b), resulting in a contravention by the licensee of subsection (1)(b),

the Director-General may, without affecting the Director-General’s power under section 20, issue a direction to the licensee to remove, within the period that the direction may specify, that key appointment holder from his or her appointment, and the licensee must comply with the direction, despite any other written law.

[Act 11 of 2023 wef 01/05/2023]

(3) Every licensee must, within the prescribed period, notify the Director-General of —(a)

the appointment of every key appointment holder of the licensee; and

(b)

any change in any key appointment holder of the licensee.[Act 11 of 2023 wef 01/05/2023]

(4) A notification under subsection (3) must be made in the form and manner that the Director-General requires.[Act 11 of 2023 wef 01/05/2023]