§ 8 — Grounds for refusing to grant or renew registration

8.—(1) The Registrar may refuse to grant or renew registration on any of the following grounds:(a)

the prescribed fee for the registration or renewal is not paid;

(b)

the application for the registration or renewal —(i)

contains materially false or misleading information; or

(ii)

is materially incomplete;

(c)

the applicant for the registration or renewal is, in the Registrar’s opinion, not a fit and proper person;

(d)

the applicant has an individual in any of the following positions of the applicant who, in the Registrar’s opinion, is not a fit and proper person:(i)

where the applicant is a company, a substantial shareholder;

(ii)

a director, manager, partner, secretary, compliance officer or other person holding an analogous position involved in the management of the applicant;[Act 6 of 2024 wef 01/05/2024]

(iii)

an employee managing the applicant’s business of regulated dealing or the applicant’s business as an intermediary, as the case may be;

(e)

it is not in the public interest to grant or renew the registration.

(2) For the purpose of determining whether or not any person is a fit and proper person under this Part, the Registrar must have regard to, and give the weight he or she considers appropriate to, all of the following matters:(a)

whether the person has been convicted, whether before, on or after the commencement date —(i)

of an offence involving fraud or dishonesty punishable with imprisonment for a term of 3 months or more, whether in Singapore or elsewhere; or

(ii)

of a relevant offence;[Act 6 of 2024 wef 01/05/2024]

(b)

whether the person is an undischarged bankrupt;

(c)

the person’s record of compliance with requirements for the following to which the person is subject under this Act or any other written law or the law of any foreign country or territory:(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing;

(iii)

the prevention of the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(3) To avoid doubt, the Registrar is not confined to considering the matters in subsection (2) and may take into account any other matters and evidence as may be relevant.

(4) In subsection (2)(a), “commencement date” means the date of commencement of section 6 of the Prevention of Proliferation Financing and Other Matters Act 2024.[Act 6 of 2024 wef 01/05/2024]

—(1) The Registrar may refuse to grant or renew registration on any of the following grounds:(a)

the prescribed fee for the registration or renewal is not paid;

(b)

the application for the registration or renewal —(i)

contains materially false or misleading information; or

(ii)

is materially incomplete;

(c)

the applicant for the registration or renewal is, in the Registrar’s opinion, not a fit and proper person;

(d)

the applicant has an individual in any of the following positions of the applicant who, in the Registrar’s opinion, is not a fit and proper person:(i)

where the applicant is a company, a substantial shareholder;

(ii)

a director, manager, partner, secretary, compliance officer or other person holding an analogous position involved in the management of the applicant;[Act 6 of 2024 wef 01/05/2024]

(iii)

an employee managing the applicant’s business of regulated dealing or the applicant’s business as an intermediary, as the case may be;

(e)

it is not in the public interest to grant or renew the registration.

(2) For the purpose of determining whether or not any person is a fit and proper person under this Part, the Registrar must have regard to, and give the weight he or she considers appropriate to, all of the following matters:(a)

whether the person has been convicted, whether before, on or after the commencement date —(i)

of an offence involving fraud or dishonesty punishable with imprisonment for a term of 3 months or more, whether in Singapore or elsewhere; or

(ii)

of a relevant offence;[Act 6 of 2024 wef 01/05/2024]

(b)

whether the person is an undischarged bankrupt;

(c)

the person’s record of compliance with requirements for the following to which the person is subject under this Act or any other written law or the law of any foreign country or territory:(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing;

(iii)

the prevention of the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]

(3) To avoid doubt, the Registrar is not confined to considering the matters in subsection (2) and may take into account any other matters and evidence as may be relevant.

(4) In subsection (2)(a), “commencement date” means the date of commencement of section 6 of the Prevention of Proliferation Financing and Other Matters Act 2024.[Act 6 of 2024 wef 01/05/2024]