Division 1 — Registration
No regulated dealing without registration
6.—(1) A person must not act as or hold out to be a regulated dealer unless the person is a registered dealer.
(2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.
Registration and renewal
7.—(1) An application for registration as a registered dealer, or renewal of registration, must be —(a)
made to the Registrar in the form and manner specified by the Registrar;
(b)
accompanied by the documents and information required by the Registrar; and
(c)
accompanied by the application fee prescribed, if any.
(2) The Registrar may —(a)
grant the registration or renewal, with such conditions and for such period as may be prescribed; or
(b)
refuse the registration or renewal.
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]
Conditions of registration
9.—(1) The Registrar may impose any conditions of registration on a registered dealer that the Registrar considers necessary or expedient for the purposes of this Act.
(2) The Registrar may, by written notice to a registered dealer and after giving the registered dealer an opportunity to be heard, add to, vary or cancel any condition of registration.
Lapsing of registered dealer’s registration
9A. The registration of a registered dealer lapses —(a)
when the registered dealer (being an entity) is wound up or otherwise dissolved, whether in Singapore or elsewhere; or
(b)
when the registered dealer (being an individual who is a sole proprietor) dies.[Act 6 of 2024 wef 01/05/2024]
Division 2 — Regulatory action
Regulatory action
10.—(1) The Registrar may cancel the registration of a registered dealer, or suspend the registration for a period not exceeding 6 months, if the Registrar is satisfied of any of the following matters:(a)
the registered dealer has failed to comply with any condition of registration to which the registered dealer is subject;
(b)
the registration was obtained by fraud or misrepresentation;
(c)
there existed at the time the registration was granted or renewed a circumstance that, if known to the Registrar at the time, would have required or permitted the Registrar to refuse to grant or renew the registration;
(d)
the registered dealer is neither carrying on the business of regulated dealing nor business as an intermediary in Singapore;
(e)
the registered dealer or any of the persons mentioned in section 8(1)(d) is no longer a fit and proper person within the meaning of this Part;
(ea)
the registered dealer has displayed, advertised, stated or otherwise used its registration in a manner which the registered dealer knows, or has reason to believe, is likely to create an erroneous impression that the Registrar regulates the registered dealer for any purpose other than —(i)
the prevention of money laundering;
(ii)
the prevention of terrorism financing; and
(iii)
the prevention of the financing of proliferation of weapons of mass destruction;[Act 6 of 2024 wef 01/05/2024]
(f)
it is not in the public interest for the registered dealer to continue to carry on the business of regulated dealing or business as an intermediary in Singapore.
(1A) For the purposes of subsection (1)(d), the Registrar may have regard to anything that the Registrar thinks relevant in determining whether a registered dealer is carrying on the business of regulated dealing or business as an intermediary in Singapore, including the occurrence of any event, or whether there exists any circumstances, that may be prescribed.[Act 6 of 2024 wef 01/05/2024]
(2) The Registrar may, in addition to or instead of taking any action under subsection (1), order a registered dealer to pay a financial penalty of an amount not exceeding $100,000, where the registered dealer —(a)
contravenes a provision of this Act, which contravention is not an offence; or
(b)
fails to comply with a condition of registration to which the registered dealer is subject.
(3) In any proceedings under this section, or any appeal to the Minister under section 13 against the Registrar’s decision, consequent on the conviction of a registered dealer for an offence, the Registrar or the Minister (as the case may be) must accept the conviction as final and conclusive.
(4) Any proceedings started under this section against a registered dealer may continue, and the Registrar may exercise the power under subsection (2) against a former registered dealer, despite the expiry of the registered dealer’s registration.[Act 6 of 2024 wef 01/05/2024]
Registrar to give opportunity to make representations
11.—(1) Before exercising any power under section 10, the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give written notice to the registered dealer or former registered dealer concerned —(a)
stating that the Registrar intends to take regulatory action under section 10 against the registered dealer or former registered dealer; [Act 6 of 2024 wef 01/05/2024]
(b)
specifying the type of regulatory action the Registrar proposes to take and the ground or grounds for the regulatory action; and
(c)
specifying the time (being at least 14 days after the date the written notice is served on the registered dealer or former registered dealer) within which representations may be made to the Registrar with respect to the proposed regulatory action. [Act 6 of 2024 wef 01/05/2024]
(2) The Registrar may decide to take the appropriate regulatory action —(a)
after considering any written representation made to the Registrar pursuant to the written notice mentioned in subsection (1); or
(b)
after the time delimited in the written notice in subsection (1)(c) lapses, if no representation is made.
(3) The Registrar must serve on the registered dealer or former registered dealer a written notice of the Registrar’s decision and the date the decision takes effect.[Act 6 of 2024 wef 01/05/2024]
(4) The Registrar’s decision takes effect on the date stated in the written notice under subsection (3) despite any appeal to the Minister under section 13 against the Registrar’s decision.
(5) Any cancellation or suspension of registration under section 10(1) does not affect —(a)
the enforcement by any person of any right or claim against the registered dealer or former registered dealer; or
(b)
the enforcement by the registered dealer or former registered dealer of any right or claim against any person.[Act 6 of 2024 wef 01/05/2024]
Recovery of financial penalties
12.—(1) Any registered dealer or former registered dealer who fails to pay any financial penalty imposed on the person by the date specified in the written notice under section 11(3) is liable to pay to the Registrar interest on the amount unpaid at the same rate as for a judgment debt.
(2) Any financial penalty payable pursuant to an order under section 10, and any interest under subsection (1), is recoverable as a debt due to the Government.
(3) The Registrar must, if directed to do so by the Minister on an appeal, and may in any other case the Registrar thinks fit, waive, remit or refund in whole or in part any financial penalty imposed or any interest due on any financial penalty.
Appeal to Minister
13.—(1) A person aggrieved by any of the following decisions may appeal to the Minister within the period and in the manner prescribed:(a)
the Registrar’s refusal to grant or renew registration;
(b)
the imposition or addition, variation or cancellation of any condition of registration;
(c)
any regulatory action under section 10.
(2) An appeal under this section does not affect the validity of the decision appealed against or prevent the taking of action to implement the decision, and the decision appealed against must be complied with until the determination of the appeal.
(3) The Minister may designate any of the following persons to hear and determine, in the Minister’s place, any appeal under subsection (1):(a)
the Second Minister (if any) for his or her Ministry;
(b)
any Minister of State, including a Senior Minister of State, for his or her Ministry;
(c)
any Parliamentary Secretary, including a Senior Parliamentary Secretary, to his or her Ministry.
(4) The decision of the Minister, or other person designated by the Minister under subsection (3), on the appeal is final.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
