s 57FA Appointment of chief executive officer and other persons
57FA.—(1) A licensee incorporated in Singapore must obtain the prior approval of the Authority for the appointment of any of the following:(a) any director; (b) the chairperson of the board of directors; (c) the chief executive officer and the deputy chief executive officer; (d) a person holding a prescribed appointment in the licensee.[1/2020] (2) A licensee incorporated outside Singapore must obtain the prior approval of the Authority for the appointment of the following persons for each of its branches in Singapore:(a) the chief executive officer and the deputy chief executive officer; (b) a person holding a prescribed appointment in the branch.[1/2020] (3) Without limiting any other matter that the Authority may consider relevant, the Authority, in determining whether to grant its approval under subsection (1) or (2), must have regard to whether the person is a fit and proper person to hold the office or appointment in accordance with the Guidelines on Fit and Proper Criteria.[1/2020] (4) The Authority may —(a) grant its approval under subsection (1) or (2), with or without conditions; and (b) at any time vary or revoke any existing condition or impose conditions or additional conditions.[1/2020] (5) Without limiting section 78, the Authority may by regulations made under section 78 prescribe —(a) the duties of a person appointed under subsection (1) or (2); and (b) the maximum term for which a person appointed under subsection (1) or (2) may hold that office or appointment.[1/2020] (6) A licensee incorporated in Singapore must immediately inform the Authority after the licensee becomes aware that a person who holds an office or appointment mentioned in subsection (1) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.[1/2020] (7) A licensee incorporated outside Singapore must immediately inform the Authority after the licensee becomes aware that a person who holds an office or appointment mentioned in subsection (2) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.[1/2020] (8) Any licensee which contravenes subsection (1) or (2), or fails to comply with any condition imposed by the Authority under subsection (4), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.[1/2020] (9) Any licensee which contravenes subsection (6) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.[1/2020]