s 66 Objection to control of licensed financial adviser
66.—(1) The Authority may serve a written notice of objection on —(a) any person required to obtain the Authority’s approval or who has obtained the approval under section 65; or (b) any person who has effective control of the licensed financial adviser, if the Authority is satisfied that — (c) any condition of approval imposed on the person under section 65(4) (including a condition that has been added to or varied under section 65(4A)) has not been complied with;[Act 12 of 2024 wef 24/01/2025] (d) the person is not or ceases to be a fit and proper person to have effective control of the licensed financial adviser; (e) having regard to the likely influence of the person, the licensed financial adviser is not able to or is no longer likely to conduct its business prudently or to comply with the provisions of this Act or any direction made thereunder; (f) the person does not or ceases to satisfy such criteria as may be prescribed; (g) the person has provided false or misleading information or documents in connection with an application under section 65; or (h) the Authority would not have granted its approval under section 65 had it been aware, at that time, of circumstances relevant to the person’s application for such approval.[1/2009] [Act 12 of 2024 wef 24/01/2025] (2) The Authority must not serve a notice of objection on any person without giving the person an opportunity to be heard, except in the following circumstances:(a) the person is in the course of being wound up or otherwise dissolved or, in the case of an individual, is an undischarged bankrupt whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person; (c) a prohibition order has been made, and remains in force, against the person;[Act 12 of 2024 wef 24/01/2025] (d) the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.[1/2009] (3) The Authority must, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection must —(a) take such steps as are necessary to ensure that the person ceases to have effective control of the licensed financial adviser; or[Act 12 of 2024 wef 24/01/2025] (b) comply with such other requirements as the Authority may specify in the written notice of objection.[1/2009] [Act 12 of 2024 wef 24/01/2025] (4) Any person served with a notice of objection under this section must comply with the notice.[1/2009] (5) Any person who contravenes subsection (4) 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.[57B [1/2009]