s 81AB Objection to control of Singapore recognised clearing house
81AB.—(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 81AA; or (b) any person who, whether before, on or after the date of commencement of section 47 of the Financial Institutions (Miscellaneous Amendments) Act 2024, is a 20% controller of a Singapore recognised clearing house, if the Authority is satisfied that — (c) any condition of approval imposed on the person under section 81AA(4) has not been complied with; (d) the person is not or ceases to be a fit and proper person to be a 20% controller of the Singapore recognised clearing house; (e) having regard to the likely influence of the person, the Singapore recognised clearing house 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 81AA; or (h) the Authority would not have granted its approval under section 81AA had it been aware, at that time, of circumstances relevant to the person’s application for such approval. (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 section 101A prohibition order or an FSMA prohibition order has been made, and remains in force, against the person; (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. (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 be a 20% controller of a Singapore recognised clearing house; or (b) comply with such other requirements as the Authority may specify. (4) Any person served with a notice of objection under this section must comply with the notice. (5) Any person who contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 or to imprisonment for a term not exceeding 3 years or to both.[Act 12 of 2024 wef 24/01/2025]