s 95 Lapsing, revocation and suspension of capital markets services licence
95.—(1) A capital markets services licence lapses —(a) if the holder is wound up or otherwise dissolved, whether in Singapore or elsewhere; or (b) in the event of such other occurrence or in such other circumstances as may be prescribed.[2/2009] (2) The Authority may revoke a capital markets services licence if —(a) there exists a ground on which the Authority may refuse an application under section 86; (b) the holder of the capital markets services licence fails or ceases to carry on business in all the regulated activities for which it was licensed; (ba) the Authority has reason to believe that the holder has not acted in the best interests of the holder’s subscribers or customers; (c) the Authority has reason to believe that the holder, or any of its officers or employees, has not performed its or his or her duties efficiently, honestly or fairly; (d) the holder has contravened any condition or restriction applicable in respect of its licence, any written direction issued to it by the Authority under this Act, or any provision in this Act; (da) it appears to the Authority that the holder has failed to satisfy any of its obligations under or arising from —(i) this Act; or (ii) any written direction issued by the Authority under this Act; (e) the Authority has reason to believe that the holder is carrying on business in any regulated activity for which it was licensed in a manner that is contrary to the interests of the public; (ea) upon the Authority exercising any power under section 97E(2) or the Minister exercising any power under Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022 in relation to the holder, the Authority considers that it is in the public interest to revoke the licence;[Act 18 of 2022 wef 10/05/2024] (f) the holder has provided any information or document to the Authority that is false or misleading; (g) the holder fails to pay the licence fee referred to in section 85; or (h) a section 101A prohibition order or an FSMA prohibition order has been made, and remains in force, against the holder.[2/2009; 34/2012; 10/2013; 31/2017] [Act 18 of 2022 wef 31/07/2024] (3) The Authority may, if it considers it desirable to do so —(a) suspend a capital markets services licence for a specific period instead of revoking it under subsection (2); and (b) at any time extend or revoke the suspension.[2/2009] (4) Subject to subsection (5), the Authority must not revoke or suspend a capital markets services licence under subsection (2) or (3) without giving the holder of the licence an opportunity to be heard.[2/2009] (5) The Authority may revoke or suspend a capital markets services licence without giving the holder of the licence an opportunity to be heard, on any of the following grounds:(a) the holder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, for or in respect of any property of the holder; (c) the holder has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly; (d) a section 101A prohibition order or an FSMA prohibition order has been made, and remains in force, against the holder.[2/2009] [Act 18 of 2022 wef 31/07/2024] (6) Where the Authority has revoked or suspended a capital markets services licence, the holder of that licence must —(a) in the case of a revocation of its licence, immediately inform all its representatives by written notice of such revocation, and the representatives who are so informed must cease to act as representatives of that holder; or (b) in the case of a suspension of its licence, immediately inform all its representatives by written notice of such suspension, and the representatives who are so informed must cease to act as representatives of that holder during the period of the suspension.[2/2009] (7) Any holder of a capital markets services licence who —(a) performs a regulated activity while its licence has lapsed or has been revoked or suspended; or (b) contravenes subsection (6), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction. [2/2009] (8) A lapsing, revocation or suspension of a capital markets services licence does not operate so as to —(a) avoid or affect any agreement, transaction or arrangement relating to the regulated activities entered into by the holder of the licence, whether the agreement, transaction or arrangement was entered into before, on or after the revocation, suspension or lapsing of the licence, as the case may be; or (b) affect any right, obligation or liability arising under any such agreement, transaction or arrangement.[2/2009]