15.—(1) Where an applicant is an individual, the Board may refuse to grant or renew a licence under this Part on the ground that —
(a)
the applicant has not provided the Board with such information relating to him or any person employed by or associated with him for the purposes of his business, and to any circumstances likely to affect his method of conducting business, as may be prescribed under this Act;
(b)
the applicant is an undischarged bankrupt or has made a composition or arrangement with his creditors;
[15/1995 wef 15/07/1995]
(c)
it appears to the Board that, by reason of the applicant, or any person employed by or associated with him for the purposes of his business, having been convicted, whether in Singapore or elsewhere, of an offence the conviction for which involved a finding that he acted fraudulently or dishonestly, or having been convicted of an offence under this Act, or having committed a breach of any regulations made under this Act relating to licensed persons, the applicant is not a fit and proper person to be licensed; or
(d)
it appears to the Board that, by reason of any other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting the business of, the applicant or any person employed by or associated with him for the purpose of his business, the applicant is not a fit and proper person to be licensed.
(2) Where an applicant is a corporation, the Board may refuse to grant or renew a licence on the ground that —
(a)
the applicant has not provided the Board with such information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its method of conducting business, as may be prescribed under this Act;
(b)
the applicant has at any time prior to the application entered into any composition or arrangement with its creditors;
(c)
it appears to the Board that, by reason of the applicant, or any of its directors or employees, having been convicted, whether in Singapore or elsewhere, of an offence the conviction for which involved a finding that it or he acted fraudulently or dishonestly, or having been convicted of an offence under this Act, or having committed a breach of any regulations made under this Act relating to licensed persons, the applicant is not a fit and proper person to be licensed; or
(d)
it appears to the Board that, by reason of any other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting the business of, the applicant or any of its directors or employees, the applicant is not a fit and proper person to be licensed.
(3) Notwithstanding anything in this Part, the Board may refuse to grant or renew a licence under this Part where the applicant fails to meet such minimum financial requirements as are prescribed by the Board or provided in such business rules of a Commodity Futures Exchange as have been approved by the Board.