Grounds for refusal to grant or renew licences
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;
(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;
(d)the Board reasonably believes that there may be such circumstance that is likely to lead to the improper conduct of business by, or the reflection of discredit on the method of conducting such business by, the applicant or any person employed by or associated with him for the purpose of his business;
(e)the applicant is, in the view of the Board, not a fit and proper person to be licensed;
(f)the Board is not satisfied that the educational or other qualifications or experience of the applicant would enable him to carry out all the duties of a licensee;
(g)the Board has reason to believe that the applicant will not be able to perform the functions of a licensee in an efficient, honest and fair manner;
(h)the Board has reason to believe that the applicant may not be able to act in the best interests of his customers or subscribers, having regard to his reputation, character, financial integrity or reliability;
(i)the financial standing of the applicant is, in the view of the Board, unsatisfactory;
(j)the past performance or expertise of the applicant is, in the view of the Board, unsatisfactory; or
(k)the Board is of the opinion that it is in the public interest to do so.
[15/95; 22/2001]
(2)  Where an applicant is a corporation, 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 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;
(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;
(e)the financial standing of the applicant or its substantial shareholder or the manner in which its business is conducted is, in the view of the Board, unsatisfactory;
(f)the record of past performance or expertise of the applicant is, in the view of the Board, unsatisfactory, having regard to the nature of the business which the applicant may carry on under the licence;
(g)the Board reasonably believes that there may be such circumstance that is likely to lead to the improper conduct of business by, or the reflection of discredit on the method of conducting such business by, the applicant or its substantial shareholder or any of its directors, officers or employees; or
(h)the Board is of the opinion that it is in the public interest to do so.
[22/2001]
(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 market as have been approved by the Board.
[22/2001; 35/2007]
(4)  For the purposes of subsection (2), “substantial shareholder”, in relation to an applicant which is a body corporate, has the same meaning as in the Companies Act (Cap. 50).
[22/2001]