Conditions of appointment as primary dealer
146.—(1)  The Authority may appoint any financial institution as a primary dealer subject to such conditions or restrictions as the Authority thinks fit.
(2)  Without prejudice to the generality of subsection (1), the Authority may impose such conditions or restrictions with respect to the type of services which may or may not be provided by the primary dealer as the Authority may consider appropriate.
(3)  Subject to subsections (4), (5) and (6), the Authority may at any time add to, vary or revoke any condition or restriction of the appointment of any financial institution as a primary dealer.
(4)  Before making any modification to the conditions or restrictions of the appointment of any financial institution as a primary dealer under this section, the Authority shall, unless the Authority in respect of any particular case considers that it is not practicable or desirable to do so, give notice to the financial institution concerned —
(a)stating that the Authority proposes to make the modification in the manner specified in the notice;
(b)stating the reasons why the Authority proposes to make the modification; and
(c)specifying the time (being not less than 28 days after the date of service of the notice on the financial institution) within which written representations with respect to the proposed modification may be made.
(5)  Where the Authority receives any written representation under subsection (4)(c) —
(a)the Authority shall consider the representation and may —
(i)reject the representation; or
(ii)withdraw or amend the proposed modification in accordance with the representation or otherwise; and
(b)in either case, the Authority shall thereupon issue a notice in writing to the primary dealer concerned requiring that effect be given, within a reasonable time, to the proposed modification specified in the notice or to such modification as may subsequently be amended by the Authority.
(6)  If no written representation is received by the Authority within the time specified under subsection (4)(c), or if any written representation made under that subsection is subsequently withdrawn, the modification shall take effect as specified in the notice given under that subsection.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]