Section 164
( 1)
of Securities Markets Order, 2013
This section applies if it appears to the Authority that a holder of a capital markets services licence -
(a)
has failed, or is likely to fail, to satisfy the licensing requirements;
or
(b)
has failed to comply· with any other obligation imposed on him under this Order.
(2)
The Authority may direct the holder of the capital markets services licence or the representative's licence to take specified steps for the purpose of securing his compliance with -
(a}
the licensing requirements; or
(b)
any obligation imposed under this Order.
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(3)
A direction under this section is enforceable, on the application of the
Authority, by an injunction.
(4)
Where section (1) applies, the Authority may, if it thinks fit to do so-
{aJ suspend a licence for a specific period; and
{b J at any time extend or revoke the suspension.
(5)
The Authority may revoke or suspend a licence without giving the holder of a capital markets services licence an opportunity to make representations where-
{aJ in the case of a holder of a capital markets services licence, on any of the following grounds -
(i)
the holder is in the course of being wound up or otherwise dissolved, whether within or outside Brunei Darussalam;
(ii)
·a receiver, a receiver and manager or an equivalent person has been appointed, whether within or outside Brunei Darussalam in respect of any property of the holder;
(iii)
the holder or any of his directors, chief executive, semor managers or controller has been convicted of any offence involving dishonesty or moral turpitude; and
(bJ in the case of a holder of a representative's licence, on any of the following grounds -
(i)
the holder is an undischarged bankrupt, whether within or outside Brunei Darussalam;
(ii)
the holder has been convicted of any offence involving dishonesty or moral turpitude.
(6)
Where the Authority has revoked or suspended a licence or imposed restrictions on a holder of a capital markets services licence, such holder shall immediately inform all its representatives by notice in writing of such revocation, suspension or imposition of a restriction.
(7)
A person whose licence is revoked or suspended under this section shall, for the purposes of this Order be deemed not to be licensed from the date that the revocation or suspension takes effect.
(8)
A person who -
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{a)
carries on a regulated activity after his licence has been revoked;
{b) carries on a regulated activity while his licence has been suspended; or
{c)
is in breach of a restriction imposed under this section, is guilty of an offence and liable on conviction to a fine not exceeding $5,000,000, imprisonment for a term not exceeding 5 years or both and, in the case of a continuing offence, to a further fine not exceeding $500,000 for every day or part thereof during which the offence continues after conviction.
Revocation of capital markets services licence or representative's licence.