Financial Advisers Act(CHAPTER 110)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
3 Associated person
4 Interest in securities
5 Amendment of Schedules
Part II LICENSING OF FINANCIAL ADVISERS AND THEIR REPRESENTATIVES
6 Need for financial adviser’s licence
7 Need for representative’s licence
8 Application for grant or renewal of licence
9 Grounds for refusal to grant or renew financial adviser’s licence
10 Failure to maintain minimum financial requirements or professional indemnity insurance policy
11 Grounds for refusal to grant or renew representative’s licence
12 Representative to act for only one financial adviser
13 Grant or renewal of licence
14 Licence fees
15 Period of licence
16 Variation of licence
17 False statements in relation to application for grant, renewal or variation of licence
18 Notification of change in particulars, etc.
19 Lapsing, revocation, suspension and expiry of licence
20 Right of appeal
21 Use of words "financial adviser" or "life insurance broker"
22 Holding out as financial adviser
23 Exempt financial advisers and their representatives
23A Annual fees
Part III CONDUCT OF BUSINESS
Division 1 — General
24 Restriction on granting unsecured advances, loans or credit facilities to director, etc., of licensed financial adviser
25 Obligation to disclose product information to clients
26 Statements by licensees
27 Recommendations by licensees
28 Receipt of client’s money or property
29 Obligation to furnish information to Authority
30 Saving for validity of transactions
Division 2 — Life Insurance
31 Application of this Division
32 Insurance broking premium accounts
33 Negotiation and placement of risk with unregistered insurer
34 Representations by licensees
Division 3 — Securities
35 Application of this Division
36 Licensee to disclose certain interests in securities
Division 4 — Register of Interests in Securities
37 Application of this Division
38 Register of interests in securities
39 Notice of particulars to Authority
40 Place at which register is kept
41 Defence to prosecution
42 Production of register
43 Particulars of financial journalists
44 Extract of register
Part IV ACCOUNTS AND AUDIT
Division 1 — Accounts
45 Accounts to be kept by licensed financial advisers
46 Duty of licensed financial advisor to furnish Authority with returns, records and information
Division 2 — Audit
47 Appointment of auditors
48 Lodgment of annual accounts, etc., by licensed fiinancial adviser
49 Reports by auditor to Authority in certain cases
50 Power of Authority to appoint auditor
51 Powers of auditor appointed by Authority
52 Restriction on auditor’s and employee’s right to communicate certain matters
53 Defamation
54 Offence to destroy, conceal, alter, etc., records
55 Safeguarding of records by licensed financial adviser
Part V POWERS OF AUTHORITY
56 Approval of chief executive officer and director of licensed financial adviser
57 Removal of officer of licensed financial adviser
58 Power of Authority to issue written directions
59 Power of Authority to make prohibition orders
60 Effect of prohibition orders
61 Variation or revocation of prohibition orders
62 Date of effect of prohibition orders
63 Registers
64 Codes, guidelines, etc., by Authority
65 Appointment of assistants
66 General provisions as to winding up
67 Power of Authority to publish information
Part VI SUPERVISION AND INVESTIGATION
68 Self-incrimination
69 Savings for advocates and solicitors
Division 2 — Inspection Powers of Authority
70 Inspection by Authority
Division 3 — Investigative Powers of Authority
71 Investigation by Authority
72 Power to order production of books
73 Application for warrant to seize books not produced
74 Powers where books are produced or seized
75 Powers where books not produced
76 Offences under this Division
Part VII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
77 Interpretation of this Part
78 Conditions for provision of assistance
79 Other factors to consider for provision of assistance
80 Assistance that may be rendered
81 Offences under this Part
82 Immunity from criminal or civil liability
Part VIII OFFENCES
83 Corporate offenders and unincorporated associations
84 Offence by officers
85 Falsification of records by officers, etc.
86 Duty not to furnish false information to Authority
87 General penalty
88 Penalty for corporations
89 Composition of offences
90 Territorial scope of Act
Part IX APPEALS
91 Appeals to Minister
92 Appeal Advisory Committees
93 Disclosure of information
94 Regulations for purposes of this Part
Part X MISCELLANEOUS
95 Criminal jurisdiction of District Court
96 Opportunity to be heard
97 Power to reprimand for misconduct
98 Power of court to make certain orders
99 (Repealed)
100 General exemption
101 Service of documents, etc.
102 Copies or extracts of books to be admitted in evidence
102A Translations of instruments
103 Power to make regulations giving effect to treaty, etc.
104 Regulations
105 Transitional and savings provisions
Legislative Source Key
Legislative History
Comparative Table