PART 4A
PROHIBITED BUSINESSES
Prohibited businesses of licensed financial advisers in Singapore
60.—(1)  A licensed financial adviser in Singapore must not —
(a)carry on any business, whether in Singapore or elsewhere; or
(b)enter into any partnership, joint venture or any other arrangement with any person to carry on any business, whether in Singapore or elsewhere,
except the following:
(c)the business of providing any financial advisory service authorised by its financial adviser’s licence;
(d)any business, the carrying on of which is regulated or authorised by the Authority under any other written law or would be so regulated or authorised by the Authority if carried on in Singapore;
(e)such other business as may be prescribed under section 135 or approved by the Authority specially for the licensed financial adviser.
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(2)  In prescribing or approving any business under subsection (1)(e), the Authority may prescribe under section 135 or specify by written notice conditions which the licensed financial adviser in Singapore must comply with in relation to the business.
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(3)  This section is not to be read as exempting a licensed financial adviser in Singapore from any requirement which the licensed financial adviser is required to comply with under any other written law for the conduct of any activity.
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(4)  Any licensed financial adviser in Singapore who contravenes this section or fails to comply with any condition imposed or prescribed under this section shall be guilty of an offence.
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(5)  A written notice issued under this section need not be published in the Gazette.
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(6)  In this section, “financial adviser in Singapore” means —
(a)a financial adviser which is incorporated in Singapore; or
(b)in the case of a financial adviser incorporated outside Singapore, the branches or offices of the financial adviser located within Singapore.
[55A
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Prohibition against acting for financial adviser for prohibited businesses
61.—(1)  An appointed representative or a provisional representative of a licensed financial adviser may only act (whether in Singapore or elsewhere) for the licensed financial adviser in respect of —
(a)the business of providing any financial advisory service which the representative is appointed to provide and which is not prescribed under section 135, or specified by the Authority by written notice, to be a prohibited business; or
(b)any business which its principal may conduct under section 60(1)(d) or (e) and which is not prescribed under section 135, or specified by the Authority by written notice, to be a prohibited business.
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(2)  An appointed representative or a provisional representative of an exempt financial adviser may only act (whether in Singapore or elsewhere) for the exempt financial adviser in respect of —
(a)the business of providing any financial advisory service which the representative is appointed to provide and which is not prescribed under section 135, or specified by the Authority by written notice, to be a prohibited business; or
(b)any other business if —
(i)the principal is satisfied that the conditions prescribed under section 135 for the purposes of this section are fulfilled; and
(ii)the business is not prescribed under section 135, or specified by the Authority by written notice, to be a prohibited business.
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(3)  This section is not to be read as exempting an appointed representative or a provisional representative from any requirement which the appointed representative or provisional representative is required to comply with under any other written law for the conduct of any activity.
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(4)  Any person who contravenes this section shall be guilty of an offence.
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(5)  For the purposes of this section, a person acts for another in respect of any business whether or not the person does so under a contract of employment with the other.
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(6)  A written notice issued under this section need not be published in the Gazette.
[55B
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Prohibition against representative engaging in employment, etc., outside scope of appointment
62.—(1)  Except with the consent of the financial adviser, an appointed representative or a provisional representative of a financial adviser must not engage in, whether or not for remuneration —
(a)any employment with another person; or
(b)any business, trade, profession or vocation, whether for himself or herself or another person.
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(2)  The financial adviser must not give its consent to the appointed representative or provisional representative unless it is satisfied that the criteria prescribed under section 135 or specified by the Authority by written notice, for the purposes of this section have been satisfied.
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(3)  Any person who contravenes this section shall be guilty of an offence.
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(4)  A written notice issued under this section need not be published in the Gazette.
[55C
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Last updated 1 Jul 2024
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