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Financial Advisers Act

(Chapter 110, Sections 6(3), 8, 9, 14, 9, 16(2), 18, 19(1), 23, 24, 28, 32, 36(7), 29, 45, 48(1), 56, 100 and 104)

Financial Advisers Regulations

Rg 2

G.N. No. S 462/2002

REVISED EDITION 2004

(29th February 2004)

[1st October 2002]

PART I

PRELIMINARY

Citation

1. These Regulations may be cited as the Financial Advisers Regulations.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“accredited investor” means —

(a)

an individual whose net personal assets exceed $5 million or its equivalent in value in any foreign currency; or

(b)

a corporation with net assets exceeding $10 million in value or its equivalent in value in any foreign currency as determined in accordance with the most recent audited balance-sheet of the corporation or, in the case of a corporation which is not required to prepare audited accounts, a balance-sheet certified by the corporation to give a true and fair view of the state of affairs of the corporation as at the end of the period to which the balance-sheet relates;

“advertisement” means the dissemination or conveyance of information, or an invitation or solicitation, by any means or in any form, including by means of —

(a)	publication in a newspaper, magazine, journal or other periodical;
(b)	display of posters or notices;
(c)	circulars, handbills, brochures, pamphlets, books or other documents;
(d)	letters addressed to individuals or bodies corporate or unincorporate;
(e)	photographs or cinematograph films; or
(f)	sound broadcasting, television, the Internet or other media;

“bonds” includes —

(a)	any note, bond or Treasury Bill;
(b)	an option in respect of any note, bond or Treasury Bill; and
(c)	such other securities or class of securities as the Authority may from time to time, by a guideline issued by the Authority, determine;

“capital markets products” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);

“client’s money or property” has the same meaning as in section 28(4) of the Act;

“foreign company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“foreign exchange trading” has the same meaning as in section 2(1) of the Securities and Futures Act;

“Government securities” means securities issued or proposed to be issued by the Government, and includes —

(a)	any debenture, stock or bond issued or proposed to be issued by the Government;
(b)	any right or option in respect of any debenture, stock or bond referred to in paragraph (a);
(c)	any book-entry Government securities as defined in section 2 of the Development Loan (1987) Act (Cap. 81A) or section 2 of the Government Securities Act (Cap. 121A); and
(d)	any book-entry Treasury Bill as defined in section 2 of the Local Treasury Bills Act (Cap. 167);

“guideline issued by the Authority” means a guideline or other document issued by the Authority under section 64 of the Act;

“net asset value”, in relation to a corporation, means the excess of the value of the assets owned by the corporation over its liabilities;

“net head office funds”, in relation to a foreign company, means the net liability of the Singapore branch of that foreign company to its head office and any other branch outside of Singapore;

“paid-up capital” means ordinary shares and non-redeemable preference shares that have been fully paid for.

(2) For the purposes of the definition of “net asset value” in paragraph (1) —

(a)

in determining the value of the assets owned by a corporation, any amount on account of goodwill or of any other intangible assets shall be disregarded; and

(b)

in determining the amount of the liabilities of a corporation —

(i)	all contingent or prospective liabilities shall be taken into account; and
(ii)	any amount on account of any liability related to the share capital of the corporation shall not be taken into account.