Securities and Futures (Exemption from Requirement to Hold Representative’s Licence) Regulations 2003

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Published in Subsidiary Legislation Supplement
on 30 May 2003

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No. S 269

Securities and Futures Act

(Chapter 289)

Securities and Futures (Exemption from Requirement to Hold Representative’s Licence) Regulations 2003

In exercise of the powers conferred by section 83(2)(b) of the Securities and Futures Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities and Futures (Exemption from Requirement to Hold Representative’s Licence) Regulations 2003 and shall come into operation on 1st June 2003.

Exemption

2.—(1) Any person, who acts as a representative of a person specified in the Third Schedule to the Act (other than a person specified in regulation 8(1) of that Schedule), shall be exempted from the requirement to hold a representative’s licence, in so far as —

(a)	the type of regulated activity carried out by the first-mentioned person is the same as that carried out by the second-mentioned person; and
(b)	the scope and manner of carrying out the regulated activity by the first-mentioned person is the same as the scope and manner of carrying out the regulated activity by the second-mentioned person,

where such type, scope or manner (as the case may be) is specified in the Third Schedule to the Act.

(2) Any person, who acts as a representative of a person specified in regulation 8(1) of the Third Schedule to the Act (other than a person specified in sub-paragraph (b) of that paragraph), shall be exempted from the requirement to hold a representative’s licence for dealing in securities in so far as he deals in securities when acting as such representative.

Made this 28th day of May 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[SFD CMI 02/2002 PT 1; AG/LEG/SL/289/2002/1 Vol. 1]

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