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No. S 28

Financial Advisers Act

(CHAPTER 110)

Financial Advisers
(Amendment)
Regulations 2019

In exercise of the powers conferred by sections 100(1) and 104(1) of the Financial Advisers Act, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1. These Regulations are the Financial Advisers (Amendment) Regulations 2019 and come into operation on 8 January 2019.

Amendment of regulation 2

2. Regulation 2(1) of the Financial Advisers Regulations (Rg 2) is amended —

(a)

by deleting the definition of “accredited investor” and substituting the following definition:

“ “accredited investor” has the same meaning as in section 4A(1)(a) of the Securities and Futures Act (Cap. 289);”; and

(b)

by deleting the definitions of “consent provision” and “counterparty”.

Amendment of regulation 27

3. Regulation 27(8) of the Financial Advisers Regulations is amended by deleting the definition of “qualified investor” and substituting the following definition:

“ “qualified investor” has the same meaning as in paragraph 1 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10) except that any reference in that paragraph to “accredited investor”, in relation to any transaction, is read to include a person (A) mentioned in regulation 2 of the Securities and Futures (Prescribed Specific Classes of Investors) Regulations 2005 (G.N. No. S 369/2005) as in force immediately before 8 January 2019, if the transaction —

(a)

is entered into between A and a person (B) mentioned in paragraph (1)(d); and

(b)

only involves funds —

(i)	that were transferred to B before 8 January 2019; or
(ii)	in respect of which an agreement has been entered into before 8 January 2019 to transfer those funds to B;”.

[G.N. Nos. S 76/2004; S 692/2004; S 362/2005; S 58/2007; S 274/2008; S 716/2010; S 433/2011; S 383/2012; S 166/2013; S 169/2015; S 394/2015; S 815/2015; S 521/2016; S 113/2017; S 586/2017; S 385/2018; S 386/2018; S 493/2018; S 659/2018; S 660/2018; S 886/2018]

Made on 7 January 2019.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[MPI MCP 01/2019; AG/LEGIS/SL/110/2015/2 Vol. 5]