Finance Companies (Exemption from sections 23(1)(a) and 25(2)) Regulations 2006

Status:

Published in Subsidiary Legislation Supplement
on 12 Sep 2006

No. S 536

Finance Companies Act

(Chapter 108)

Finance Companies (Exemption from Sections 23(1)(a) and 25(2)) Regulations 2006

In exercise of the powers conferred by sections 53 (2) and 57 of the Finance Companies Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Finance Companies (Exemption from sections 23 (1)(a) and 25(2)) Regulations 2006 and shall come into operation on 12th September 2006.

Definitions

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

“business customer” means any customer which is a company or a person registered to carry on business under the Business Registration Act (Cap. 32);

“cheque” has the same meaning as in section 73 of the Bills of Exchange Act (Cap. 23);

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

“investment product” has the same meaning as in section 2(1) of the Financial Advisers Act (Cap. 110).

Exemption

3.—(1) The Authority hereby exempts Hong Leong Finance Limited (referred to in this regulation as the finance company) from —

(a)

sections 23 (1)(a) and 25(2) of the Act in respect of the business of opening current accounts with a facility for —

(i)	the issuance of cheques;
(ii)	the payment of cheques drawn on the finance company; and
(iii)	the collection of cheques drawn,

by a business customer of the finance company which has an existing credit facility with the finance company; and

(b)

section 25(2) of the Act in respect of the business of —

(i)	advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product;
(ii)	advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product; and
(iii)	distributing and marketing any investment product.

(2) The exemption of the finance company under paragraph (1) shall be subject to such conditions and restrictions as the Authority may specify in writing to the finance company.

Made this 7th day of September 2006.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[FSG FC 07 Vol. 18; AG/LEG/SL/108/2003/1 Vol. 1]

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