Securities Industry (Exemption from Sections 26 and 27) Regulations 2002

Status:

Published in Subsidiary Legislation Supplement
on 01 Feb 2002

No. S 65

Securities Industry Act

(Chapter 289)

Securities Industry (Exemption from Sections 26 and 27) Regulations 2002

In exercise of the powers conferred by section 2 (2)(a)(i) of the Securities Industry Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities Industry (Exemption from Sections 26 and 27) Regulations 2002 and shall come into operation on 1st February 2002.

Definitions

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

“agent”, in relation to a member of Lloyd’s, means an agent in respect of the carrying on of insurance business in Singapore by the member with authority to enter into contracts of insurance on behalf of the member;

“Lloyd’s” means the society of underwriters known in the United Kingdom as Lloyd’s and incorporated by the Lloyd’s Act 1871 of the United Kingdom;

“member of Lloyd’s” means a person admitted to membership of Lloyd’s as an underwriting member and includes, where the context so requires, any person who has ceased to be a member of Lloyd’s and any administrator, administrative receiver, committee, curator bonis, executor, liquidator, manager, personal representative, supervisor or trustee in bankruptcy, or any other person by law entitled or bound to administer the affairs of the member or former member concerned;

“Service Company” means any company registered with the administrator under regulation 6 of the Insurance (Lloyd’s Asia Scheme) Regulations 2002 (G.N. No. S 62/2002).

Exemption

3.—(1) Section 26 of the Act shall not have effect in relation to any Service Company who is or may be an investment adviser by reason only of it doing anything which is merely incidental to its business as an agent of a member of Lloyd’s.

(2) Section 27 of the Act shall not have effect in relation to any representative of such a Service Company who, in that capacity, is doing anything which is merely incidental to the Service Company’s business as an agent of a member of Lloyd’s.

Made this 31st day of January 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 Vol. 28; AG/LEG/SL/142/96/1 Vol. 2]

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