Financial Advisers (Amendment No. 2) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 18 Nov 2004

No. S 692

Financial Advisers Act

(Chapter 110)

Financial Advisers (Amendment No. 2) Regulations 2004

In exercise of the powers conferred by sections 23 (1)(f) and 104 of the Financial Advisers Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Financial Advisers (Amendment No. 2) Regulations 2004 and shall come into operation on 18th November 2004.

New regulation 32A

2. The Financial Advisers Regulations (Rg 2, 2004 Ed.) are amended by inserting, immediately after regulation 32, the following regulation:

“Exemption for exempt fund manager

32A.—(1) An exempt fund manager shall be exempt under section 23(1)(f) of the Act from holding a financial adviser’s licence in respect of the marketing of any collective investment scheme that is managed by it in its capacity as an exempt fund manager to accredited investors.

(2) The exemption under paragraph (1) shall have effect from —

(a)	the date on which the exempt fund manager lodges its notice of commencement of business with the Authority in accordance with regulation 5(7) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10); or
(b)	the date on which the exempt fund manager commences its business in fund management,

whichever is the later.

(3) In this regulation, “exempt fund manager” means a person who is exempted from the requirement to hold a capital markets services licence to carry on business in fund management under section 99(1)(h) of the Securities and Futures Act (Cap. 289) read with regulation 5(1)(d) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10).”.

[G.N. No. S 76/2004]

Made this 12th day of November 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[MCD FAII 04/2003 PT 2; AG/LEG/SL/110/2002/1 Vol. 2]

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