A Singapore Government Agency Website
No. S 716
Financial Advisers Act
(Chapter 110)
Financial Advisers (Amendment) Regulations 2010
In exercise of the powers conferred by sections 8, 14, 16, 18, 19, 23, 23B, 23C, 23D, 23F, 23H, 23J, 36(7), 56, 57, 63, 89, 100 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) Regulations 2010 and shall come into operation on 26th November 2010.
Amendment of regulation 4
2.  Regulation 4(1) of the Financial Advisers Regulations (Rg 2) (referred to in these Regulations as the principal Regulations) is amended by deleting the words “(under “Legislation and Notices”, “Financial Advisers”)” and substituting the words “(under “Regulations and Licensing”)”.
New regulations 4A and 4B
3.  The principal Regulations are amended by inserting, immediately after regulation 4, the following regulations:
“Lodgment of documents and undertaking of responsibilities for representative
4A.—(1)  A notice of intent under section 23F(1)(a) of the Act by a principal to appoint an individual as an appointed representative in respect of a type of financial advisory service and a certificate under section 23F(1)(b) of the Act by the principal as to the fitness and propriety of the individual to be so appointed shall be in Form 3A.
(2)  A notice of intent under section 23F(1)(a) of the Act by a principal to appoint an individual as a provisional representative in respect of a type of financial advisory service and a certificate under section 23F(1)(b) of the Act by the principal as to the fitness and propriety of the individual to be so appointed shall be in Form 3B.
(3)  A principal who lodges with the Authority the certificate under section 23F(1)(b) of the Act shall retain copies of all information and documents which it relied on in giving the certificate for a period of 5 years from the date of lodgment.
(4)  For the purposes of section 23F(1)(c) of the Act, a principal shall undertake all of the following responsibilities in relation to its representative:
(a)to put in place measures to properly supervise the activities and conduct of the representative, including measures to ensure that all obligations assumed and liabilities incurred by him are properly fulfilled, whether actual or contingent and howsoever arising, in relation to the provision of any financial advisory service;
(b)to put in place measures, including proper training, to ensure that the representative understands and complies with all Singapore laws that are relevant to the financial advisory service provided by him;
(c)to ensure that the representative is accompanied at all times by any of the persons referred to in paragraph (5) when meeting any client or member of the public in the course of providing any financial advisory service;
(d)to ensure that the representative sends concurrently to any of the persons referred to in paragraph (5) all electronic mail that he sends to any client or member of the public in the course of providing any financial advisory service;
(e)to ensure that the representative does not communicate by telephone with any client or member of the public when providing any financial advisory service, other than by telephone conference in the presence of any of the persons referred to in paragraph (5).
(5)  The persons referred to in paragraph (4)(c), (d) and (e) are —
(a)an appointed representative of the principal;
(b)a director of the principal who is approved under section 56 of the Act;
(c)an officer of the principal whose primary function is to ensure that the provision of the financial advisory service in question complies with the laws and requirements of the Authority applicable to the financial advisory service in question;
(d)an officer of the principal appointed by the principal to supervise the representative in providing the financial advisory service in question.
(6)  In paragraph (4)(c), (d) and (e), “client or member of the public” excludes one who is an accredited investor, an expert investor or an institutional investor.
Provisional representative
4B.—(1)  The period which the Authority may specify in the public register of representatives under section 23D(2) of the Act as the period which any named individual can be a provisional representative in respect of any type of financial advisory service shall not exceed 3 months from the date his name is entered in the register as a provisional representative.
(2)  For the purposes of section 23D(5) of the Act, where a provisional representative in respect of a type of financial advisory service has satisfied the examination requirements specified for that type of financial advisory service, his principal shall inform the Authority of that fact by serving on the Authority —
(a)a duly completed Form 3D; and
(b)before the expiry of the period specified against his name in the public register of representatives under section 23D(2) of the Act.
(3)  For the purposes of section 23J(1)(s)(i) and (ii) of the Act, the Authority may refuse to enter the name and other particulars of an individual in the public register of representatives as a provisional representative in respect of a type of financial advisory service if —
(a)he is not or was not previously licensed, authorised or otherwise regulated as a representative in relation to a comparable type of financial advisory service in a foreign jurisdiction for a continuous period of at least 12 months; or
(b)the period between the date of his ceasing to be so licensed, authorised or regulated in a foreign jurisdiction and the date of his proposed appointment as a provisional representative exceeds 12 months.”.
Deletion and substitution of regulations 6 and 7
4.  Regulations 6 and 7 of the principal Regulations are deleted and the following regulations substituted therefor:
“Fees
6.—(1)  Subject to this regulation, the fees specified in the Second Schedule are payable to the Authority for the purposes, in the manner and at the times specified therein.
(2)  Where —
(a)the name of a person is entered in the public register of representatives as a provisional representative;
(b)he pays the annual fee referred to in section 23H(2) of the Act for the retention of his name in the public register of representatives as a provisional representative for a period of time; and
(c)his name is subsequently entered in the register as an appointed representative at any time during that period or on the business day immediately following the expiry of that period,
then the person is treated as having paid the annual fee for the continuing retention of his name in the register as an appointed representative, in respect of the financial advisory service provided by the person while he was a provisional representative.
(3)  For the purposes of sections 14(4) and 23H(5) of the Act, the late payment fee is $100 for every day or part thereof that the payment is late subject to a maximum of $3,000.
(4)  Payment of fees may be made through such electronic funds transfer system as the Authority may designate from time to time, whereby payment is effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority.
(5)  The Authority may, as it thinks fit, waive the whole or any part of any fee payable under section 8, 14, 16, 23A or 23H of the Act.
Manner of application for financial adviser’s licence
7.  An application for the grant of a financial adviser’s licence shall be in Form 1 and shall be lodged with the Authority together with any relevant annex and information as may be specified in the Form or by the Authority from time to time.”.
Amendment of regulation 8
5.  Regulation 8 of the principal Regulations is amended —
(a)by deleting the words “section 19(1)(c)” in paragraph (1) and substituting the words “section 19(1)(b)”;
(b)by deleting the words “section 19(2)(a)” in paragraph (1) and substituting the words “section 19(2)”;
(c)by deleting paragraph (2); and
(d)by deleting the regulation heading and substituting the following regulation heading:
“Lapsing of financial adviser’s licence”.
New regulation 8A
6.  The principal Regulations are amended by inserting, immediately after regulation 8, the following regulation:
“Cessation of status of appointed representative
8A.  For the purpose of section 23C(4)( e) of the Act, unless the Authority has revoked the status of an individual as an appointed representative under section 23J(1) of the Act or suspended that status under section 23J(2)(a) of the Act, the individual shall cease to be an appointed representative in respect of all types of financial advisory service if —
(a)before the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from —
(i)the date his name was entered in the public register of representatives as an appointed representative; or
(ii)if he was an appointed representative by virtue of the Financial Advisers (Representatives) (Transitional and Savings Provisions) Regulations 2010 (G.N. No. S 715/2010), the date when he was granted a representative’s licence under section 7 of the Act in force immediately before 26th November 2010,
the appointed representative has not commenced to act as a representative in at least one of the financial advisory services that he was appointed to provide as a representative; or
(b)the appointed representative —
(i)has ceased to act as a representative in respect of all of the financial advisory services he was appointed to provide as a representative; and
(ii)has not resumed acting as a representative in respect of any of those financial advisory services for a continuous period of one month from the date of cessation,
and his principal has not notified the Authority of such cessation at any time during that period of one month.”.
Deletion and substitution of regulations 9 and 10
7.  Regulations 9 and 10 of the principal Regulations are deleted and the following regulations substituted therefor:
“Variation of financial adviser’s licence
9.—(1)  An application for the variation of a financial adviser’s licence under section 16 of the Act shall be in Form 2 and shall be lodged with the Authority together with any relevant annex and information as may be specified in the Form or by the Authority from time to time.
(2)  Where the Authority adds to, varies or revokes any condition or restriction of a financial adviser’s licence under section 13(3) of the Act or imposes further conditions or restrictions on such a licence, the Authority may require the licensed financial adviser to return its licence to the Authority for cancellation and issuance of a new licence, and the licensed financial adviser shall comply with such a requirement.
(3)  Where the Authority —
(a)has approved an application of a licensed financial adviser under section 16(1)(a) of the Act to add to its licence one or more types of financial advisory service authorised to be provided by its licence; or
(b)has approved an application of a licensed financial adviser under section 16(1)(b) of the Act to add to its licence one or more of the following types of investment product in relation to which it provides any financial advisory service:
(i)securities (including units in a collective investment scheme);
(ii)futures contracts;
(iii)contracts or arrangements for the purposes of foreign exchange trading;
(iv)contracts or arrangements for the purposes of leveraged foreign exchange trading;
(v)life policies;
(vi)structured deposits,
the licensed financial adviser shall immediately return its licence to the Authority for cancellation and issuance of a new licence.
(4)  Any licensed financial adviser which, without reasonable excuse, fails to return its licence under paragraph (2) or (3) shall be guilty of an offence.
Change in particulars and additional financial advisory service of representative
10.—(1)  An appointed representative shall notify his principal of any change in any of his particulars, being particulars set out in Form 3A, within 7 days after the occurrence of such change.
(2)  A provisional representative shall notify his principal of any change in any of his particulars, being particulars set out in Form 3B, within 7 days after the occurrence of such change.
(3)  An individual who is deemed to be an appointed representative under regulation 5(1) or (2) of the Financial Advisers (Representatives) (Transitional and Savings Provisions) Regulations 2010 (G.N. No. S 715/2010) shall notify his principal of any change in any of his particulars, being particulars set out in Form 3A, within 7 days after the occurrence of such change.
(4)  Where an individual has applied for the renewal of a representative’s licence under section 8 of the Act in force immediately before 26th November 2010 and the application is still pending on that date, he shall notify his principal of any change in any of his particulars, being particulars set out in Form 3A, within 7 days after the occurrence of such change.
(5)  The principal of an individual referred to in paragraph (3) or (4) shall, no later than 7 days after the principal is notified or becomes aware of any change in the individual’s particulars which has been or ought to have been notified under that paragraph, furnish particulars of such change to the Authority in Form 18.
(6)  Any person who, without reasonable excuse, contravenes paragraph (1), (2), (3), (4) or (5) shall be guilty of an offence.
(7)  For the purposes of section 23F(5) of the Act, the principal of an appointed or a provisional representative shall notify the Authority of a change in the particulars of the representative in Form 18.
(8)  A notice under section 23I(2) of the Act by a principal of its intention to appoint an appointed representative in respect of a type of financial advisory service in addition to that indicated against the appointed representative’s name in the public register of representatives shall be in Form 7.”.
Deletion of regulation 11
8.  Regulation 11 of the principal Regulations is deleted.
Deletion and substitution of regulation 12 and new regulation 12A
9.  Regulation 12 of the principal Regulations is deleted and the following regulations substituted therefor:
“Cessation of financial advisory service by financial adviser
12.—(1)  Where a licensed financial adviser ceases to provide every type of financial advisory service authorised by its licence, it shall lodge with the Authority a notice in Form 5 within 14 days from the date of cessation.
(2)  Where a licensed financial adviser ceases to provide any type of financial advisory service authorised by its licence but has not ceased to act as a financial adviser, it shall, within 14 days from the date of cessation, return its licence to the Authority, and lodge with the Authority a notice in Form 5.
(3)  Where a licensed financial adviser ceases to provide financial advisory service in respect of any type of investment product authorised by its licence but has not ceased to act as a financial adviser, it shall, within 14 days from the date of cessation, return its licence to the Authority, and lodge with the Authority a notice in Form 5.
(4)  Where a licensed financial adviser has not commenced to provide, by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence, every type of financial advisory service to which its licence relates, it shall immediately return its licence to the Authority and lodge with the Authority a notice in Form 5.
(5)  Where a licensed financial adviser has commenced to provide, by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence —
(a)one or more but not all the types of financial advisory service; or
(b)financial advisory service in respect of one or more but not all the types of investment product,
to which the licence relates, it shall immediately return its licence to the Authority and lodge with the Authority a notice in Form 5.
(6)  Upon receipt of the notice and licence referred to in paragraph (2), (3), (4) or (5), the Authority shall cancel the licence and issue to the financial adviser a new licence in respect of the remaining type or types of financial advisory service and investment product or products authorised by its licence referred to in paragraph (2), (3) or (5), as the case may be.
(7)  Any licensed financial adviser which, without reasonable excuse, fails to return its licence under paragraph (2), (3), (4) or (5) shall be guilty of an offence.
Lodgment of particulars of cessation
12A.—(1)  For the purposes of sections 23C(8) and 23D(4) of the Act read with section 23C(8) of the Act, particulars that an individual has ceased to be a representative of a principal, or has ceased to provide any type of financial advisory service which he is appointed to provide, shall be furnished to the Authority in Form 10.
(2)  Where an appointed representative has ceased to be a representative by virtue of regulation 8A(a), his principal shall immediately lodge with the Authority a notice of this in Form 10.”.
Amendment of regulation 13
10.  Regulation 13 of the principal Regulations is amended —
(a)by inserting, immediately after the words “as its chief executive officer or director” in paragraph (1), the words “, or to change the nature of the appointment of a person as a director from one that is non-executive to one that is executive,”;
(b)by inserting, immediately after the words “the appointee” in paragraph (2)(a) to (j), the words “or director”;
(c)by inserting, immediately after sub-paragraph (a) of paragraph (2), the following sub-paragraph:
“(aa)whether the appointee or director has had a prohibition order under section 59 of the Act made against him that still remains in force;”; and
(d)by deleting the words “chief executive officer or director” in paragraph (2)(f), (g), (i) and (j) and substituting in each case the words “chief executive officer, director or executive director”.
Amendment of regulation 14
11.  Regulation 14 of the principal Regulations is amended by inserting, immediately after paragraph (a), the following paragraph:
“(aa)put in place compliance function and arrangements that are commensurate with the nature, scale and complexity of the business of the licensed financial adviser, including specifying the roles and responsibilities of officers and employees of the financial adviser in helping to ensure its compliance with all applicable laws, codes of conduct and standards of good practice in order to protect investors and reduce its risk of incurring legal or regulatory sanctions, financial loss, or reputational damage;”.
Amendment of regulation 14A
12.  Regulation 14A of the principal Regulations is amended —
(a)by deleting the words “any financial advisory service” in paragraphs (a)(i) and (b)(i) and substituting in each case the words “every financial advisory service”;
(b)by renumbering the regulation as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraph:
“(2)  A licensed financial adviser shall ensure that —
(a)it is a fit and proper person in relation to the provision of every financial advisory service for which it is licensed;
(b)its representatives are fit and proper persons in relation to their acting as its representatives;
(c)its substantial shareholders or equivalent persons are fit and proper persons in their capacity as such; and
(d)its chief executive officer, directors or equivalent persons are fit and proper persons for office.”; and
(c)by deleting the regulation heading and substituting the following regulation heading:
“Financial advisers and representatives, etc., to be fit and proper persons”.
Deletion and substitution of heading to Part III
13.  Part III of the principal Regulations is amended by deleting the Part heading and substituting the following Part heading:
“FINANCIAL REQUIREMENTS FOR LICENSED FINANCIAL ADVISERS”.
Amendment of regulation 15
14.  Regulation 15 of the principal Regulations is amended —
(a)by deleting the words “or renewal”; and
(b)by deleting the words “for financial advisers” in the regulation heading.
Amendment of regulation 17
15.  Regulation 17 of the principal Regulations is amended by deleting the words “or renewal”.
Deletion and substitution of regulation 18
16.  Regulation 18 of the principal Regulations is deleted and the following regulation substituted therefor:
“Unsecured advances, unsecured loans and unsecured credit facilities
18.—(1)  No licensed financial adviser shall grant any unsecured advance, unsecured loan or unsecured credit facility —
(a)to a director of the licensed financial adviser who is not an employee of the licensed financial adviser; or
(b)to any other officer or an employee of the licensed financial adviser (including a director who is its employee) or any of its representatives,
which in the aggregate and outstanding at any one time, exceeds $3,000.
(2)  In this regulation —
“director” includes the spouse, father, step-father, mother, step-mother, son, adopted son, step-son, daughter, adopted daughter, step-daughter, brother, step-brother, sister or step-sister, of the director;
“market value”, in relation to assets which are securities listed for quotation, or quoted, on a securities exchange or an overseas securities exchange, means —
(a)the last transacted price of the securities traded on the securities exchange or overseas securities exchange on the immediately preceding business day;
(b)if there was no trading in the securities on the immediately preceding business day, then, subject to paragraph (c), the lower of the transacted price and last bid price of the securities; or
(c)if there was no trading in the securities in the immediately preceding 30 days —
(i)the value of the securities as estimated by the exchange; or
(ii)in the absence of such a value, zero value or any other value as approved by the Authority,
before the grant of the advance, loan or credit facility or provision of those assets as fresh security, as the case may be;
“unsecured advance”, “unsecured loan” or “unsecured credit facility” includes —
(a)any advance or loan made without security;
(b)any advance, loan or credit facility made with security, where the advance, loan or credit facility or any amount due and owing thereunder at any time exceeds —
(i)the market value of the assets constituting that security; or
(ii)where the Authority is satisfied that there is no established market value for those assets, on the basis of a valuation of those assets as approved by the Authority and notified to the licensed financial adviser before the grant of the advance, loan or credit facility;
(c)any guarantee or performance bond entered into by the licensed financial adviser, or the provision of any security by the licensed financial adviser, in connection with any advance, loan or credit facility made by another party to any of its officers, employees or representatives; and
(d)any credit facility without security, whether it has been drawn-down or not.
(3)  Any licensed financial adviser which contravenes paragraph (1) shall be guilty of an offence.
(4)  For the avoidance of doubt, this regulation is without prejudice to section 162 of the Companies Act (Cap. 50) (loans to directors).”.
Amendment of regulation 19
17.  Regulation 19 of the principal Regulations is amended —
(a)by deleting the words “licensee, in its marketing” in paragraph (1) and substituting the words “licensed financial adviser or any of its representatives, in its or his marketing”;
(b)by deleting the word “licensee” in the penultimate line of paragraph (1) and substituting the words “licensed financial adviser or representative”;
(c)by deleting paragraph (2) and substituting the following paragraph:
“(2)  A licensed financial adviser or any of its representatives may hand over its or his client’s money or property to a person referred to in paragraph (1)(a), (b) or (c) after the specified date if, but only if, it or he has the client’s prior written consent to do so.”;
(d)by deleting the words “A licensee shall not, in its marketing” in paragraph (3) and substituting the words A licensed financial adviser or any of its representatives shall not, in its or his marketing”; and
(e)by deleting the word “licensee” in paragraphs (3) and (5) and substituting in each case the words “licensed financial adviser or representative”.
New regulations 20A, 20B and 20C
18.  The principal Regulations are amended by inserting, immediately after regulation 20, the following regulations:
“Register of interests in securities
20A.—(1)  Each of the following persons (referred to in this regulation and regulation 20B as a relevant person), namely:
(a)a licensed financial adviser who provides any financial advisory service in respect of securities; and
(b)a representative of such a financial adviser,
shall —
(i)maintain in Form 12 a register of his interests in securities;
(ii)enter in the register, within 7 days after the date that he acquires any interest in securities, particulars of the securities in which he has an interest and particulars of his interest in those securities;
(iii)retain that entry in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made; and
(iv)ensure that a copy of the register is kept in Singapore.
(2)  Where there is a change in any interest in securities of a relevant person, he shall —
(a)enter in the register, within 7 days after the date of the change, particulars of the change including the date of the change and the circumstances by reason of which the change has occurred; and
(b)retain that entry in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made.
(3)  A relevant person shall, upon the Authority’s request —
(a)produce for the Authority’s inspection the register of his interests in securities; and
(b)allow the Authority to make a copy of, or take extracts from, the register.
(4)  The Authority may provide a copy of an extract from a register obtained under paragraph (3) to any person who, in the opinion of the Authority, should in the public interest be informed of the dealing in securities disclosed in the register.
(5)  In this regulation and regulation 20B, “securities” means securities which are listed for quotation, or quoted, on a securities exchange or a recognised market operator.
(6)  Any relevant person who contravenes paragraph (1), (2) or (3) shall be guilty of an offence.
Place at which register is kept
20B.—(1)  A relevant person shall keep the register of his interest in securities referred to in regulation 20A —
(a)in the case of an individual, at his principal place of business; or
(b)in the case of a corporation, at any of its places of business.
(2)  The register of interests in securities may be kept in electronic form if the relevant person ensures that full access to such register may be gained by the Authority at the place referred to in paragraph (1)(a) or (b), as the case may be.
(3)  An applicant for a financial adviser’s licence to provide any financial advisory service in respect of securities shall, when applying for the licence, give notice to the Authority in Form 13 of —
(a)the place at which it intends to keep the register of its interests in securities or, if the register is in electronic form, the place at which full access to the register may be gained; and
(b)such other particulars as are set out in the Form.
(4)  A licensed financial adviser who is not a person referred to in regulation 20A(1)(a) shall, when applying under section 16 of the Act to have its licence varied by adding any financial advisory service in respect of securities, give notice to the Authority in Form 13 of —
(a)the place at which it intends to keep the register of its interests in securities or, if the register is in electronic form, the place at which full access to the register may be gained; and
(b)such other particulars as are set out in the Form.
(5)  Where there is a change in the place for keeping the register or from which it can be accessed as notified to the Authority whether at the time of application for the financial adviser’s licence or under paragraph (3) or (4), the person who gave the notice shall within 14 days from the change lodge with the Authority a notice of the change in Form 4.
(6)  A relevant person who is a licensed financial adviser shall maintain records of the places at which its representatives keep their registers of their interests in securities and the places at which copies of those registers are kept in Singapore under regulation 20A(1)(iv).
(7)  A relevant person who is a licensed financial adviser shall, upon the Authority’s request —
(a)produce for the Authority’s inspection the records referred to in paragraph (6); and
(b)allow the Authority to make a copy of, or take extracts from, such records.
(8)  Any person who contravenes paragraph (1), (2), (3), (4), (6) or (7) shall be guilty of an offence.
(9)  Any person who contravenes paragraph (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
Particulars of financial journalists
20C.—(1)  The Authority may, by notice in writing, require the proprietor or publisher of a newspaper to supply the Authority with the name and address of any financial journalist who has contributed any advice, analysis or report concerning securities that has been published in the newspaper, within such period as may be specified in the notice.
(2)  Any proprietor or publisher of a newspaper who, without reasonable excuse, contravenes a notice under paragraph (1) shall be guilty of an offence.”.
Deletion of regulation 22
19.  Regulation 22 of the principal Regulations is deleted.
Amendment of regulation 27A
20.  Regulation 27A of the principal Regulations is amended by deleting paragraph (2) and substituting the following paragraph:
“(2)  A representative of a bank or merchant bank exempt from section 23(4) of the Act and regulation 37 under paragraph (1) shall be exempt from section 23B(1) of the Act in respect of his carrying out of the activity referred to in paragraph (1) for the bank or merchant bank.”.
Amendment of regulation 28
21.  Regulation 28(4) of the principal Regulations is amended by deleting the words “A representative” and substituting the words “An appointed or a provisional representative”.
Amendment of regulation 29
22.  Regulation 29(3) of the principal Regulations is amended by deleting the words “Sections 12” and substituting the words “Sections 23G”.
Amendment of regulation 31
23.  Regulation 31 of the principal Regulations is amended —
(a)by deleting the words “holding a representative’s licence” in paragraphs (3)(a) and (6) and substituting in each case the words “section 23B(1)”;
(b)by deleting the words “licensed financial advisers” in paragraph (3)(a) and substituting the word “introducees”;
(c)by deleting the words “section 12” in paragraph (3)(c) and substituting the words “section 23G”;
(d)by deleting the words “the representatives” in paragraph (4)(b) and substituting the words “the appointed or provisional representatives”;
(e)by deleting the words “A licensed representative” in paragraph (5) and substituting the words “An appointed or a provisional representative”;
(f)by deleting the words “sections 16, 25,” in paragraph (5) and substituting the words “sections 25,”;
(g)by deleting the words “a licensed representative” in paragraph (6) and substituting the words “an appointed or a provisional representative”; and
(h)by deleting the words “Sections 12” in paragraph (11) and substituting the words “Sections 23G”.
Amendment of regulation 37
24.  Regulation 37(1) of the principal Regulations is amended by deleting sub-paragraphs (b), (c) and (d) and substituting the following sub-paragraphs:
“(b)where the person commences business in any financial advisory service or any additional financial advisory service, a notice of such commencement in Form 26 not later than 14 days prior to the commencement or such later date as the Authority may allow in any particular case;
(c)where there is any change in any particulars required to be notified in —
(i)Form 26 under sub-paragraph (b);
(ii)Form 20 under regulation 37(1)(b) of these Regulations in force immediately before 26th November 2010; or
(iii)Form 21 under regulation 37(1)(c) of these Regulations in force immediately before 26th November 2010,
a notice of such change in Form 27, not later than 14 days after the date of change or such later date as the Authority may allow in any particular case;
(d)where the person ceases business in any or all financial advisory service for which notice has been given in —
(i)Form 20 under sub-paragraph (b);
(ii)Form 20 under regulation 37(1)(b) of these Regulations in force immediately before 26th November 2010; or
(iii)Form 21 under regulation 37(1)(d) of these Regulations in force immediately before 26th November 2010,
a notice of such cessation in Form 28, not later than 14 days after the cessation or such later date as the Authority may allow; and”.
Deletion of regulations 38, 39 and 40
25.  Regulations 38, 39 and 40 of the principal Regulations are deleted.
Amendment of regulation 41
26.  Regulation 41 of the principal Regulations is amended by deleting the words “7(2) or 58(5)” in paragraph (b) and substituting the words “23B(4) or 33(5)”.
Deletion and substitution of Second Schedule
27.  The Second Schedule to the principal Regulations is deleted and the following Schedule substituted therefor:
“SECOND SCHEDULE
Regulation 6(1)
Fees
 
First column
Second column
 
Third column
 
Fourth column
No.
Provision of Act
Matter
 
Amount
 
Manner and time of payment
1.
Section 8(1)
Application for grant of financial adviser’s licence
 
$500
 
By cheque at time of application
 
 
 
 
 
 
 
2.
Section 14(1)
Annual licence fee for financial adviser’s licence
 
$2,000
 
(a) Where licensed financial adviser has no GIRO arrangement with the Authority, by cheque by the date specified in the fee advice
 
 
 
 
 
 
(b) Where licensed financial adviser has GIRO arrangement with the Authority, by GIRO by 19th December of the preceding year
 
 
 
 
 
 
 
 
3.
Section 16(2)
Application to add type(s) of financial advisory service or type(s) of investment product to financial adviser’s licence
 
$250
 
By GIRO by the 16th day of the month following that in which application is made
 
 
 
 
 
 
 
4.
Section 23H(1)
Lodgment of documents under section 23F of the Act for appointment of appointed or provisional representative
 
$100
 
(a) If principal is an applicant for financial adviser’s licence, by cheque at time of application
 
 
 
 
 
 
(b) If principal is a licensed financial adviser, and —
 
 
 
 
 
 
(i) it has no GIRO arrangement with the Authority, by cheque by the date specified in the fee advice;
 
 
 
 
 
 
(ii) it has GIRO arrangement with the Authority, by GIRO by the 16th day of the month following that in which lodgment is made
 
 
 
 
 
 
 
5.
Section 23H(2)
Annual fee for retention of name of appointed or provisional representative in public register of representatives in the year in which the name is first entered in the register*
 
Amount derived from the formula:
 
(a) Where principal has no GIRO arrangement with the Authority, by cheque by the date specified in the fee advice
 
 
 
 
A
x $100
 
(b) Where principal has GIRO arrangement with the Authority, by GIRO by the 16th day of the month following that in which name is entered in the register
 
 
 
 
---
 
 
 
 
 
 
365
 
 
 
 
 
 
where A
is the number of days between the date the name is first entered in the register and 31st December of same year (both dates inclusive)
 
 
 
 
 
 
 
 
 
6.
Section 23H(2)
Annual fee for retention of name of appointed or provisional representative in public register of representatives in any other year
 
$100
 
(a) Where principal has no GIRO arrangement with the Authority, by cheque by the date specified in the fee advice
 
 
 
 
 
 
(b) Where principal has GIRO arrangement with the Authority, by GIRO by 19th December of the preceding year or, if the name is entered in the register in the preceding year during the period between 20th and 31st December (both dates inclusive), by the 16th day of the following month
 
 
 
 
 
 
 
7.
Section 23H(3)
Resubmission of a form for lodgment of documents under section 23F(1) of the Act for appointment of appointed or provisional representative
 
$100
 
(a) If principal has no GIRO arrangement with the Authority, by cheque by the date specified in the fee advice
 
 
 
 
 
 
(b) If principal has GIRO arrangement with the Authority, by GIRO by the 16th day of the month following that in which resubmission is made
 
 
 
 
 
 
 
8.
Section 63(4)
Inspection of and extraction from records
 
$20 per name submitted for inspection**
 
By cheque at time of inspection
* For the avoidance of doubt, this fee is still required to be paid if the date on which the name is entered in the register is 31st December.
** This fee is inclusive of the goods and services tax chargeable under the Goods and Services Tax Act (Cap. 117A). No goods and services tax is chargeable for the other items.
”.
Miscellaneous amendments
28.  The principal Regulations are amended —
(a)by deleting the word “licensee” wherever it appears in the following provisions and substituting in each case the words “licensed financial adviser”:
Regulations 18A, 32B(1) and (3), 33(1) and (2), 34(1) and (2), 35(1) and (2) and 36(3);
(b)by deleting the words “regulations 37 and 38” in regulations 27A(1) and 32B(1) and substituting in each case the words “regulation 37”;
(c)by deleting the words “A representative” in regulation 32B(3) and (4) and substituting in each case the words “An appointed or a provisional representative”;
(d)by deleting the word “representatives” wherever it appears in the following provisions and substituting in each case the words “appointed or provisional representatives”:
Regulations 33(1) and (2), 34(1) and (2), 35(1) and (2) and 36(3);
(e)by deleting the word “representative” in the following provisions and substituting in each case the words “appointed or provisional representative”:
Regulations 34(2), 35(2) and 36(3); and
(f)by deleting the words “a representative” in regulation 36(2) (2nd line) and substituting the words “an appointed or a provisional representative”.
[G.N. Nos. S 76/2004; S 692/2004; S 362/2005; S 58/2007; S 274/2008]
Made this 25th day of November 2010.
HENG SWEE KEAT
Managing Director,
Monetary Authority of Singapore.
[CMI 09/2008; AG/LLRD/SL/110/2002/1 Vol. 4]
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Last updated on 26 Feb 2021