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No. S 83

Financial Advisers Act

(Chapter 110)

Financial Advisers (Amendment) Regulations 2003

In exercise of the powers conferred by sections 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 2003 and shall come into operation on 24th February 2003.

New regulation 34A

2. The Financial Advisers Regulations 2002 (G.N. No. S 462/2002) are amended by inserting, immediately after regulation 34, the following regulation:

“Exemption in respect of insurance broking premium accounts

34A.—(1) Section 32 of the Act shall not apply to any licensed financial adviser who does not receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.

(2) Section 32 of the Act and regulation 37(1)(e) shall not apply to any exempt financial adviser who does not receive any moneys —

(a)	from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or
(b)	from or on behalf of an insurer for or on account of an insured or intending insured.”.

Made this 17th day of February 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[FSG SID FA 01/2002; AG/LEG/SL/110/2002/1 Vol. 1]