Financial Advisers Regulations - Singapore Statutes Online

Non‑application of sections 47 and 48 of Act for certain persons

34A.—(1) Sections 47 and 48 of the Act do not apply to the following:

(a)

any bank in Singapore or any merchant bank which is exempt under the Financial Advisers (Exemption from Sections 34 to 38 and 45) Regulations (Rg 6) in respect of the provision of any financial advisory service relating to an existing product or a new product within the meaning of those Regulations, in relation to its business of providing such service;

[S 222/2023 wef 31/12/2021]

(b)

a bank or merchant bank which is exempt from holding a financial adviser’s licence under section 20(1)(a) or (b) of the Act in relation to its business involving an activity for which it is exempt under regulation 27A from complying with section 20(2) of the Act;

[S 222/2023 wef 31/12/2021]

(c)

a licensed financial adviser or an exempt financial adviser who solely advises others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product;

(d)

a licensed financial adviser or an exempt financial adviser, in relation to —

(i)

its business of providing any financial advisory service to a client —

(A)

who is any of the following:

(AA)	an accredited investor;
(AB)	an expert investor;
(AC)	an institutional investor;
(AD)	an existing customer of the licensed financial adviser or exempt financial adviser (as the case may be) but only in respect of the business of providing any financial advisory service that is carried out by the licensed financial adviser or exempt financial adviser (as the case may be) in the period from 8 October 2018 to 7 April 2019 (both dates inclusive); or

(B)

that is not an individual;

[S 294/2019 wef 08/10/2018]

(ii)

[Deleted by S 62/2025 wef 24/01/2025]

(iii)

its business of making recommendations with respect to life policies which are sold as an ancillary product to loans with a simple payment basis for the insurance cover (including policies that cover outstanding loans such as personal loans, car loans and credit card balances, but excluding mortgage reducing term assurance plans);

(iv)

its business of making recommendations with respect to selling or purchasing group life policies;

(v)

its business of providing execution‑related advice as a dealer;

(vi)

its business of providing any financial advisory service where —

(A)	only factual information is provided to a client with respect to any investment product (including the marketing of any designated investment product through the use of direct response, advertising, or communications through any medium); and
(B)	no advice or recommendation is provided by the licensed financial adviser, exempt financial adviser or their representatives, to such client with respect to such investment product;

(vii)

its business involving an activity for which the licensed financial adviser or exempt financial adviser is exempt under regulation 31, 32B or 34 from complying with section 36 of the Act; or

[S 386/2018 wef 10/12/2018]

[S 222/2023 wef 31/12/2021]

(viii)

its business involving an activity to which section 36 of the Act does not apply to a licensed financial adviser or an exempt financial adviser by virtue of regulation 18A.

[S 222/2023 wef 31/12/2021]

(2) In this regulation —

“collective investment scheme” has the same meaning as in section 2(1) of the Securities and Futures Act 2001;

[S 222/2023 wef 31/12/2021]

“dealer” means a person exempt from holding a financial adviser’s licence under section 20(1)(a), (b) or (d) of the Act and who carries on a business of providing execution‑related advice;

[S 222/2023 wef 31/12/2021]

“designated investment product” has the same meaning as in section 34(7) of the Act;

[S 222/2023 wef 31/12/2021]

“execution activities” means either or both of the following activities:

(a)	dealing in capital markets products that are specified products which have received approval in-principle for listing and quotation on, or are listed for quotation or quoted on, any approved exchange or overseas exchange;
(b)	dealing in capital markets products that are futures contracts; [S 659/2018 wef 08/10/2018]

“execution‑related advice” means advice provided which is solely incidental to the execution activities of a dealer with no discrete fee charged by the dealer for the advice rendered;

“group life policy” means a life policy in respect of which —

(a)	the policy owner is not an individual; and
(b)	there are 2 or more insured persons;

[Deleted by S 659/2018 wef 08/10/2018]

“policy owner” has the same meaning as in the First Schedule to the Insurance Act 1966.

[S 222/2023 wef 31/12/2021]

[S 62/2025 wef 24/01/2025]

[Deleted by S 62/2025 wef 24/01/2025]

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