Financial Advisers Regulations
Table of Contents
Part I PRELIMINARY
1 Citation
2 Definitions
Part II CONTROL OF PROVISION OF FINANCIAL ADVISORY SERVICES
3 Application of section 6 of Act
4 Forms
4A Lodgment of documents and undertaking of responsibilities for representative
4B Provisional representative
5 Time for documents to be lodged
6 Fees
7 Manner of application for financial adviser’s licence
8 Lapsing of financial adviser’s licence
8A Cessation of status of appointed representative
9 Variation of financial adviser’s licence
10 Change in particulars and additional financial advisory service of representative
11 (Deleted)
12 Cessation of financial advisory service by financial adviser
12AA Obligation to notify Authority of certain matters
12A Lodgment of particulars of cessation
13 Application for appointment of chief executive officer or director
14 Duties of licensed financial adviser
14AA Criteria for determining if chief executive officer or director of licensed financial adviser has breached duties
14A Financial advisers and representatives, etc., to be fit and proper persons
Part III FINANCIAL REQUIREMENTS FOR LICENSED FINANCIAL ADVISERS
15 Minimum financial requirements
16 Continuing financial requirements
17 Professional indemnity insurance
Part IV CONDUCT OF BUSINESS
18 Unsecured advances, unsecured loans and unsecured credit facilities
18A Non-application of section 36 of Act
18B Product due diligence
19 (Deleted)
20 Insurance broking premium accounts
20A Register of interests in listed specified products
20B Place at which register is kept
20C Particulars of financial journalists
21 Use of term "independent"
22 Product advertisements
22A Approval of product advertisement
22B Exemption from regulation 22(1)
22C Maintaining records of approval
22D Advertisement other than product advertisement
Part V ACCOUNTS AND AUDIT
23 Preparation and lodgment of accounts
24 (Deleted)
25 Books to be kept by licensed financial adviser
26 Retention period of books
Part VI EXEMPTIONS
Division 1 — General exemptions
27 Exemption from requirement to hold financial adviser’s licence for certain persons in respect of certain activities
27A Exemption of banks and merchant banks
28 Exemption for giving advice or analysis on bonds
29 Exemption for Service Companies
30 (Deleted)
31 Exemption for introducing activities
32 (Deleted)
32A Exemption for persons exempt under Second Schedule to Securities and Futures (Licensing and Conduct of Business) Regulations
32B Exemption for advising institutional investor, related corporation, etc.
32C Exemption for foreign research houses
32CA (Deleted)
32CB Exemption for certain entities providing financial advisory service under approved arrangements
32D Exemption for, and application of Regulations to, venture capital fund manager and its representatives
33 Exemption from section 34 of Act for advising accredited investor or expert investor
33A Exemption from section 36 for dealers and related exemptions
34 Exemption from section 36 of Act in certain circumstances
34A Non‑application of sections 47 and 48 of Act for certain persons
35 Exemption from section 45 of Act
36 (Deleted)
37 Reporting requirements for exempt financial advisers
38 Exemption of licensed financial advisers for distribution of direct purchase insurance products
39 Exemption of specified financial advisers for distribution of direct purchase insurance products
40 Exemption of appointed or provisional representative of exempt adviser for distribution of direct purchase insurance products
40A Exemption of customer service officers of exempt adviser for distribution of direct purchase insurance products
40B Definitions of terms in regulations 38 to 40B
Division 2 — [Deleted by S 222/2023 wef 28/04/2023]
40BA (Deleted)
Subdivision 1 [Deleted by S 222/2023 wef 28/04/2023]
40BB (Deleted)
40BC (Deleted)
40BD (Deleted)
Subdivision 2 [Deleted by S 222/2023 wef 28/04/2023]
40BE (Deleted)
40BF (Deleted)
40BG (Deleted)
Subdivision 3 [Deleted by S 222/2023 wef 28/04/2023]
40BH (Deleted)
Part VIA PRESCRIBED NON‑FINANCIAL ADVISORY SERVICES
40C Definitions of this Part
40D Permitted businesses under section 60(1)(e) of Act
40E Prescribed criteria for consent under section 62(2) of Act
40F Conditions for acting as representative despite other employment, business, etc.
40G Conditions for appointment of appointed representative or provisional representative despite section 22(6) of Act
Part VII MISCELLANEOUS
41 Compoundable offences
42 Acceptance of composition of offence
43 Opportunity to be heard
44 (Deleted)
45 (Deleted)
Legislative History