Financial Advisers Regulations 2002 - Singapore Statutes Online

No. S 462

Financial Advisers Act 2001

(Act 43 of 2001)

Financial Advisers Regulations 2002

In exercise of the powers conferred by sections 6 (3), 8, 9, 14, 16(2), 18, 19(1), 23, 24, 28, 32, 36(7), 39, 45, 48(1), 56, 57, 63, 94, 100 and 104 of the Financial Advisers Act 2001, the Monetary Authority of Singapore hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Financial Advisers Regulations 2002 and shall come into operation on 1st October 2002.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“accredited investor” means —

(a)

an individual whose net personal assets exceed $5 million or its equivalent in value in any foreign currency; or

(b)

a corporation with net assets exceeding $10 million in value or its equivalent in value in any foreign currency as determined in accordance with the most recent audited balance-sheet of the corporation or, in the case of a corporation which is not required to prepare audited accounts, a balance-sheet certified by the corporation to give a true and fair view of the state of affairs of the corporation as at the end of the period to which the balance-sheet relates;

“advertisement” means the dissemination or conveyance of information, or an invitation or solicitation, by any means or in any form, including by means of —

(a)	publication in a newspaper, magazine, journal or other periodical;
(b)	display of posters or notices;
(c)	circulars, handbills, brochures, pamphlets, books or other documents;
(d)	letters addressed to individuals or bodies corporate or unincorporate;
(e)	photographs or cinematograph films; or
(f)	sound broadcasting, television, the Internet or other media;

“bonds” includes —

(a)	any note, bond or Treasury Bill;
(b)	an option in respect of any note, bond or Treasury Bill; and
(c)	such other securities or class of securities as the Authority may from time to time, by a guideline issued by the Authority, determine;

“capital markets products” has the same meaning as in section 2(1) of the Securities and Futures Act 2001 (Act 42 of 2001);

“client’s money or property” has the same meaning as in section 28(4) of the Act;

“foreign company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);

“foreign exchange trading” has the same meaning as in section 2(1) of the Securities and Futures Act 2001;

“Government securities” means securities issued or proposed to be issued by the Government, and includes —

(a)	any debenture, stock or bond issued or proposed to be issued by the Government;
(b)	any right or option in respect of any debenture, stock or bond referred to in paragraph (a);
(c)	any book-entry Government securities as defined in section 2 of the Development Loan (1987) Act (Cap. 81A) or section 2 of the Government Securities Act (Cap. 121A); and
(d)	any book-entry Treasury Bill as defined in section 2 of the Local Treasury Bills Act (Cap. 167);

“guideline issued by the Authority” means a guideline or other document issued by the Authority under section 64 of the Act;

“net asset value”, in relation to a corporation, means the excess of the value of the assets owned by the corporation over its liabilities;

“net head office funds”, in relation to a foreign company, means the net liability of the Singapore branch of that foreign company to its head office and any other branch outside of Singapore;

“paid-up capital” means ordinary shares and non-redeemable preference shares that have been fully paid for.

[S 537/2003 wef 22/12/2003]

(2) For the purposes of the definition of “net asset value” in paragraph (1) —

(a)

in determining the value of the assets owned by a corporation, any amount on account of goodwill or of any other intangible assets shall be disregarded; and

(b)

in determining the amount of the liabilities of a corporation —

(i)	all contingent or prospective liabilities shall be taken into account; and
(ii)	any amount on account of any liability related to the share capital of the corporation shall not be taken into account.

[S 537/2003 wef 22/12/2003]

Made this 11th day of September 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[FSG SID FA 01/2002; AG/LEG/SL/108A/2001/1 Vol. 1]

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