Definition of “excluded financial institution”
4.—(1)  Each of the following persons is prescribed as an excluded financial institution for the purposes of Part IVB of the Act except sections 51 and 52 of the Act:
(a)a person who —
(i)is a licensed financial adviser under the Financial Advisers Act (Cap. 110); or
(ii)is an exempt financial adviser under the Financial Advisers Act, but is not a pertinent financial institution;
(b)a person who is exempt from the requirement to hold a capital markets services licence under the Securities and Futures Act to carry on business in any regulated activity specified in the Second Schedule to that Act, but is not a pertinent financial institution;
(c)a holder of a capital markets services licence under the Securities and Futures Act who carries on business in the regulated activity of providing credit rating services;
(d)an authorised reinsurer as defined in section 1A of the Insurance Act;
(e)a member of Lloyd’s that is permitted to carry on general class of insurance business in accordance with regulation 3 of the Insurance (Lloyd’s Scheme) Regulations (Cap. 142, Rg 8), or any insurance business specified in the First Schedule to the Insurance (Lloyd’s Asia Scheme) Regulations (Cap. 142, Rg 9) in accordance with regulation 3 of those Regulations;
(f)an insurance agent or insurance broker registered or otherwise regulated under the Insurance Act;
(g)a payment service provider licensed under the Payment Services Act 2019.
[S 843/2019 wef 28/01/2020]
(h)[Deleted by S 843/2019 wef 28/01/2020]
(2)  Each of the following persons is prescribed as an excluded financial institution for the purposes of sections 51 and 52 of the Act:
(a)a person who —
(i)is a licensed financial adviser under the Financial Advisers Act; or
(ii)is an exempt financial adviser under the Financial Advisers Act, but who is not a pertinent financial institution;
(b)a person who is exempt from the requirement to hold a capital markets services licence under the Securities and Futures Act to carry on business in any regulated activity specified in the Second Schedule to that Act, but who is not a pertinent financial institution;
(c)a holder of a capital markets services licence under the Securities and Futures Act who carries on business in the regulated activity of providing credit rating services;
(d)an authorised reinsurer as defined in section 1A of the Insurance Act;
(e)a member of Lloyd’s that is permitted to carry on general class of insurance business in accordance with regulation 3 of the Insurance (Lloyd’s Scheme) Regulations, or any insurance business specified in the First Schedule to the Insurance (Lloyd’s Asia Scheme) Regulations in accordance with regulation 3 of those Regulations;
(f)an insurance agent or insurance broker that is registered or otherwise regulated under the Insurance Act;
(g)a payment service provider licensed under the Payment Services Act 2019;
[S 843/2019 wef 28/01/2020]
(h)[Deleted by S 843/2019 wef 28/01/2020]
(i)a trustee-manager of a business trust that is registered under the Business Trusts Act (Cap. 31A).
(3)  In this regulation, “member of Lloyd’s” has the meaning given by regulation 2 of the Insurance (Lloyd’s Scheme) Regulations.