Singapore legislation
Schedule 1
Schedule 1
Excluded financial advisers
FIRST SCHEDULESections 2(1), 5(1) and 18(1)Excluded financial advisers
1. Any —
advocate and solicitor;
Singapore law practice, Joint Law Venture, Formal Law Alliance or Qualifying Foreign Law Practice, as defined in section 2(1) of the Legal Profession Act 1966; or
public accountant who is registered under the Accountants Act 2004, or accounting corporation which is approved under that Act,whose carrying on of the business of providing any financial advisory service is solely incidental to the practice of law or accounting, as the case may be.
2. Any company licensed under the Trust Companies Act 2005 whose carrying on of the business of providing any financial advisory service is solely incidental to its carrying on of the business for which it is licensed under that Act.
3. Any person who is the proprietor of a newspaper and holder of a permit issued under the Newspaper and Printing Presses Act 1974, where —
the newspaper is distributed generally to the public in Singapore;
any advice given, or analysis or report issued or promulgated, is given, issued or promulgated only through that newspaper;
that person receives no commission or other consideration, apart from any fee received from subscription to or purchase of the newspaper, for giving the advice, or for issuing or promulgating the analysis or report; and
the advice is given, or the analysis or report is issued or promulgated, solely as incidental to the conduct of that person’s business as a newspaper proprietor.
4. Any person who owns, operates or provides an information service through an electronic, or a broadcasting or telecommunications medium, where —
the service is generally available to the public in Singapore;
any advice given, or analysis or report issued or promulgated, is given, issued or promulgated only through that service;
that person receives no commission or other consideration, apart from any fee received from subscription to the service, for giving the advice, or for issuing or promulgating the analysis or report; and
the advice is given, or the analysis or report is issued or promulgated, solely as incidental to that person’s ownership, operation or provision of that service.
5. Any person who provides credit rating services, where any analysis or report issued or promulgated by that person —
is issued or promulgated solely as incidental to the conduct of that person’s business of providing credit rating services; and
does not contain any specific recommendation with respect to the acquiring of, disposing of, subscribing for, or underwriting of, any capital markets products.
6. Any public statutory corporation established under any Act in Singapore.
7. Any approved trustee under Division 2 of Part 13 of the Securities and Futures Act 2001.
8. The Official Assignee in exercising his or her powers under the Insolvency, Restructuring and Dissolution Act 2018.
9. The Public Trustee in exercising his or her powers under the Public Trustee Act 1915.
10. Any person acting in relation to a company as its liquidator, provisional liquidator, receiver, receiver and manager, or judicial manager.
11. A foreign company (within the meaning of section 4(1) of the Companies Act 1967) which —
provides all its financial advisory services under one or more arrangements that are —
between the foreign company (on the one hand) and its related corporation which is licensed under this Act or exempt under section 20 (other than subsection (1)(f) and (g)) (on the other hand); and
approved by the Authority; and
is not exempt under regulation 5(2) of the Financial Advisers (Exemption for Cross‑Border Arrangements) (Foreign Related Corporations) Regulations 2021 in respect of the provision of any of those financial advisory services.[1/2009; 4/2017; 40/2018; S 445/2016; S 765/2021]