Singapore legislation
Section 21
Section 21
Annual fees payable by exempt financial advisers and certain representatives
(1)
Every exempt financial adviser and representative of a person exempted under section 20(1)(f) or (g) must, on a yearly basis on such date as the Authority may specify, pay such fee as the Authority may prescribe and in such manner and on such date as the Authority may specify.
(2)
Any fee paid under subsection (1) must not be refunded or remitted if —
in the case of an exempt financial adviser —
its exemption is withdrawn;
it fails or ceases to provide any financial advisory service; or
a prohibition order has been made against it under section 68,during the period to which the fee relates; and
in the case of a representative of a person exempted under section 20(1)(f) or (g) —
the exemption of the person who is so exempted is withdrawn;
the person fails or ceases to act as a representative; or
a prohibition order has been made against the person under section 68,during the period to which the fee relates.
(3)
Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any fee paid or payable to the Authority.
(4)
Where an exempt financial adviser or representative of a person exempted under section 20(1)(f) or (g) fails to pay the fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part of a day that the payment is late and both fees are recoverable by the Authority as a judgment debt.[23A