Singapore legislation
Section 22
Section 22
Acting as representative
(1)
A person must not act as a representative in respect of any type of financial advisory service or hold himself or herself out as doing so, unless the person is —
an appointed or provisional representative in respect of that type of financial advisory service; or
a representative of an exempt financial adviser mentioned in section 20(1)(f) or (g), insofar as —
the type and scope of the financial advisory service provided by the firstmentioned person are within the type and scope of, or are the same as, that provided by the exempt financial adviser (in the exempt financial adviser’s capacity as such exempt financial adviser); and
the manner in which the firstmentioned person provides that type of financial advisory service is the same as the manner in which the exempt financial adviser (in the exempt financial adviser’s capacity as such exempt financial adviser) provides that type of financial advisory service.
(2)
Without affecting subsection (1), a person must not act as a representative or hold himself or herself out as doing so, if the person is concurrently engaged in, whether or not for remuneration —
any employment with another person; or
any business, trade, profession or vocation, whether for himself or herself or another person,which does not involve the person performing any financial advisory service.
(3)
Subsection (2) does not apply if the person complies with the conditions and requirements prescribed under section 135 or specified by the Authority by written notice, when engaging in such employment, business, trade, profession or vocation.
(4)
The Authority may exempt any person or class of persons from subsection (1), subject to such conditions or restrictions as may be imposed by the Authority.
(5)
A principal must not permit any individual to provide any type of financial advisory service on its behalf unless —
the individual is an appointed or provisional representative in respect of that type of financial advisory service; or
the principal is an exempt financial adviser under section 20(1)(f) or (g) and —
the type and scope of the financial advisory service provided by the individual are within the type and scope of, or are the same as, that provided by the exempt financial adviser (in the exempt financial adviser’s capacity as an exempt financial adviser); and
the manner in which the individual provides that type of financial advisory service is the same as the manner in which the exempt financial adviser (in the exempt financial adviser’s capacity as an exempt financial adviser) provides that type of financial advisory service.
(6)
Without affecting subsection (5), a licensed financial adviser in Singapore or an exempt financial adviser in Singapore must not appoint as its appointed representative or provisional representative an individual whom the financial adviser knows or has reasonable grounds to believe, is concurrently engaged in, whether or not for any remuneration —
any employment with any person; or
any business, trade, profession or vocation, whether for himself or herself or another person,which does not involve the individual performing any financial advisory service.
(7)
Subsection (6) does not apply if the licensed financial adviser or exempt financial adviser is satisfied that the criteria prescribed under section 135 or specified by the Authority by written notice for the purposes of this subsection have been satisfied.
(8)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
(9)
Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(10)
A person who contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500.
(11)
A written notice issued under this section need not be published in the Gazette.
(12)
In this section, “financial adviser in Singapore” means —
a financial adviser which is incorporated in Singapore; or
in the case of a financial adviser incorporated outside Singapore, the branches or offices of the financial adviser located within Singapore.[23B