Singapore legislation
Section 23
Section 23
Appointed representative
(1)
For the purposes of this Act, an appointed representative in respect of a type of financial advisory service is an individual —
who satisfies such entry and examination requirements as may be specified by the Authority for that type of financial advisory service, the fact of which has been notified to the Authority either in the document lodged under section 26(1), or (if applicable) under section 24(5) within the time prescribed under that provision;
whose name is entered in the public register of representatives as an appointed representative;
whose status as an appointed representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from providing that type of financial advisory service;
whose entry in the public register of representatives indicates that the individual is appointed to provide that type of financial advisory service and does not indicate that the individual has ceased to be so; and
whose principal —
is licensed to provide that type of financial advisory service; or
provides that type of financial advisory service in its capacity as a person exempted from the requirement to hold a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e).
(2)
For the purpose of subsection (1)(a), the Authority may, by direction published in such manner as may be prescribed, specify the examination requirements for each type of financial advisory service.
(3)
The Authority may require the principal or individual to provide it with such information or documents as the Authority considers necessary in relation to the proposed appointment of the individual as an appointed representative, and the principal or individual (as the case may be) must comply with such a request.
(4)
An individual ceases to be an appointed representative in respect of any type of financial advisory service on the date —
the individual ceases to be the principal’s representative or to provide that type of financial advisory service on behalf of the principal, the fact of which has been notified to the Authority under subsection (8);
the individual’s principal ceases to provide that type of financial advisory service;
the licence of the individual’s principal is revoked or lapses or a prohibition order under section 68 is made against the individual’s principal prohibiting it from providing that type of financial advisory service;
the individual dies; or
of the occurrence of such other circumstances as the Authority may prescribe.
(5)
An individual is not to be treated as an appointed representative during the period in which the licence of the individual’s principal is suspended.
(6)
Subsection (4) or (5) does not prevent the individual from being treated as an appointed representative in respect of that type of financial advisory service if the individual becomes a representative of a new principal in respect of that type of financial advisory service and subsection (1) is complied with.
(7)
Subsections (4) and (5) do not operate so as to —
avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by that individual, whether the agreement, transaction or arrangement was entered into before, on or after the cessation or date of suspension; or
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
(8)
A principal must, no later than the next business day after the day —
an individual ceases to be his or her representative; or
an individual who is his or her representative ceases to provide any type of financial advisory service, which he or she is appointed to provide,provide particulars of such cessation to the Authority, in the prescribed form and manner.[23C