Singapore legislation
Section 24
Section 24
Provisional representative
(1)
For the purposes of this Act, a provisional representative in respect of a type of financial advisory service is an individual —
who satisfies such entry requirements as may be specified by the Authority for that type of financial advisory service;
who intends to undergo an examination in order to satisfy the examination requirements specified by the Authority under section 23(2) for that type of financial advisory service, the fact of which has been notified to the Authority in the document lodged under section 26(1);
whose name is entered in the public register of representatives as a provisional representative;
whose status as a provisional representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from providing that type of financial advisory service;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;
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);
who has not previously been appointed as a provisional representative by the Authority; and
who is not, by virtue of any circumstances prescribed by the Authority, disqualified from acting as a provisional representative.
(2)
An individual is a provisional representative only in respect of any type of financial advisory service for such period of time as the Authority may specify against the individual’s name in the public register of representatives.
(3)
A provisional representative in respect of any type of financial advisory service immediately ceases to be one —
upon the expiry of the period of time specified by the Authority under subsection (2);
if the provisional representative fails to comply with any condition or restriction imposed on the provisional representative under section 31;
upon the provisional representative’s principal informing the Authority of the satisfaction of the examination requirements specified for that or any other type of financial advisory service under subsection (5); or
on the occurrence of such other circumstances as the Authority may prescribe.
(4)
Section 23(3) to (8) (other than subsection (4)(e) thereof) applies to a provisional representative —
as if the reference in section 23(6) to section 23(1) were a reference to subsection (1); and
with such other modifications and adaptations as the differences between provisional representatives and appointed representatives require.
(5)
Where a provisional representative in respect of a type of financial advisory service has satisfied the examination requirements specified for that type of financial advisory service, the provisional representative’s principal must inform the Authority of that fact in the prescribed form and manner and within the prescribed time.[23D