Singapore legislation
Section 26
Section 26
Lodgment of documents
(1)
A principal who desires to appoint an individual as an appointed or provisional representative in respect of any type of financial advisory service must lodge the following documents with the Authority in such form and manner as the Authority may prescribe:
a notice of intent by the principal to appoint the individual as an appointed or provisional representative in respect of that type of financial advisory service;
a certificate by the principal that the individual is a fit and proper person to be an appointed or provisional representative in respect of that type of financial advisory service; and
in the case of a provisional representative, an undertaking by the principal to undertake such responsibilities in relation to the representative as may be prescribed.
(2)
Subsection (1) does not apply to a principal who desires to appoint, as an appointed representative in respect of any type of financial advisory service, an individual who is a provisional representative in respect of that type of financial advisory service, if —
that individual has satisfied the examination requirements specified for that type of financial advisory service; and
the principal has informed the Authority of that fact in the prescribed form and manner under section 24(5).
(3)
Subject to section 30, the Authority must, upon receipt of the documents lodged in accordance with subsection (1), enter in the public register of representatives the name of the representative, whether the representative is an appointed or provisional representative, the type of financial advisory service which the representative may provide, and such other particulars as the Authority considers appropriate.
(4)
The Authority may refuse to enter in the public register of representatives the particulars mentioned in subsection (3) of the representative if the fee mentioned in section 28(1) or (3) (if applicable) is not paid.
(5)
A principal who submits a certificate under subsection (1)(b) must keep, in such form and manner and for such period as the Authority may prescribe, copies of all information and documents which the principal relied on in giving the certificate.
(6)
Where a change occurs in any particulars of the appointed or provisional representative in any document required to be provided to the Authority under subsection (1), the principal must, no later than 14 days after the occurrence of such change, provide particulars of such change to the Authority, in the prescribed form and manner.
(7)
A principal who contravenes subsection (5) shall be guilty of an offence.[23F