Singapore legislation

Section 32

of Financial Advisers Act 2001

Section 32

False statements in relation to notification of appointed or provisional representative

Amended by1/20091/20091/20091/2009

(1)

Any principal who, in connection with the lodgment of any document under section 26 —

(a)

makes a statement which is false or misleading in a material particular; or

(b)

omits to state any matter or thing without which the document is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Amended by1/2009

(2)

Any individual who, in connection with the lodgment by the individual’s principal of any document under section 26 —

(a)

makes a statement to the individual’s principal which is false or misleading in a material particular, being a statement subsequently lodged with the Authority; or

(b)

omits to state any matter or thing to the individual’s principal as a result of which the document is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Amended by1/2009

(3)

Any person who, when required to provide any document or information to the Authority under section 23(3) or 24(4) (in relation to the application of section 23(3) to a provisional representative) —

(a)

makes a statement to the Authority which is false or misleading in a material particular; or

(b)

omits to state any matter or thing to the Authority without which the document or information is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Amended by1/2009

(4)

A person mentioned in subsection (1), (2) or (3) shall not be guilty of an offence if the person proves that the person —

(a)

made all inquiries (if any) that were reasonable in the circumstances; and

(b)

after doing so, believed on reasonable grounds that the statement made or the omission to state the matter or thing (as the case may be) was not false or misleading.[23L

Amended by1/2009
Section 32 — Financial Advisers Act 2001 | laws.sg