Singapore legislation

Section 6

of Financial Advisers Act 2001

Section 6

Need for financial adviser’s licence

(1)

A person must not act as a financial adviser in Singapore in respect of any financial advisory service unless the person —

(a)

is authorised to do so in respect of that financial advisory service by a financial adviser’s licence; or

(b)

is an exempt financial adviser.

(2)

For the purposes of subsection (1), a person is deemed to be acting as a financial adviser in Singapore if the person engages in any activity or conduct that is intended to or likely to induce the public in Singapore or any section thereof to use any financial advisory service provided by the person, whether or not the activity or conduct is intended to or likely to have that effect outside Singapore.

(3)

In determining whether a person is engaging in any activity or conduct that is intended to or likely to have the effect mentioned in subsection (2), regard is to be had to such considerations as the Authority may prescribe.

(4)

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.

Read in full context — Financial Advisers Act 2001 →