Singapore legislation
Section 60
Section 60
Prohibited businesses of licensed financial advisers in Singapore
(1)
A licensed financial adviser in Singapore must not —
carry on any business, whether in Singapore or elsewhere; or
enter into any partnership, joint venture or any other arrangement with any person to carry on any business, whether in Singapore or elsewhere,except the following:
the business of providing any financial advisory service authorised by its financial adviser’s licence;
any business, the carrying on of which is regulated or authorised by the Authority under any other written law or would be so regulated or authorised by the Authority if carried on in Singapore;
such other business as may be prescribed under section 135 or approved by the Authority specially for the licensed financial adviser.
(2)
In prescribing or approving any business under subsection (1)(e), the Authority may prescribe under section 135 or specify by written notice conditions which the licensed financial adviser in Singapore must comply with in relation to the business.
(3)
This section is not to be read as exempting a licensed financial adviser in Singapore from any requirement which the licensed financial adviser is required to comply with under any other written law for the conduct of any activity.
(4)
Any licensed financial adviser in Singapore who contravenes this section or fails to comply with any condition imposed or prescribed under this section shall be guilty of an offence.
(5)
A written notice issued under this section need not be published in the Gazette.
(6)
In this section, “financial adviser in Singapore” means —
a financial adviser which is incorporated in Singapore; or
in the case of a financial adviser incorporated outside Singapore, the branches or offices of the financial adviser located within Singapore.[55A