Singapore legislation
Section 99B
Section 99B
Acting as representative
(1)
No person may act as a representative in respect of any type of regulated activity or hold himself or herself out as doing so, unless the person is —
an appointed representative in respect of that type of regulated activity;
a provisional representative in respect of that type of regulated activity;
a temporary representative in respect of that type of regulated activity; or
a representative of an exempt person under section 99(1)(f), (g) or (h), in so far as —
the type and scope of the regulated activity carried out by the firstmentioned person are within the type and scope of, or are the same as, that carried out by the exempt person (in the exempt person’s capacity as such); and
the manner in which the firstmentioned person carries out that type of regulated activity is the same as the manner in which the exempt person (in the exempt person’s capacity as such) carries out that type of regulated activity.
(2)
The Authority may exempt any person or class of persons from subsection (1), subject to such conditions or restrictions as the Authority may impose.
(3)
A principal must not permit any individual to carry on business in any type of regulated activity on its behalf unless —
the individual is an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity; or
the principal is an exempt person under section 99(1)(f), (g) or (h) and —
the type and scope of the regulated activity carried out by the individual are within the type and scope of, or are the same as, that carried out by the exempt person (in the exempt person’s capacity as such); and
the manner in which the individual carries out that type of regulated activity is the same as the manner in which the exempt person (in the exempt person’s capacity as such) carries out that type of regulated activity.
(4)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(5)
Any person who contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.