Singapore legislation
Clause 6
Clause 6
Application of this Part
(1)
The provisions of this Part do not apply to or in respect of an exempt dealer but do apply to a dealer who is a stock broker.
(2)
Where a person would, but for this subsection, be liable to a penalty for not being the holder of a particular type of licence, he shall not be so liable —
(a)
until the expiration of the period of three months next succeeding the date of the coming into operation of this Part; or
(b)
where, before the expiration of that period, he applies for that type of licence, until —
(i)
he is issued with such a licence; or
(ii)
his application is refused.