Singapore legislation

Clause 83

Representative’s licence

(1)

Subject to subsection (2), no person shall act as a representative in carrying on business in any regulated activity or hold himself out as doing so, unless he is the holder of a representative’s licence for that regulated activity.

(2)

Subsection (1) shall not apply to —

(a)

any person who acts as a representative of an exempt person; and

(b)

any person whom the Authority may by regulation exempt from holding a representative’s licence in respect of any regulated activity.

(3)

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 thereof during which the offence continues after conviction.

Read in full context — Securities and Futures Bill →