Singapore legislation
Clause 12
Clause 12
Representative to act for only one financial adviser
(1)
Subject to subsection (2), no licensed representative shall, at any one time, be a representative of more than one financial adviser.
(2)
A licensed representative may be a representative of more than one financial adviser if the financial advisers are related corporations.
(3)
Any licensed representative who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 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 $2,500 for every day or part thereof during which the offence continues after conviction.