Singapore legislation

Clause 26

of Financial Advisers Bill

Clause 26

Statements by licensees

(1)

No licensee shall, with intent to deceive, make a false or misleading statement as to —

(a)

any amount that would be payable in respect of a proposed contract in respect of any investment product; or

(b)

the effect of any provision of a contract or a proposed contract in respect of any investment product.

(2)

A reference in subsection (1) to the making of a misleading statement includes a reference to omitting to disclose any matter that is material to the statement.

(3)

Any licensee who contravenes subsection (1) shall, notwithstanding that a contract does not come into being, 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.

Read in full context — Financial Advisers Bill →