Singapore legislation
Clause 6
Clause 6
Need for financial adviser’s licence
(1)
No person shall act as a financial adviser in Singapore in respect of any financial advisory service unless he —
is authorised to do so in respect of that financial advisory service by a financial adviser’s licence; or
is an exempt financial adviser.
(2)
For the purposes of subsection (1)(a), a person shall be deemed to be acting as a financial adviser in Singapore if he engages in any activity or conduct that is intended to or likely to induce the public in Singapore or any section thereof to use any financial advisory service provided by the person, whether or not the activity or conduct is intended to or likely to have that effect outside Singapore.
(3)
In determining whether a person is engaging in any activity or conduct that is intended to or likely to have the effect referred to in subsection (2), regard shall be had to such considerations as the Authority may prescribe.
(4)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction.