Singapore legislation

Schedule 1

Excluded Financial Advisers

FIRST SCHEDULESections 2(1) and 22(1)Excluded Financial Advisers

1. Any —

(a)

advocate and solicitor, law corporation, Formal Law Alliance or Joint Law Venture, which is approved or registered under the Legal Profession Act (Cap. 161); or

(b)

public accountant who is registered under the Accountants Act (Cap. 2A), or accounting corporation which is approved under that Act, whose carrying on of the business of providing any financial advisory service is solely incidental to his legal or accounting practice, as the case may be.

2. Any company registered under the Trust Companies Act (Cap. 336) whose carrying on of the business of providing any financial advisory service is solely incidental to its carrying on of the business for which it is registered under that Act.

3. Any person who is the proprietor of a newspaper and holder of a permit issued under the Newspaper and Printing Presses Act (Cap. 206), where —

(a)

the newspaper is distributed generally to the public in Singapore;

(b)

any advice given, or analysis or report issued or promulgated, is given, issued or promulgated only through that newspaper;

(c)

that person receives no commission or other consideration for giving the advice, or for issuing or promulgating the analysis or report; and

(d)

the advice is given, or the analysis or report is issued or promulgated, solely as incidental to the conduct of that person’s business as a newspaper proprietor.

4. Any person who owns, operates or provides an information service through an electronic, or a broadcasting or telecommunications medium, where —

(a)

the service is generally available to the public in Singapore;

(b)

any advice given, or analysis or report issued or promulgated, is given, issued or promulgated only through that service;

(c)

that person receives no commission or other consideration for giving the advice, or for issuing or promulgating the analysis or report; and

(d)

the advice is given, or the analysis or report is issued or promulgated, solely as incidental to that person’s ownership, operation or provision of that service.

5. Any person who provides credit rating services, where any analysis or report issued or promulgated by that person —

(a)

is issued or promulgated solely as incidental to the conduct of that person’s business of providing credit rating services; and

(b)

does not contain any specific recommendation with respect to the acquiring of, disposing of, subscribing for, or underwriting of, any securities.

6. Any public statutory corporation established under any Act in Singapore.

7. Any approved trustee under Division 2 of Part XIII of the Securities and Futures Act 2001.

8. The Official Assignee in exercising his powers under the Bankruptcy Act (Cap. 20).

9. The Public Trustee in exercising his powers under the Public Trustee Act (Cap. 260).

10. Any person acting in relation to a company as its liquidator, provisional liquidator, receiver, receiver and manager, or judicial manager. 11. Any foreign company (within the meaning of section 4(1) of the Companies Act (Cap. 50)) whose provision of any financial advisory service is effected through its related corporation which is —

(a)

licensed under this Act; or

(b)

exempt under section 23 (other than subsections (1)(f) and (2)) under an arrangement approved by the Authority.

Read in full context — Financial Advisers Bill →