Singapore legislation
Clause 5
Clause 5
Amendment of section 83
Section 83 of the principal Act is amended by deleting subsections (1) and (2) and substituting the following subsections:“(1) Subject to subsection (2), no person shall act as a representative in respect of any regulated activity or hold himself out as doing so, unless —
he is the holder of a representative’s licence for that regulated activity; and
when so acting or holding himself out, he is doing so for the holder of a capital markets services licence which supported his application for, or for renewal of, the representative’s licence, as the case may be, subject to regulations made under this Act.(2) Subsection (1) shall not apply —
to any person who acts as a representative of an exempt person, in so far as —
the type and scope of regulated activity carried out by the first-mentioned person are within the type and scope of, or are the same as, those carried out by the exempt person (in his capacity as an exempt person); and
the manner in which the first-mentioned person carries out the regulated activity referred to in subsection (1) is the same as the manner in which the exempt person (in his capacity as an exempt person) carries out the regulated activity; and
to any person or class of persons whom the Authority may exempt from holding a representative’s licence in respect of any regulated activity.”.