Singapore legislation

Clause 9

of Financial Advisers (Amendment) Bill

Clause 9

Repeal and re-enactment of section 17

Section 17 of the principal Act is repealed and the following section substituted therefor:“False statements in relation to application for grant, renewal or variation of licence

17. Any person who, in connection with an application for the grant, renewal or variation of a licence —

(a)

without reasonable excuse, makes any statement which is false or misleading in a material particular; or

(b)

without reasonable excuse, omits to state any matter or thing without which the application is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.”.