Singapore legislation

Clause 11

Amendment of section 16

Section 16 of the principal Act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:“(1) A licensed financial adviser may apply to the Authority, in such form and manner as may be prescribed, to vary its licence —

(a)

by adding one or more types of financial advisory service authorised to be provided by its licence; or

(b)

by adding one or more types of investment product in respect of which it may provide any financial advisory service.”;

(b)

by deleting subsection (2) and substituting the following subsection:“(2) An application under subsection (1) shall be accompanied by a non-refundable application fee of such amount as may be prescribed, which shall be paid in the manner specified by the Authority.”;

(c)

by deleting subsection (2A);

(d)

by deleting the words “or 11(1), as the case may be” in subsection (3); and

(e)

by deleting the section heading and substituting the following section heading:“Variation of financial adviser’s licence”.

Read in full context — Financial Advisers (Amendment) Bill →