Singapore legislation

Clause 18

Repeal and re-enactment of section 23A

Section 23A of the principal Act is repealed and the following section substituted therefor:“Annual fees payable by exempt financial advisers and certain representatives23A.—

(1)

Every exempt financial adviser and representative of a person exempted under section 23(1)(ea) or (f) shall, on a yearly basis on such date as the Authority may specify, pay such fee as the Authority may prescribe and in such manner and on such date as the Authority may specify.(2) Any fee paid under subsection (1) shall not be refunded or remitted if —

(a)

in the case of an exempt financial adviser —

(i)

its exemption is withdrawn;

(ii)

it fails or ceases to provide any financial advisory service; or

(iii)

a prohibition order has been made against it under section 59,during the period to which the fee relates; and

(b)

in the case of a representative of a person exempted under section 23(1)(ea) or (f) —

(i)

the exemption of the person who is so exempted is withdrawn;

(ii)

he fails or ceases to act as a representative; or

(iii)

a prohibition order has been made against him under section 59,during the period to which the fee relates.(3) Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any fee paid or payable to the Authority.(4) Where an exempt financial adviser or representative of a person exempted under section 23(1)(ea) or (f) fails to pay the fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part thereof that the payment is late and both fees shall be recoverable by the Authority as a judgment debt.”.

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