Clause 6

A licensed financial adviser or an exempt financial adviser, or a representative or supervisor of a licensed financial adviser or an exempt financial adviser must not request or demand payment of, or accept any remuneration, in relation to —

the provision of any financial advisory service in connection with any type of investment product; or

the sale of any type of investment product following the provision of any financial advisory service,except in accordance with regulations made under section 104 or a written notice issued by the Authority.(2) A licensed financial adviser or an exempt financial adviser must not pay another licensed financial adviser or exempt financial adviser, or a representative or supervisor of the firstmentioned licensed financial adviser or exempt financial adviser, or of another licensed financial adviser or exempt financial adviser, any remuneration in relation to —

the provision of any financial advisory service in connection with any type of investment product; or

the sale of any type of investment product following the provision of any financial advisory service,except in accordance with regulations made under section 104 or a written notice issued by the Authority.(3) The regulations or written notice referred to in subsection (1) or (2) may prescribe or specify the following:

the type and amount of the remuneration which may be payable in any particular period;

how the payment is to be made.(4) Subsections (1) and (2) apply only to payment of remuneration which accrues —

on or after the date of commencement of section 6 of the Financial Advisers (Amendment) Act 2015 (called in this section the commencement date); and

under any agreement or arrangement whether made before, on or after the commencement date.(5) Any person required to comply with subsection (1) or (2) must do so despite —

any written law in force on the commencement date or rule of law to the contrary; or

any agreement or arrangement entered into before, on or after the commencement date.(6) Any person who complies with subsection (1) or (2) is not to be treated as having breached —

any rule of law or written law referred to in subsection (5)(a); or

any agreement or arrangement referred to in subsection (5)(b) which was entered into before the commencement date,and no such agreement or arrangement is taken to be brought to an end by frustration solely by reason of any act done in compliance with subsection (1) or (2), or any regulation or written notice referred to in that subsection.(7) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.(8) A written notice issued under this section need not be published in the Gazette.(9) In this section, “remuneration” includes —

any monetary commission, incentive, benefit or reward; (b)any non-monetary incentive, benefit or reward; and

such other consideration as may be prescribed under section 104 or specified by the Authority by written notice.”.