Clause 9

by inserting, immediately after subsection (1), the following subsections:“(1A) Without prejudice to subsection (1), a person must not act as a representative or hold himself out as doing so, if the person is concurrently engaged in, whether or not for remuneration —

any employment with another person; or

any business, trade, profession or vocation, whether for himself or another person,which does not involve the person performing any financial advisory service.(1B) Subsection (1A) does not apply if the person complies with the conditions and requirements prescribed under section 104 or specified by the Authority by written notice, when engaging in such employment, business, trade, profession or vocation.”;

by inserting, immediately after subsection (3), the following subsections:“(3A) Without prejudice to subsection (3), a licensed financial adviser in Singapore or an exempt financial adviser in Singapore must not appoint as its appointed representative or provisional representative an individual whom the financial adviser knows or has reasonable grounds to believe, is concurrently engaged in, whether or not for any remuneration —

any employment with any person; or

any business, trade, profession or vocation, whether for himself or another person,which does not involve the individual performing any financial advisory service.(3B) Subsection (3A) does not apply if the licensed financial adviser or exempt financial adviser is satisfied that the criteria prescribed under section 104 or specified by the Authority by written notice for the purposes of this subsection have been satisfied.”; and

by inserting, immediately after subsection (5), the following subsections:“(6) A person who contravenes subsection (1A) or (3A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500.(7) A written notice issued under this section need not be published in the Gazette.(8) In this section, “financial adviser in Singapore” means —

a financial adviser which is incorporated in Singapore; or

in the case of a financial adviser incorporated outside Singapore, the branches or offices of the financial adviser located within Singapore.”.