Singapore legislation

Clause 18

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 18

Amendment of section 135

In the Financial Advisers Act 2001, in section 135(2) —

(a)

in paragraph (n), delete “and” at the end; and

(b)

after paragraph (n), insert —“(na)the notification to the Authority by a licensed financial adviser of —

(i)

any adverse development that has or is likely to have a material impact on the licensed financial adviser; or

(ii)

any matter affecting the fitness and propriety of any substantial shareholder, director or executive officer of the licensed financial adviser, or any person who has effective control of the licensed financial adviser (within the meaning of section 65(6)(a)), to be a substantial shareholder, director or executive officer, or person having effective control of, the licensed financial adviser; and”.

Read in full context — Financial Institutions (Miscellaneous Amendments) Bill →