Singapore legislation

Clause 2

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 2

Amendment of section 2

In the Financial Advisers Act 2001, in section 2(1) —

(a)

after the definition of “director”, insert —“ “executive officer”, in relation to a licensed financial adviser, means any person, by whatever name called, who is —

(a)

in the direct employment of, or acting for or by arrangement with, the licensed financial adviser; and

(b)

concerned with or takes part in the management of the licensed financial adviser on a day‑to‑day basis;”;

(b)

replace the definition of “prescribed written law” with —“ “prescribed written law” means —

(a)

for the purpose of Division 3 of Part 6 — this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:

(i)

Banking Act 1970;

(ii)

Credit Bureau Act 2016;

(iii)

Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

(iv)

Finance Companies Act 1967;

(v)

Financial Holding Companies Act 2013;

(vi)

Financial Services and Markets Act 2022;

(vii)

Insurance Act 1966;

(viii)

Monetary Authority of Singapore Act 1970;

(ix)

Payment Services Act 2019;

(x)

Securities and Futures Act 2001;

(xi)

Trust Companies Act 2005;

(xii)

such other written law as the Authority may prescribe by regulations made under section 135; and

(b)

for the purpose of any other provision — this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:

(i)

Banking Act 1970;

(ii)

Finance Companies Act 1967;

(iii)

Financial Services and Markets Act 2022;

(iv)

Insurance Act 1966;

(v)

Monetary Authority of Singapore Act 1970;

(vi)

Payment Services Act 2019;

(vii)

Securities and Futures Act 2001;

(viii)

such other written law as the Authority may prescribe by regulations made under section 135;”; and

(c)

after the definition of “record”, insert —“ “regulated financial institution” means a person who carries on a business the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority;“regulatory authority”, in relation to a foreign country or jurisdiction, means an authority of the foreign country or jurisdiction exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;”.

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