Singapore legislation

Clause 5

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 5

Amendment of section 20

In the Financial Advisers Act 2001, in section 20 —

(a)

in subsection (1), replace “Subject to subsection (10), the” with “The”;

(b)

in subsection (1), replace “in respect of any financial advisory service” with “in respect of the following financial advisory services”;

(c)

in subsection (1)(a), after “1970”, insert “, in respect of any financial advisory service”;

(d)

in subsection (1)(b), after “1970”, insert “, in respect of any financial advisory service”;

(e)

in subsection (1)(c), after “that Act”, insert “, in respect of any financial advisory service”;

(f)

in subsection (1)(d), after “2001”, insert “, in respect of any financial advisory service”;

(g)

in subsection (1)(e), after “service”, insert “, in respect of any financial advisory service”;

(h)

in subsection (1)(f), replace “the provision of any financial advisory service that” with “any financial advisory service the provision of which”;

(i)

in subsection (1)(f), delete “and” at the end; (j)in subsection (1), replace paragraph (g) with —“(g)a prescribed person or class of persons, in respect of a prescribed financial advisory service;

(h)

a person or class of persons notified by written notice, in respect of a financial advisory service notified in that written notice.”;

(k)

in subsection (2), replace “subsection (1)(f) or (g)” with “subsection (1)(f), (g) or (h)”;

(l)

in subsections (5) and (7), replace “subsection (1)(g)” with “subsection (1)(g) or (h)”;

(m)

in subsection (9), replace “prescribe or specify in written directions such conditions or restrictions as may be imposed on an exempt financial adviser or a representative of a person mentioned in subsection (1)(f) or (g)” with “, by regulations made under section 135 or by written notice to an exempt financial adviser or representative of a person mentioned in subsection (1)(f), (g) or (h), impose any condition or restriction on the exempt financial adviser or representative”; and

(n)

after subsection (9), insert —“(9A) The Authority may add to, vary or revoke any condition or restriction imposed under subsection (9) (including a condition that has been added to or varied under this subsection).”.

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