Financial Advisers Act 2001 · 2020 Revised Edition · Part 3 · Conduct of Business
46. Business conduct requirements for appointed and provisional representatives
Feedback & supportLast amended by an amending law of 2009.
Subject to the provisions of this Act, sections 34, 35, 36, 38, 42, 43 and 45 apply, with the necessary modifications, to an appointed or provisional representative in respect of his or her acting as such as if he or she were a licensed financial adviser.
provisional representative
“provisional representative”, in respect of a type of financial advisory service, has the meaning given to that expression by section 24, and “provisional representative” means a provisional representative in respect of any type of financial advisory service;
The Authority may, on the application of a licensed financial adviser or an exempt financial adviser, exempt any of its representatives from complying with any of the provisions mentioned in subsection (1).
An exemption granted under subsection (2) need not be published in the Gazette.
The Authority may withdraw an exemption granted to any person under subsection (2) if the person contravenes any provision of this Act, or if the Authority considers it necessary in the public interest.
Where the Authority withdraws an exemption granted to any person under subsection (2), the Authority need not give the person an opportunity to be heard.
A licensed financial adviser or an exempt financial adviser which is aggrieved by the decision of the Authority to withdraw an exemption granted to any of its appointed or provisional representatives under subsection (2) may, within 30 days of the decision, appeal in writing to the Minister.
financial adviser
“financial adviser” means a person who carries on a business of providing any financial advisory service, but does not include any person specified in the First Schedule;
A withdrawal under subsection (4) of an exemption granted to any person does not operate so as to —
avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by the person, whether the agreement, transaction or arrangement was entered into before, on or after the withdrawal of the exemption; or
affect any right, obligation or liability arising under any agreement, transaction or arrangement mentioned in paragraph (a).[37