Singapore legislation
Regulation 6
of Financial Advisers (Transitional and Savings Provisions) Regulations
Regulation 6
Fund Manager, etc.
Subregulation 1
Any person who, immediately before 1st October 2002, was a person exempted under regulation 22A(1)(a) of the revoked Futures Trading Regulations (Cap. 116, Rg 1, 1998 Ed.) or regulation 41(1)(a) of the revoked Securities Industry Regulations (Cap. 289, Rg 1, 1995 Ed.) from the requirement to hold the applicable licence under the FTA or SIA, as the case may be, to carry on business in the activity referred to in that regulation shall be exempted from the requirement under the Act to hold a financial adviser’s licence to carry on business in respect of such activity —
for a period of 6 months from 1st October 2002; or
if, before the expiry of the period of 6 months, he applies for a capital markets services licence for that activity or for activities which include that activity under the Securities and Futures Act (Cap. 289), until the date on which the licence is granted to him, or his application is refused or withdrawn,whichever is the later.
Subregulation 2
Any person who, immediately before 1st October 2002, was acting as a representative for a person referred to in paragraph (1) (referred to in this regulation as the principal) in respect of the activity referred to in regulation 22A(1)(a) of the revoked Futures Trading Regulations or regulation 41(1)(a) of the revoked Securities Industry Regulations, as the case may be, shall be exempted from the requirement under the Act to hold a licence to act as a representative for that principal in respect of such activity —
for a period of 6 months from 1st October 2002; or
if, before the expiry of the period of 6 months, he applies for a representative’s licence for that activity or for activities which include that activity under the Securities and Futures Act (Cap. 289), until the date on which the licence is granted to him, or his application is refused or withdrawn,whichever is the later.
Subregulation 3
The exemption of a person under paragraph (1) shall cease to apply under any of the circumstances specified in regulation 22A(2) and (4) of the revoked Futures Trading Regulations (Cap. 116, Rg 1, 1998 Ed.) or regulation 41(2)(a) and (4) of the revoked Securities Industry Regulations (Cap. 289, Rg 1, 1995 Ed.), as the case may be.
Subregulation 4
The exemption of a person under paragraph (2) shall cease to apply if the exemption of his principal under paragraph (1) ceases to apply by virtue of the expiry of the period referred to in paragraph (1)(a) or (b), or by virtue of paragraph (3).