Singapore legislation
Regulation 4
Regulation 4
Exemption for FRCs of specified persons carrying on qualifying businesses in regulated activities under cross‑border arrangements, and their foreign representatives
Subregulation 1
Where all the circumstances mentioned in regulation 6(1) are present, an FRC of a specified person is exempt from sections 82(1) and 99A of the Act in respect of the FRC’s qualifying business that —
is carried on by the FRC under a cross‑border arrangement; and
commences on or after 9 October 2021.
Subregulation 2
The specified person of an FRC exempt under paragraph (1) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN by the 14th day after the day on which the qualifying business commences.
Subregulation 3
An FRC of a specified person ceases to be exempt under paragraph (1) —
in the case where the specified person fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — on the date immediately after the date mentioned in paragraph (2); or
in any other case — on the date on which any of the circumstances mentioned in regulation 6(1) ceases to be present.
Subregulation 4
A foreign representative of an FRC exempt under paragraph (1), when acting as a representative of the FRC that is carrying on the qualifying business mentioned in that paragraph, is exempt from section 99A of the Act in respect of any regulated activity carried out under that business.