Singapore legislation
Regulation 5
Regulation 5
Exemption for FRCs of specified persons previously 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 who, immediately before 9 October 2021, was —
carrying on a qualifying business under a cross‑border arrangement that is approved by the Authority under paragraph 9 of the Third Schedule to the Act; or
carrying on a qualifying business in dealing in capital markets products that are specified OTC derivatives contracts, specified FX contracts or units in a collective investment scheme under a cross‑border arrangement in reliance on an exemption under regulation 65(1), (2) or (3) of the Securities and Futures (Licensing and Conduct of Business) Regulations, respectively,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, if the specified person has lodged with the Authority a notice of the cross‑border arrangement in Form FN on or before 8 October 2022.
Subregulation 2
The FRC mentioned in paragraph (1) is exempt under that paragraph on the day of the lodgment of the notice of the cross‑border arrangement with the Authority.
Subregulation 3
An FRC of a specified person ceases to be exempt under paragraph (1) 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.