Singapore legislation
Regulation 3
of Securities and Futures (Representatives) (Transitional and Savings Provisions) Regulations 2010
Regulation 3
Pending applications
Subregulation 1
Unless otherwise notified in writing by the Authority, where —
an individual has applied for the grant of a licence under section 87 of the Act in force immediately before 26th November 2010; and (b)the application is still pending on that date,his principal shall be deemed to have lodged the documents referred to in section 99H(1) of the Act with the Authority to appoint him as an appointed representative in respect of the type of regulated activity to be provided by the licence, and the Authority may accordingly enter or refuse to enter his name and other particulars in the public register of representatives as an appointed representative in respect of that type of regulated activity in accordance with section 99H(2) or 99M of the Act.
Subregulation 2
Unless otherwise notified in writing by the Authority, where —
an individual has applied for the grant of a licence under section 87A of the Act in force immediately before 26th November 2010; and
the application is still pending on that date, his principal shall be deemed to have lodged the documents referred to in section 99H(1) of the Act with the Authority to appoint him as a temporary representative in respect of the type of regulated activity to be provided by the licence, and the Authority may accordingly enter or refuse to enter his name and other particulars in the public register of representatives as a temporary representative in respect of that type of regulated activity in accordance with section 99H(2) or 99M of the Act.
Subregulation 3
Paragraph (1) or (2) does not apply to any application if, before the Authority has taken any action referred to in that paragraph, the individual notifies the Authority of any error in or change to any of the following particulars as stated in the application:
his name;
his identification number such as NRIC or passport number or foreign identification number (FIN);
his date of birth;
his gender.
Subregulation 4
Unless otherwise notified in writing by the Authority, where —
an individual is deemed as an appointed representative under regulation 5(1)(a);
he has applied to the Authority under section 90(1) of the Act in force immediately before 26th November 2010 to add a regulated activity to that already specified in his licence; and
the application is still pending on that date,his principal shall be deemed to have lodged a notice under section 99L(1) of the Act of its intention to appoint him as an appointed representative in respect of that type of regulated activity, and the Authority may accordingly enter or refuse to enter in the public register of representatives that type of regulated activity in addition to the regulated activity indicated against his name in the public register of representatives, in accordance with section 99L(3) or 99M of the Act.
Subregulation 5
The fee referred to in section 99K(1) of the Act is not payable for the deemed lodgment of documents under paragraph (1) or (2), and the fee referred to in section 99L(5) of the Act is not payable for the deemed notification under paragraph (4).
Subregulation 6
The individual referred to in paragraph (1), (2) or (4) shall by the time specified by the Authority pay to the Authority the applicable application fee specified in regulation 6 of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10) in force immediately before 26th November 2010 if he has not already done so, and the Authority may refuse to take action under section 99H(2) or 99L(3) of the Act unless the fee is paid by the specified time.
Subregulation 7
For the avoidance of doubt, sections 99H(4) and (5) and 99O of the Act shall not apply in relation to the deemed lodgment of documents under paragraph (1) or (2) or the deemed notification under paragraph (4).