Singapore legislation
Regulation 4
of Securities and Futures (Representatives) (Transitional and Savings Provisions) Regulations 2010
Regulation 4
Return of licences to Authority
Subregulation 1
Every licensed representative and licensed temporary representative shall, no later than 14 days from 26th November 2010, return his licence to his principal.
Subregulation 2
A principal shall, no later than one month from 26th November 2010 —
(a)
return to the Authority all licences returned under paragraph (1); and
(b)
furnish to the Authority a list of the names of the representatives who have returned their licences.
Subregulation 3
Any representative who, without reasonable excuse, fails to comply with paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.