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Exemption from section 36 of Act in certain circumstances

Financial Advisers Regulations

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—(1) Section 36 of the Act shall not apply to a licensed financial adviser, an exempt financial adviser, or any of its appointed or provisional representatives, when making a recommendation in respect of —(a)any investment product to any of the following:(i)an accredited investor; (ii)an ex-accredited investor who is an existing customer of the licensed financial adviser or exempt financial adviser (as the case may be) but only in respect of the making of any recommendation by the licensed financial adviser, the exempt financial adviser, or any of its appointed or provisional representatives (as the case may be) in the period from 8 October 2018 to 7 April 2019 (both dates inclusive);(b)any capital markets product to an expert investor; or(c)any Government securities.(2) Where a licensed financial adviser, an exempt financial adviser, or any of its appointed or provisional representatives, provides any financial advisory service in the circumstances specified in paragraph (1), the licensed financial adviser, exempt financial adviser or appointed or provisional representative, as the case may be, shall disclose the exemption under that paragraph to the accredited investor, expert investor or ex-accredited investor, as the case may be, unless the accredited investor, expert investor or ex-accredited investor is —(a)an institutional investor;(b)a related corporation of the licensed financial adviser or exempt financial adviser, as the case may be;(c)a person who is connected to the licensed financial adviser or exempt financial adviser, as the case may be; or(d)an approved headquarters company or approved Finance and Treasury Centre which carries on business involving the provision of all or any type of financial advisory service, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947, as the case may be. (3) Any person who contravenes paragraph (2) shall be guilty of an offence.

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