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Lodgment of documents and undertaking of responsibilities for representative

Financial Advisers Regulations

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—(1) A notice of intent under section 26(1)(a) of the Act by a principal to appoint an individual as an appointed representative in respect of a type of financial advisory service and a certificate under section 26(1)(b) of the Act by the principal as to the fitness and propriety of the individual to be so appointed shall be in Form 3A.(2) A notice of intent under section 26(1)(a) of the Act by a principal to appoint an individual as a provisional representative in respect of a type of financial advisory service and a certificate under section 26(1)(b) of the Act by the principal as to the fitness and propriety of the individual to be so appointed shall be in Form 3B.(3) A principal who lodges with the Authority the certificate under section 26(1)(b) of the Act shall retain copies of all information and documents which it relied on in giving the certificate for a period of 5 years from the date of lodgment.(4) For the purposes of section 26(1)(c) of the Act, a principal shall undertake all of the following responsibilities in relation to its representative:(a)to put in place measures to properly supervise the activities and conduct of the representative, including measures to ensure that all obligations assumed and liabilities incurred by him are properly fulfilled, whether actual or contingent and howsoever arising, in relation to the provision of any financial advisory service;(b)to put in place measures, including proper training, to ensure that the representative understands and complies with all Singapore laws that are relevant to the financial advisory service provided by him;(c)to ensure that the representative is accompanied at all times by any of the persons referred to in paragraph (5) when meeting any client or member of the public in the course of providing any financial advisory service;(d)to ensure that the representative sends concurrently to any of the persons referred to in paragraph (5) all electronic mail that he sends to any client or member of the public in the course of providing any financial advisory service;(e)to ensure that the representative does not communicate by telephone with any client or member of the public when providing any financial advisory service, other than by telephone conference in the presence of any of the persons referred to in paragraph (5).(5) The persons referred to in paragraph (4)(c), (d) and (e) are —(a)an appointed representative of the principal;(b)a director of the principal who is approved under section 63 of the Act;(c)an officer of the principal whose primary function is to ensure that the provision of the financial advisory service in question complies with the laws and requirements of the Authority applicable to the financial advisory service in question;(d)an officer of the principal appointed by the principal to supervise the representative in providing the financial advisory service in question.(6) In paragraph (4)(c), (d) and (e), the reference to “client or member of the public” excludes any of the following:(a)an accredited investor;(b)an expert investor; (c)an institutional investor; (d)an ex-accredited investor who is an existing customer of the principal, but only in respect of the representative’s provision of any financial advisory service in the period from 8 October 2018 to 7 April 2019 (both dates inclusive).

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