Singapore legislation
Regulation 12
Regulation 12
Cessation of financial advisory service by financial adviser
Subregulation 1
Where a licensed financial adviser ceases to provide every type of financial advisory service authorised by its licence, it shall lodge with the Authority a notice in Form 5 within 14 days from the date of cessation.
Subregulation 2
Where a licensed financial adviser ceases to provide any type of financial advisory service authorised by its licence but has not ceased to act as a financial adviser, it shall, within 14 days from the date of cessation, lodge with the Authority a notice in Form 5.
Subregulation 3
Where a licensed financial adviser ceases to provide financial advisory service in respect of any type of investment product authorised by its licence but has not ceased to act as a financial adviser, it shall, within 14 days from the date of cessation, lodge with the Authority a notice in Form 5.
Subregulation 4
Where a licensed financial adviser has not commenced to provide, by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence, every type of financial advisory service to which its licence relates, it shall immediately lodge with the Authority a notice in Form 5.
Subregulation 5
Where a licensed financial adviser has commenced to provide, by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence —
one or more but not all the types of financial advisory service; or
financial advisory service in respect of one or more but not all the types of investment product,to which the licence relates, it shall immediately lodge with the Authority a notice in Form 5.
Subregulation 6
Upon receipt of the notice mentioned in paragraph (1), (2), (3), (4) or (5) —
the Authority may cancel the licence; and
the Authority may issue to the financial adviser a new licence in respect of the remaining type or types of financial advisory service or services and investment product or products authorised by its licence mentioned in paragraph (2), (3) or (5), as the case may be.
Subregulation 7
Any licensed financial adviser which, without reasonable excuse, contravenes paragraph (2), (3), (4) or (5) shall be guilty of an offence.