Singapore legislation

Regulation 14A

Financial advisers and representatives, etc., to be fit and proper persons

Amended byS 716/2010 wef 26/11/2010S 222/2023 wef 31/12/2021S 716/2010 wef 26/11/2010S 274/2008 wef 28/05/2008S 222/2023 wef 31/12/2021S 716/2010 wef 26/11/2010S 362/2005 wef 01/07/2005

Subregulation 1

Amended byS 716/2010 wef 26/11/2010S 222/2023 wef 31/12/2021S 716/2010 wef 26/11/2010S 274/2008 wef 28/05/2008S 222/2023 wef 31/12/2021

For the purposes of section 20(9) of the Act —

(a)

a person who is exempted from holding a financial adviser’s licence under section 20(1)(a), (b), (c), (d), (e) or (f) of the Act shall ensure that —

(i)

it is a fit and proper person in relation to the provision of every financial advisory service for which it is exempted; and

(ii)

its representatives are fit and proper persons in relation to their acting as its representatives; and

(b)

a person who is exempted from holding a financial adviser’s licence under regulation 27(1)(d) shall ensure that —

(i)

he is a fit and proper person in relation to the provision of every financial advisory service for which he is exempted;

(ii)

his representatives are fit and proper persons in relation to their acting as his representatives; and

(iii)

where the person is an entity —

(A)

its directors or equivalent persons are fit and proper persons for office;

(B)

its substantial shareholders or equivalent persons are fit and proper persons to be in such capacity; and

(C)

persons (other than a person referred to in sub-paragraph (A) or (B)) alone or acting together with any connected person, who —

(CA)control, directly or indirectly, not less than 20% of the voting power or such equivalent decision-making power in the entity; or (CB)acquire or hold, directly or indirectly, not less than 20% of the issued shares or such equivalent share of ownership of the entity, are fit and proper persons to control such power or hold such shares or share of ownership.

Subregulation 2

Amended byS 716/2010 wef 26/11/2010S 362/2005 wef 01/07/2005

A licensed financial adviser shall ensure that —

(a)

it is a fit and proper person in relation to the provision of every financial advisory service for which it is licensed; (b)its representatives are fit and proper persons in relation to their acting as its representatives;

(c)

its substantial shareholders or equivalent persons are fit and proper persons in their capacity as such; and

(d)

its chief executive officer, directors or equivalent persons are fit and proper persons for office.

Read in full context — Financial Advisers Regulations →