Singapore legislation
Regulation 15
Regulation 15
Minimum financial requirements
For the purposes of section 8(1)(b) of the Act, the applicant shall meet the following minimum financial requirements for the grant of a financial adviser’s licence:
in the case of an applicant which intends to carry on or which, as a licensed financial adviser, is carrying on, a business of providing any or all of the following financial advisory services:
advising others (other than in the manner specified in sub-paragraph (ii)), either directly or through publications or writings, and whether in electronic, print or other form, concerning —
futures contracts;
spot foreign exchange contracts; or
OTC derivatives contracts the value of which is determined by reference to, is derived from, or varies by reference to —
(CA)the value or amount of one or more currencies; or
(CB)fluctuations in the values or amounts of one or more currencies or currencies indices;
advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning —
futures contracts;
spot foreign exchange contracts; or
OTC derivatives contracts the value of which is determined by reference to, is derived from, or varies by reference to —
(CA)the value or amount of one or more currencies; or
(CB)fluctuations in the values or amounts of one or more currencies or currencies indices,the paid-up capital of the applicant is not less than $300,000 or, where the applicant is a foreign company, its net head office funds are not less than $300,000; or
in any other case, the paid-up capital of the applicant is not less than $150,000 or, where the applicant is a foreign company, its net head office funds are not less than $150,000.