Singapore legislation
Regulation 18A
Regulation 18A
Non-application of section 36 of Act
Section 36 of the Act shall not apply to a licensed financial adviser, an exempt financial adviser, or any of its representatives, when making a recommendation with respect to any investment product —
to the public or to a section of the public;
which would not be regarded by a reasonable person within the public or a section of the public, as the case may be, as a recommendation that has taken into account his specific investment objectives, financial situation or particular needs; and
which is accompanied by a prominent written disclaimer stating that —
the recommendation is intended for general circulation; (ii)the recommendation does not take into account the specific investment objectives, financial situation or particular needs of any particular person; and
advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the investment product.