Singapore legislation

Regulation 22

Product advertisements

Amended byS 222/2023 wef 31/12/2021S 62/2025 wef 24/01/2025S 659/2018 wef 08/10/2018S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 385/2018 wef 09/07/2018S 222/2023 wef 31/12/2021

Subregulation 1

A specified person must not, whether through or in collaboration with another person —

(a)

disseminate or publish any product advertisement on or after 10 December 2018; or

(b)

cause to be disseminated or published any product advertisement on or after 10 December 2018,unless the product advertisement complies with the requirements mentioned in paragraph (2).

Subregulation 2

For the purposes of paragraph (1), the requirements are —

(a)

the product advertisement is not false or misleading;

(b)

the product advertisement provides a fair and balanced view of the investment product to which it relates;

(c)

the product advertisement presents information in a clear manner, regardless of whether such information is in text or otherwise;

(d)

where the product advertisement appears in any medium of communication in visual form, the product advertisement is clearly legible;

(e)

where the product advertisement appears in any electronic mail or website —

(i)

the product advertisement is in a font size of at least 10‑point Times New Roman or any other standard font type that is visually equivalent to that font size; and

(ii)

any footnote in the product advertisement is not smaller than —

(A)

where the font size of the word or statement to which the footnote relates is or is smaller than 20‑point Times New Roman or any other standard font type that is visually equivalent to that font size — 10‑point Times New Roman or any other standard font type that is visually equivalent to that font size;

(B)

where the font size of the word or statement to which the footnote relates is larger than 20‑point Times New Roman or any other standard font type that is visually equivalent to that font size but smaller than 29‑point Times New Roman or any other standard font type that is visually equivalent to that font size — half the font size of that word or statement; or

(C)

where the font size of the word or statement to which the footnote relates is or is larger than 29‑point Times New Roman or any other standard font type that is visually equivalent to that font size — 14‑point Times New Roman or any other standard font type that is visually equivalent to that font size;

(f)

the product advertisement contains the following statement:“This advertisement has not been reviewed by the Monetary Authority of Singapore.”; and

(g)

the product advertisement has been approved by a person specified in regulation 22A in the manner set out in that regulation prior to its dissemination or publication.

Subregulation 3

Without limiting paragraph (2)(a), examples of a product advertisement that is false or misleading are set out in paragraph 1 of the Sixth Schedule.

Subregulation 4

Without limiting paragraph (2)(b), examples of a product advertisement that does not provide a fair and balanced view of the investment product to which it relates are set out in paragraph 2 of the Sixth Schedule.

Subregulation 5

Without limiting paragraph (2)(c), examples of a product advertisement that does not present information in a clear manner are set out in paragraph 3 of the Sixth Schedule.

Subregulation 6

Without limiting paragraph (2)(d), examples of a product advertisement that is not clearly legible are set out in paragraph 4 of the Sixth Schedule.

Subregulation 7

Paragraph (1) does not apply to —

(a)

a specified person who, under regulation 27(1), is exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence;

(aa)a specified person who is exempt under section 20(1)(h) of the Act from holding a financial adviser’s licence;

(b)

any dissemination or publication of information that is pursuant to any requirement —

(i)

imposed under any written law or rule of law of Singapore, or by any court in Singapore;

(ii)

imposed under the law of any foreign jurisdiction, or by any court in any foreign jurisdiction; or

(iii)

under any listing rule or other requirement of an approved exchange or overseas exchange; and

(c)

any dissemination or publication of information by a specified person in the course of carrying out an activity in respect of which the specified person is —

(i)

exempt under regulation 27A(1) from complying with section 20(2) of the Act and regulation 37;

(ii)

exempt under regulation 27A(2) from complying with section 22(1) of the Act;

(iii)

under regulation 28(1), exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence;

(iv)

exempt under regulation 28(2), (3) or (4) from complying with sections 35 to 38 and 45 of the Act;

(v)

under regulation 32A, exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence;

(vi)

exempt under regulation 32B(1) from complying with sections 34 to 38, 41, 43 and 45 of the Act and regulation 37;

(vii)

exempt under regulation 32B(2) or (4) from complying with sections 34, 35 and 45 of the Act;

(viii)

exempt under regulation 32B(3) from complying with sections 34, 35, 36, 38, 43 and 45 of the Act;

(ix)

under regulation 32C(1), exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence;

(x)

exempt under regulation 32D(1) from complying with sections 34 to 38, 41, 42, 43 and 45 of the Act, as applied by section 20(2) of the Act;

(xi)

exempt under regulation 32D(2) from complying with section 22(1) of the Act;

(xii)

exempt under regulation 32D(3) from complying with section 22(5) of the Act;

(xiii)

[Deleted by S 386/2018 wef 10/12/2018](xiv)[Deleted by S 386/2018 wef 10/12/2018](xv)exempt under regulation 3(1) of the Financial Advisers (Exemption from sections 34 to 38 and 45) Regulations (Rg 6) from complying with sections 34 to 38 and 45 of the Act;

(xvi)

under regulation 3 of the Financial Advisers (Exemption from Requirement to Hold Financial Adviser’s Licence) Regulations 2014 (G.N. No. S 800/2014), exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence;

(xvii)

exempt under regulation 4 of the Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations (Rg 7) from complying with section 34 of the Act; or

(xviii)

exempt under regulation 4 of the Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations from complying with sections 35 to 38 and 45 of the Act.

Subregulation 8

A specified person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

Subregulation 9

Amended byS 385/2018 wef 09/07/2018S 222/2023 wef 31/12/2021

In this regulation, “overseas futures exchange” and “overseas securities exchange” have the same meanings as in section 2(1) of the Securities and Futures Act 2001.

Read in full context — Financial Advisers Regulations →