Singapore legislation
Regulation 22C
Regulation 22C
Maintaining records of approval
Subregulation 1
A specified financial adviser whose product advertisement is approved for the purposes of regulation 22(2)(g) must keep the following records for the following periods:
where the product advertisement is approved by the senior management of the specified financial adviser under regulation 22A(1)(a), the written reasons and written approvals of all the members of the senior management mentioned in regulation 22A(2)(b) and (c), respectively, for a period of at least 5 years after the date on which the last member of the senior management gave his written reasons and written approval;
where the product advertisement is approved by an agent of the specified financial adviser under regulation 22A(1)(b) —
the written consent of all the members of the senior management of the specified financial adviser to the appointment of the agent;
the written reasons of the agent mentioned in regulation 22A(3)(b); and
the written approval of the agent mentioned in regulation 22A(3)(c),for a period of at least 5 years after the date on which the agent gave his written reasons and written approval to the specified financial adviser under regulation 22A(3)(c);
where the product advertisement is approved by a committee of the specified financial adviser under regulation 22A(1)(c) —
the written consent of all the members of the senior management of the specified financial adviser to the appointment of the committee;
the written reasons of all the members of the committee mentioned in regulation 22A(4)(b); and
the written approval of all the members of the committee mentioned in regulation 22A(4)(c),for a period of at least 5 years after the date on which the last member of the committee gave his written reasons and written approval to the specified financial adviser under regulation 22A(4)(c).
Subregulation 2
Where a specified financial adviser is exempt from regulation 22(1) under regulation 22B(1) (read with regulation 22B(2)(a)), paragraph (1) (read with regulation 22A) applies to the preparer mentioned in regulation 22B(2)(a) except that any reference to the specified financial adviser is read as a reference to the preparer.
Subregulation 3
A specified financial adviser who contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.