Singapore legislation

Regulation 27A

Exemption of banks and merchant banks

Amended byS 462/2021 wef 01/07/2021S 222/2023 wef 31/12/2021S 462/2021 wef 01/07/2021S 222/2023 wef 31/12/2021S 716/2010 wef 26/11/2010S 222/2023 wef 31/12/2021

Subregulation 1

Amended byS 462/2021 wef 01/07/2021S 222/2023 wef 31/12/2021S 462/2021 wef 01/07/2021S 222/2023 wef 31/12/2021

A bank or merchant bank which is exempt from holding a financial adviser’s licence under section 20(1)(a) or (b), respectively, of the Act shall be exempt from section 20(2) of the Act and regulation 37 in respect of its carrying on of the business of advising others, either directly or through publications or writings or by issuing or promulgating research analyses or research reports, on spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading arranged by it or by —

(a)

any bank that holds a licence granted under section 7 or 79 of the Banking Act 1970; or

(b)

any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970.

Subregulation 2

Amended byS 716/2010 wef 26/11/2010S 222/2023 wef 31/12/2021

A representative of a bank or merchant bank exempt from section 20(2) of the Act and regulation 37 under paragraph (1) shall be exempt from section 22(1) of the Act in respect of his carrying out of the activity referred to in paragraph (1) for the bank or merchant bank.

Read in full context — Financial Advisers Regulations →