Singapore legislation
Regulation 32B
Regulation 32B
Exemption for advising institutional investor, related corporation, etc.
Subregulation 1
A licensed financial adviser, or a financial adviser which is exempt from holding a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e) of the Act (referred to in this regulation as exempt financial adviser), shall be exempt from sections 34 to 38, 41, 43 and 45 of the Act and regulation 37 when providing any financial advisory service in respect of any investment product to —
an institutional investor;
a related corporation of that licensed financial adviser or exempt financial adviser, as the case may be;
a person that is connected to that licensed financial adviser or exempt financial adviser, as the case may be; or
an approved headquarters company or approved Finance and Treasury Centre which carries on business involving the provision of all or any type of financial advisory service, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947, as the case may be.
Subregulation 2
A financial adviser which is exempt from holding a financial adviser’s licence under section 20(1)(f) of the Act shall be exempt from sections 34, 35 and 45 of the Act when providing financial advisory service in respect of any investment product to —
an institutional investor;
a related corporation of that financial adviser;
a person that is connected to that financial adviser; or
an approved headquarters company or approved Finance and Treasury Centre which carries on business involving the provision of all or any type of financial advisory service, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947, as the case may be.
Subregulation 3
An appointed or a provisional representative of a licensed financial adviser or an exempt financial adviser referred to in paragraph (1) shall be exempt from sections 34, 35, 36, 38, 43 and 45 of the Act in respect of his carrying out of the activity referred to in that paragraph for the licensed financial adviser or exempt financial adviser, as the case may be.
Subregulation 4
An appointed or a provisional representative of a financial adviser referred to in paragraph (2) shall be exempt from sections 34, 35 and 45 of the Act in respect of his carrying out of the activity referred to in that paragraph for the financial adviser.