Singapore legislation
Regulation 32C
Regulation 32C
Exemption for foreign research houses
Subregulation 1
A foreign research house shall be exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence in respect of advising others by issuing or promulgating any research analyses or research reports concerning any investment product, to any investor under an arrangement between the foreign research house and a financial adviser in Singapore, if —
the financial adviser in Singapore is ––
licensed under the Act; or
exempt from holding a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e) of the Act,to provide the financial advisory service of advising others by issuing or promulgating research analyses or research reports concerning any investment product;
the foreign research house —
carries out all its activities under the arrangement through one or more branches or offices (including its head office) that are established in foreign jurisdictions; and
is subject to regulatory oversight, in respect of any activity that is carried out by the foreign research house, by a foreign regulatory authority in each of the foreign jurisdictions mentioned in sub‑paragraph (i);
the research analysis or research report contains a statement to the effect that recipients of the analysis or report are to contact the financial adviser in Singapore in respect of any matters arising from, or in connection with, the analysis or report; and (d)the analysis or report contains a statement to the effect that the financial adviser in Singapore accepts legal responsibility for the contents of the analysis or report without any disclaimer limiting or otherwise curtailing such legal responsibility unless the analysis or report is issued or promulgated to a person who is any of the following:
an accredited investor;
an expert investor;
an institutional investor; (iv)an ex-accredited investor who is an existing customer of the financial adviser in Singapore, but only in respect of any research analysis or research report issued or promulgated in the period from 8 October 2018 to 7 April 2019 (both dates inclusive).
Subregulation 2
In this regulation ––[Deleted by S 766/2021 wef 09/10/2021][Deleted by S 766/2021 wef 09/10/2021]
Definition
“foreign jurisdiction” means a country or jurisdiction other than Singapore;
Definition
“foreign regulatory authority” means —
an authority of a foreign jurisdiction, exercising any function that corresponds to a regulatory function of the Authority under the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act; or
a non-governmental organisation exercising any function that corresponds to a regulatory function of the Authority under the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act under the law of, or by delegation from an authority of, a foreign jurisdiction;
Definition
“foreign research house” means a foreign company which carries on a business of providing the financial advisory service of advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product.