Singapore legislation
Regulation 32CB
Regulation 32CB
Exemption for certain entities providing financial advisory service under approved arrangements
Subregulation 1
Subject to the conditions in paragraph (2), a relevant entity is exempt under section 20(1)(g) of the Act from holding a financial adviser’s licence for providing a financial advisory service in respect of any ASEAN capital markets products.
Subregulation 2
The conditions mentioned in paragraph (1) are —
the financial advisory service is provided under an arrangement between the relevant entity and —
a company that is incorporated in Singapore; (ii)an unincorporated association formed or constituted in Singapore; or (iii)a licensed financial adviser, or a financial adviser who is exempt under section 20(1)(a), (b), (c), (d) or (e) of the Act, that is not a person mentioned in sub‑paragraph (i) or (ii);
the arrangement mentioned in sub-paragraph (a) is approved by the Authority pursuant to an application made by the person mentioned in sub-paragraph (a)(i), (ii) or (iii), as the case may be; and
the conditions subject to which the arrangement mentioned in sub-paragraph (a) is approved by the Authority are complied with.
Subregulation 3
In this regulation —[Deleted by S 515/2019 wef 01/08/2019][Deleted by S 515/2019 wef 01/08/2019]
Definition
“ASEAN capital markets products” means capital markets products that have previously been issued to one or more persons, and —
are listed for quotation or quoted on an organised market that is established in a member country of the Association of Southeast Asian Nations; or
if not listed for quotation or quoted on an organised market, are the subject of —
an offer made to a person in a member country of the Association of Southeast Asian Nations which upon acceptance by such person, would give rise to a contract for the sale of those capital markets products; or
an invitation to any person in any member country of the Association of Southeast Asian Nations to make an offer, which upon acceptance by any person, would give rise to a contract for the sale of those capital markets products;
Definition
“ASEAN participating country” means such country, other than Singapore, that is a participant of the ASEAN Capital Market Professional Mobility Framework as the Authority may specify;
Definition
“relevant entity” means —
a corporation (whether formed or incorporated or existing in Singapore or outside Singapore) that is licensed, registered, approved, or authorised by an authority of an ASEAN participating country exercising any function that corresponds to a regulatory function of the Authority under the Act, in accordance with the laws of that ASEAN participating country; or
an unincorporated society, association or other body which —
under the law of any country, may sue or be sued, or hold property in the name of the secretary or any other officer of the society, association or body duly appointed for that purpose; and
is licensed, registered, approved, or authorised by an authority of an ASEAN participating country exercising any function that corresponds to a regulatory function of the Authority under the Act, in accordance with the laws of that ASEAN participating country.