Singapore legislation
Regulation 40
Regulation 40
Exemption of appointed or provisional representative of exempt adviser for distribution of direct purchase insurance products
Subregulation 1
Subject to the conditions in paragraph (2), when a financial adviser is exempt from sections 34 and 36 of the Act in respect of the provision of any specified financial advisory service that is solely incidental to the distribution of direct purchase insurance products, its appointed or provisional representative is also exempt from sections 34 and 36 of the Act (as they apply to an appointed or provisional representative by reason of section 46 of the Act) in respect of the provision of that service on behalf of the financial adviser.
Subregulation 2
The conditions referred to in paragraph (1) are that the appointed or provisional representative comply with the conditions specified in regulation 38(2)(a), (b) and (c), as modified in the following manner:
each reference in regulation 38(2)(a), (b) and (c) to a licensed financial adviser is replaced with a reference to the appointed or provisional representative;
each reference in regulation 38(2)(a) and (b) to “whether through a customer service officer, representative or otherwise, and” is deleted;
the reference in regulation 38(2)(c) to “, whether through a customer service officer, representative or otherwise,” is deleted.