Singapore legislation

Regulation 40A

Exemption of customer service officers of exempt adviser for distribution of direct purchase insurance products

Amended byS 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 169/2015 wef 31/03/2015

Subregulation 1

Amended byS 222/2023 wef 31/12/2021

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 customer service officer is also exempt from section 22(1) of the Act in respect of the provision of that service on behalf of the financial adviser.

Subregulation 2

Amended byS 222/2023 wef 31/12/2021S 222/2023 wef 31/12/2021S 169/2015 wef 31/03/2015

The conditions referred to in paragraph (1) are that the customer service officer, in relation to the distribution of the direct purchase insurance products by the customer service officer —

(a)

complies with sections 27(1) (read with section 27(2) and (3) of the Act), 35(1) (read with section 35(5) of the Act) and (2), 42(1) (read with section 42(2) and (3) of the Act) and 43(1) and (2) of the Act, as modified in the following manner:

(i)

every reference in sections 35(1) and (2), 42(1) and 43(1) and (2) of the Act to a licensed financial adviser is replaced with a reference to the customer service officer;

(ii)

every reference in section 27(1) and (2) of the Act to an appointed or provisional representative is replaced with a reference to the customer service officer;

(b)

furnishes to the Authority any information about the distribution of the direct purchase insurance product as the Authority may require; and

(c)

complies with the conditions specified in regulation 38(2)(a), (b) and (c), as modified in the following manner:

(i)

every reference in regulation 38(2)(a), (b) and (c) to a licensed financial adviser is replaced with a reference to the customer service officer;

(ii)

every reference in regulation 38(2)(a) and (b) to “whether through a customer service officer, representative or otherwise, and” is deleted;

(iii)

the reference in regulation 38(2)(c) to “, whether through a customer service officer, representative or otherwise,” is deleted.

Read in full context — Financial Advisers Regulations →