Singapore legislation

Regulation 40G

Conditions for appointment of appointed representative or provisional representative despite section 22(6) of Act

Amended byS 815/2015 wef 01/01/2016S 222/2023 wef 31/12/2021

For the purposes of section 22(7) of the Act, a licensed financial adviser in Singapore or an exempt financial adviser in Singapore may, despite section 22(6) of the Act, appoint as its appointed representative or provisional representative an individual whom the financial adviser knows or has reasonable grounds to believe, is concurrently engaged in the activities set out in section 22(2) of the Act (called in this regulation the specified activities) if the licensed financial adviser or exempt financial adviser, as the case may be, is satisfied that —

(a)

the individual has obtained from every person for whom the individual engages in any of the specified activities, prior approval to be an appointed representative or a provisional representative of the licensed financial adviser or exempt financial adviser, as the case may be, in respect of any type of financial advisory service provided by the licensed financial adviser or exempt financial adviser, as the case may be;

(b)

the engagement in the specified activities by the individual —

(i)

will not give rise to a conflict of interest for the individual;

(ii)

will not cause reputational damage to the licensed financial adviser or exempt financial adviser, or to the financial advisory industry, or to any combination of them; and

(iii)

is unlikely to result in the individual neglecting his duties as the licensed financial adviser’s or exempt financial adviser’s appointed representative or provisional representative, as the case may be;

(c)

the individual will not engage in any of the following:

(i)

carrying on, or holding himself out in any way as carrying on, the business of moneylending or being concerned, engaged or employed in the business of moneylending;

(ii)

organising, promoting or conducting a casino marketing arrangement in or with respect to any casino;

(iii)

acting as an associate of an international market agent;

(iv)

being concerned, engaged or employed in the business of an international market agent;

(v)

being an applicant for an international market agent licence;

(vi)

exercising or carrying on the business of an estate agent, or acting or holding himself out as an estate agent;

(vii)

being concerned, engaged or employed in the business of an estate agent;

(viii)

acting or holding himself out as a salesperson for any licensed estate agent;

(ix)

marketing any investment that is not an investment product; and

(d)

the individual will not invest in, or hold any interest in, any moneylending business or in any business of an international market agent or of an estate agent.

Read in full context — Financial Advisers Regulations →