8. Lapsing of financial adviser’s licence
Feedback & supportLast amended by an amending law of 2023. 2 amendments in all.
For the purposes of section 15(1)(b) of the Act, where the Authority has not revoked or suspended the licence of a financial adviser under section 15(2) or (3) of the Act, respectively, the licence shall lapse —
if the financial adviser has not commenced business in at least one of the financial advisory services authorised to be provided by the licence for a continuous period of 6 months after the grant of the licence (or such longer period as the Authority may allow), immediately upon the expiry of that period; or
if the financial adviser —
has ceased to carry on business in providing all of the financial advisory services authorised to be provided by the licence;
has not resumed business in any of those financial advisory services for a continuous period of 2 months from the date of such cessation of business; and
has not notified the Authority of such cessation of business at any time during that period of 2 months,immediately upon the expiry of that period of 2 months.
[Deleted by S 716/2010 wef 26/11/2010]
Subregulation 1
For the purposes of section 15(1)(b) of the Act, where the Authority has not revoked or suspended the licence of a financial adviser under section 15(2) or (3) of the Act, respectively, the licence shall lapse —
if the financial adviser has not commenced business in at least one of the financial advisory services authorised to be provided by the licence for a continuous period of 6 months after the grant of the licence (or such longer period as the Authority may allow), immediately upon the expiry of that period; or
if the financial adviser —
has ceased to carry on business in providing all of the financial advisory services authorised to be provided by the licence;
has not resumed business in any of those financial advisory services for a continuous period of 2 months from the date of such cessation of business; and
has not notified the Authority of such cessation of business at any time during that period of 2 months,immediately upon the expiry of that period of 2 months.
Subregulation 2
[Deleted by S 716/2010 wef 26/11/2010]