Regulation 1
Citation
These Regulations may be cited as the Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations.
/akn/sg/act/sub_leg/2001/FAA-RG7
Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 2001
- Sections
- 4
Quick answer
About this subsidiary legislation
Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation FAA-RG7 2001, currently marked in force and first recorded in 2001.
Regulation 2
Definitions
Amended byS 463/2021 wef 01/07/2021S 169/2020 wef 16/03/2020
In these Regulations, unless the context otherwise requires —“bank” means a bank in Singapore or a merchant bank;“bank in Singapore” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);“credit derivative” means a financial contract which is designed to transfer credit risk on loans or other assets between 2 parties;“credit event”, in relation to a credit derivative, means any event agreed upon between the contracting parties to the credit derivative which triggers a payout or delivery of assets under the credit derivative;“deposit” means —
(a)
a deposit as defined in section 4B of the Banking Act (Cap. 19), in a case where the deposit is accepted by a bank; or
(b)
a deposit as defined in section 2 of the Finance Companies Act (Cap. 108), in a case where the deposit is accepted by a finance company as defined in that section of that Act;“dual currency investment” means a deposit which is accepted in one currency and which may be repayable in another currency;“merchant bank” means any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;“structured deposit” means —
(a)
a deposit under which any interest or premium is payable, or is at risk, in accordance with a formula which is based on —
(i)
the performance of any financial instrument or specified products as defined in section 2(1) of the Securities and Futures Act (Cap. 289); or
(ii)
the occurrence of any credit event in respect of a credit derivative —
(A)
to which the bank or the finance company, as the case may be, is a contracting party; or
(B)
from which the bank or the finance company, as the case may be, would enjoy a benefit or incur a loss; or
(b)
a dual currency investment.
Definition
“bank in Singapore” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);
Definition
“credit derivative” means a financial contract which is designed to transfer credit risk on loans or other assets between 2 parties;
Definition
“credit event”, in relation to a credit derivative, means any event agreed upon between the contracting parties to the credit derivative which triggers a payout or delivery of assets under the credit derivative;
Definition
“deposit” means —
(a)
a deposit as defined in section 4B of the Banking Act (Cap. 19), in a case where the deposit is accepted by a bank; or
(b)
a deposit as defined in section 2 of the Finance Companies Act (Cap. 108), in a case where the deposit is accepted by a finance company as defined in that section of that Act;
Definition
“dual currency investment” means a deposit which is accepted in one currency and which may be repayable in another currency;
Definition
“merchant bank” means any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;
Amended byS 463/2021 wef 01/07/2021
Definition
“structured deposit” means —
(a)
a deposit under which any interest or premium is payable, or is at risk, in accordance with a formula which is based on —
(i)
the performance of any financial instrument or specified products as defined in section 2(1) of the Securities and Futures Act (Cap. 289); or
(ii)
the occurrence of any credit event in respect of a credit derivative —
(A)
to which the bank or the finance company, as the case may be, is a contracting party; or
(B)
from which the bank or the finance company, as the case may be, would enjoy a benefit or incur a loss; or
(b)
a dual currency investment.
Amended byS 169/2020 wef 16/03/2020
Regulation 3
Prescribed investment product
For the purposes of the definition of “investment product” in section 2(1) of the Act, the Authority hereby prescribes every structured deposit as an investment product.
Regulation 4
Exemption
Amended byS 718/2010 wef 26/11/2010S 718/2010 wef 26/11/2010G.N. No. S 775/2005
Any person who is —
(a)
a licensed financial adviser;
(b)
an exempt financial adviser; or
(c)
a representative of a licensed financial adviser or of an exempt financial adviser,shall be exempted from complying with —
(i)
section 25 of the Act, in relation to the provision of any financial advisory service relating to any structured deposit (other than a dual currency investment) which has been prescribed under section 25(6) (definition of “designated investment product”) of the Act as a designated investment product; and
(ii)
sections 26 to 29 and 36 of the Act, in relation to the provision of any financial advisory service relating to any structured deposit (other than a dual currency investment).
Common questions
- What is Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations?
- Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations is Singapore Subsidiary Legislation, cited as Subsidiary Legislation FAA-RG7 2001, currently marked in force and first recorded in 2001.
- Is Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations still in force?
- Yes — Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations is currently in force.
- When did Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations take effect?
- Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations was first recorded in 2001.
- How many regulations does Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations have?
- Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations contains 4 regulations.
- Where can I read the official version of Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations?
- The official text of Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations is published at sso.agc.gov.sg.