Singapore legislation
Regulation 4
Regulation 4
Exemption for FRCs of specified financial advisers carrying on qualifying businesses providing certain financial advisory services under cross‑border arrangements, and their foreign representatives
Subregulation 1
Paragraph (2) applies to an FRC of a specified financial adviser where —
all the circumstances mentioned in regulation 6(1) are present; and
the qualifying business of the FRC is carried on by the FRC under a cross‑border arrangement and commences on or after 9 October 2021.
Subregulation 2
The FRC mentioned in paragraph (1) is exempt from the following provisions in respect of any financial advisory service provided under the qualifying business:
sections 6(1), 19 and 21 of the Act; (b)regulations 18B, 20, 21, 22, and 22D of the Financial Advisers Regulations.
Subregulation 3
The specified financial adviser of an FRC mentioned in paragraph (1) and exempt under paragraph (2) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN by the 14th day after the day on which the qualifying business commences.
Subregulation 4
An FRC of a specified financial adviser ceases to be exempt under paragraph (2) —
in the case where the specified financial adviser fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (3) — on the day immediately after the day mentioned in paragraph (3); or
in any other case — on the day on which any of the circumstances mentioned in regulation 6(1) ceases to be present.
Subregulation 5
A foreign representative of an FRC exempt under paragraph (2), when acting as a representative of the FRC in respect of the financial advisory service that is the subject of an exemption under that paragraph, is exempt from —
sections 19, 21 and 22(2) of the Act; and
regulations 21(3), 22 and 22D of the Financial Advisers Regulations.