Singapore legislation
Regulation 5
Regulation 5
Exemption for FRCs of specified financial advisers previously 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;
the FRC was, immediately before 9 October 2021, carrying on a qualifying business —
under a cross‑border arrangement that is approved by the Authority under paragraph 11 of the First Schedule to the Act; or (ii)in respect of any specified investment product under a cross‑border arrangement in reliance on the exemption under regulation 32CA of the Financial Advisers Regulations; and
the specified financial adviser has lodged with the Authority a notice of the cross‑border arrangement in Form FN on or before 8 October 2022.
Subregulation 2
The FRC mentioned in paragraph (1) is exempt, on the day of the lodgment of the notice of the cross‑border arrangement with the Authority, 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
An FRC of a specified financial adviser ceases to be exempt under paragraph (2) on the day on which any of the circumstances mentioned in regulation 6(1) ceases to be present.
Subregulation 4
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.