Singapore legislation
Regulation 4
Regulation 4
Pending applications for licence
Subregulation 1
Unless otherwise notified in writing by the Authority, an application for a licence under the FTA or the SIA referred to in paragraph (2) that is pending immediately before the appointed date shall —
be deemed to be an application for a licence (referred to in this regulation as the corresponding licence) which corresponds to the first-mentioned licence under paragraph (2), and which is accompanied by the appropriate application fee under the Act; or (b)where the applicant is deemed, under regulation 3, to hold a licence, be deemed to be an application to vary that licence by adding the regulated activity or activities to which the corresponding licence relates, and which is accompanied by the appropriate application fee under the Act.
Subregulation 2
For the purposes of paragraph (1) —
a futures broker’s licence under Part III of the FTA, where the application indicates that the licence is for the purpose of trading in futures contracts, corresponds to a capital markets services licence to trade in futures contracts;
a futures broker’s licence under Part III of the FTA, where the application indicates that the licence is for the purpose of leveraged foreign exchange trading, corresponds to a capital markets services licence for leveraged foreign exchange trading; (c)a futures broker’s licence under Part III of the FTA, where the application indicates that the licence is for the purpose of trading in futures contracts and leveraged foreign exchange trading, corresponds to a capital markets services licence to trade in futures contracts and for leveraged foreign exchange trading; (d)a futures broker’s representative’s licence under Part III of the FTA corresponds to a representative’s licence to carry out the regulated activity of the same type and scope as that which his principal is authorised to carry out under the capital markets services licence which the principal is deemed to hold under regulation 3;
a futures trading adviser’s licence under Part III of the FTA, in relation to the activity specified in paragraph (c) of the definition of “futures trading adviser” in section 2(1) of the FTA, corresponds to a capital markets services licence for fund management; (f)a futures trading adviser’s representative’s licence under Part III of the FTA, in relation to the activity specified in paragraph (c) of the definition of “futures trading adviser” in section 2(1) of the FTA, corresponds to a representative’s licence for fund management; (g)a futures pool operator’s licence under Part III of the FTA corresponds to a capital markets services licence for fund management;
a futures pool operator’s representative’s licence under Part III of the FTA corresponds to a representative’s licence for fund management;
a dealer’s licence under Part IV of the SIA corresponds to a capital markets services licence to deal in securities;
a dealer’s representative’s licence under Part IV of the SIA corresponds to a representative’s licence to deal in securities; (k)an investment adviser’s licence under Part IV of the SIA, in relation to the activity specified in paragraph (c) of the definition of “investment adviser” in section 2(1) of the SIA, corresponds to a capital markets services licence for fund management;
an investment representative’s licence under Part IV of the SIA, in relation to the activity specified in paragraph (c) of the definition of “investment adviser” in section 2(1) of the SIA, corresponds to a representative’s licence for fund management;
an investment adviser’s licence under Part IV of the SIA, in relation to the activity specified in paragraph (a), or both of the activities specified in paragraphs (a) and (b), of the definition of “investment adviser” in section 2(1) of the SIA, where the application indicates that the applicant intends to carry on a business of advising on corporate finance, corresponds to a capital markets services licence to advise on corporate finance; and
an investment representative’s licence under Part IV of the SIA, in relation to the activity specified in paragraph (a), or both of the activities specified in paragraphs (a) and (b), of the definition of “investment adviser” in section 2(1) of the SIA, where the applicant indicates that he intends to act as a representative to carry on a business of advising on corporate finance, corresponds to a representative’s licence to advise on corporate finance.
Subregulation 3
A reference in paragraph (2)(e) or (f) to a licence under Part III of the FTA, in relation to the activity specified in paragraph (c) of the definition of “futures trading adviser” in section 2(1) of the FTA, is a reference to a licence which is —
only in relation to such activity; or
in relation to such activity and also in relation to one or both of the activities specified in paragraphs (a) and (b) of that definition.
Subregulation 4
A reference in paragraph (2)(k) or (l) to a licence under Part IV of the SIA, in relation to the activity specified in paragraph (c) of the definition of “investment adviser” in section 2(1) of the SIA, is a reference to a licence which is —
only in relation to such activity; or
in relation to such activity and also in relation to one or both of the activities specified in paragraphs (a) and (b) of that definition.
Subregulation 5
The Authority shall refund any fee paid in respect of a pending application under the FTA or the SIA referred to in paragraph (1), and section 85(1) of the Act shall apply if the corresponding licence is granted.
Subregulation 6
Any deposit lodged in respect of a pending application referred to in paragraph (1) shall be deemed to be a deposit lodged in respect of an application for the corresponding licence, and section 91 of the Act shall apply if the corresponding licence is granted.