Singapore legislation
Regulation 6
Regulation 6
Fund Manager, etc.
Subregulation 1
Any person, other than one referred to in regulation 3(2), who, immediately before the appointed date, was —
a person exempted under regulation 22A(1)(a) of the revoked Futures Trading Regulations (Cap. 116, Rg 1, 1998 Ed.) or regulation 41(1)(a) of the revoked Securities Industry Regulations (Cap. 289, Rg 1, 1995 Ed.) from the requirement to hold the applicable licence under the FTA or SIA, as the case may be, to carry on business in the activity referred to in that regulation; or
carrying on business in securities financing or providing custodial services for securities,shall be exempted from the requirement under the Act to hold a capital markets services licence to carry on business in such activity —
for a period of 6 months from the appointed date; or
if, before the expiry of the period of 6 months, he applies for a capital markets services licence for that activity or for activities which include that activity, until the date on which the licence is granted to him, or on which his application is refused or withdrawn,whichever is the later.
Subregulation 2
Any person who, immediately before the appointed date, was acting as a representative for a person referred to in paragraph (1) (referred to in this regulation as the principal) in respect of the activity referred to in sub-paragraph (a) or (b), as the case may be, of that paragraph shall be exempted from the requirement to hold a representative’s licence to act as a representative for that principal in respect of such activity —
for a period of 6 months from the appointed date; or
if, in the case of the activity referred to in paragraph (1)(a), before the expiry of the period of 6 months, he applies for a representative’s licence for that activity or for activities which include that activity, until the date on which the licence is granted to him, or on which his application is refused or withdrawn,whichever is the later.
Subregulation 3
The exemption of a person under paragraph (1) shall cease to apply under any of the circumstances specified in regulation 22A(2) and (4) of the revoked Futures Trading Regulations (Cap. 116, Rg 1, 1998 Ed.) or regulation 41(2)(a) and (4) of the revoked Securities Industry Regulations (Cap. 289, Rg 1, 1995 Ed.), as the case may be.
Subregulation 4
The exemption of a person under paragraph (2) shall cease to apply if the exemption of his principal under paragraph (1) ceases to apply by virtue of the expiry of the period referred to in paragraph (1)(i) or (ii), or by virtue of paragraph (3).