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Contents  

Long Title

Part I PRELIMINARY

Part II LICENSING OF FINANCIAL ADVISERS AND THEIR REPRESENTATIVES

Part III CONDUCT OF BUSINESS

Division 1 — General

Division 2 — Life Insurance

Division 3 — Securities

Division 4 — Register of Interests in Securities

Part IV ACCOUNTS AND AUDIT

Division 1 — Accounts

Division 2 — Audit

Part V POWERS OF AUTHORITY

Part VI SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection Powers of Authority

Division 3 — Investigative Powers of Authority

Part VII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part VIII OFFENCES

Part IX APPEALS

Part X MISCELLANEOUS

FIRST SCHEDULE Excluded Financial Advisers

SECOND SCHEDULE Types of Financial Advisory Service

THIRD SCHEDULE Specified Provisions

Legislative Source Key

Legislative History

Comparative Table

 
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Interpretation
2.
—(1)  In this Act, unless the context otherwise requires —
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);
“approved holding company” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);
“auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2);
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);
“book” includes any record, register, document or other record of information and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or by electronic process or otherwise;
“collective investment scheme” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);
“company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“connected person”, in relation to —
(a)
an individual, means —
(i)
the individual’s spouse, son, adopted son, step- son, daughter, adopted daughter, step-daughter, father, step-father, mother, step-mother, brother, step-brother, sister or step-sister; and
(ii)
a firm, a limited liability partnership or a corporation in which the individual or any of the persons mentioned in sub-paragraph (i) has control of not less than 20% of the voting power in the firm, limited liability partnership or corporation, whether such control is exercised individually or jointly; or
(b)
a firm, a limited liability partnership or a corporation, means another firm, limited liability partnership or corporation in which the first-mentioned firm, limited liability partnership or corporation has control of not less than 20% of the voting power in that other firm, limited liability partnership or corporation,
and a reference in this Act to a person connected to another person shall be construed accordingly;
“corporation” has the same meaning as in section 4(1) of the Companies Act;
“dealing in securities” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);
“director” has the same meaning as in section 4(1) of the Companies Act;
“exempt financial adviser” means a financial adviser who is exempt under section 23(1) from holding a financial adviser’s licence;
“financial adviser” means a person who carries on a business of providing any financial advisory service, but does not include any person specified in the First Schedule;
“financial adviser’s licence” means a licence granted or renewed under section 13 in respect of a financial adviser, and “licensed financial adviser” shall be construed accordingly;
“financial advisory service” means all or any of the services specified in the Second Schedule;
“financial year” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“firm” has the same meaning as in section 2(1) of the Business Registration Act (Cap. 32);
“futures contract” means —
(a)
a contract the effect of which is that —
(i)
one party agrees to deliver a specified commodity, or a specified quantity of a specified commodity, to another party at a specified future time and at a specified price payable at that time pursuant to the terms and conditions set out in the business rules or practices of a futures market; or
(ii)
the parties will discharge their obligations under the contract by settling the difference between the value of a specified quantity of a specified commodity agreed at the time of the making of the contract and at a specified future time, such difference being determined in accordance with the business rules or practices of a futures market at which the contract is made,
and includes a futures option transaction within the meaning of section 2(1) of the Securities and Futures Act (Cap. 289); or
(b)
such other contract or class of contracts as the Authority may prescribe;
“futures exchange” has the same meaning as in section 2(1) of the Securities and Futures Act;
“investment product” means —
(a)
any capital markets product as defined in section 2(1) of the Securities and Futures Act;
(b)
any life policy; or
(c)
any other product as may be prescribed;
“leveraged foreign exchange trading” has the same meaning as in section 2(1) of the Securities and Futures Act;
“licence” means a financial adviser’s licence or representative’s licence, and “licensee” shall be construed accordingly;
“life policy” has the same meaning as in the First Schedule to the Insurance Act (Cap. 142), but does not include any contract of reinsurance;
“limited liability partnership” has the same meaning as in section 2(1) of the Limited Liability Partnerships Act (Cap. 163A);
“manager” and “partner”, in relation to a limited liability partnership, have the respective meanings assigned to them in section 2(1) of the Limited Liability Partnerships Act;
“newspaper” has the same meaning as in section 2(1) of the Newspaper and Printing Presses Act (Cap. 206);
“officer” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“prescribed written law” means this Act, or any of the following written laws and any subsidiary legislation made thereunder:
(g)
such other written law as the Authority may prescribe;
“recognised market operator” has the same meaning as in section 2(1) of the Securities and Futures Act;
“registered insurer” means an insurer who is for the time being registered under section 8 of the Insurance Act;
“related corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“representative” means a person, in the direct employment of or acting for or by arrangement with a financial adviser, who performs for the financial adviser any of the functions of a financial adviser (other than work ordinarily performed by accountants, clerks or cashiers), whether his remuneration (if any) is by way of salary, wages, commission or otherwise, and includes an officer of the financial adviser who performs for the financial adviser any of those functions, whether or not his remuneration is as aforesaid;
“representative’s licence” means a licence granted or renewed under section 13 in respect of a representative, and “licensed representative” shall be construed accordingly;
“securities” has the same meaning as in section 2(1) of the Securities and Futures Act;
“securities exchange” has the same meaning as in section 2(1) of the Securities and Futures Act;
“share” has the same meaning as in section 4(1) of the Companies Act;
“substantial shareholder” has the same meaning as in Division 4 of Part IV of the Companies Act ;
“trading in futures contracts” has the same meaning as in section 2(1) of the Securities and Futures Act;
“voting share” has the same meaning as in section 4(1) of the Companies Act;
“written direction” means a written direction issued under section 58.
[15/2003; 2/2005; 5/2005]
(2)  The definitions in the First Schedule to the Insurance Act (Cap. 142) shall have effect for the construction of references to life policies in this Act.
History for Provision '2 Interpretation'.
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Right Arrow
pr2-.
31/03/2007
Formal Consolidation
31 March 2007
2007 RevEd
 
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27/02/2008
Informal Consolidation
13 August 2007
Amended
Act 35 of 2007

26/11/2010
Informal Consolidation
27 February 2009
Amended
Act 1 of 2009

18/03/2013
Informal Consolidation
26 December 2012
Amended
Act 35 of 2012

18/04/2013
Informal Consolidation
17 April 2013
Amended
Act 11 of 2013

01/01/2016
Informal Consolidation
13 August 2015
Amended
Act 18 of 2015

03/01/2016
Informal Consolidation
03 January 2016
Amended
Act 29 of 2014