Acting as representative
22.—(1) A person must not act as a representative in respect of any type of financial advisory service or hold himself or herself out as doing so, unless the person is —(a)
an appointed or provisional representative in respect of that type of financial advisory service; or
(b)
a representative of an exempt financial adviser mentioned in section 20(1)(f), (g) or (h), insofar as —(i)
the type and scope of the financial advisory service provided by the firstmentioned person are within the type and scope of, or are the same as, that provided by the exempt financial adviser (in the exempt financial adviser’s capacity as such exempt financial adviser); and
(ii)
the manner in which the firstmentioned person provides that type of financial advisory service is the same as the manner in which the exempt financial adviser (in the exempt financial adviser’s capacity as such exempt financial adviser) provides that type of financial advisory service.[1/2009]
[Act 12 of 2024 wef 24/01/2025]
(2) Without affecting subsection (1), a person must not act as a representative or hold himself or herself out as doing so, if the person is concurrently engaged in, whether or not for remuneration —(a)
any employment with another person; or
(b)
any business, trade, profession or vocation, whether for himself or herself or another person,
which does not involve the person performing any financial advisory service.
[18/2015]
(3) Subsection (2) does not apply if the person complies with the conditions and requirements prescribed under section 135 or specified by the Authority by written notice, when engaging in such employment, business, trade, profession or vocation.[18/2015]
(4) The Authority may exempt any person or class of persons from subsection (1), subject to such conditions or restrictions as may be imposed by the Authority.[1/2009]
(5) A principal must not permit any individual to provide any type of financial advisory service on its behalf unless —(a)
the individual is an appointed or provisional representative in respect of that type of financial advisory service; or
(b)
the principal is an exempt financial adviser under section 20(1)(f), (g) or (h) and —(i)
the type and scope of the financial advisory service provided by the individual are within the type and scope of, or are the same as, that provided by the exempt financial adviser (in the exempt financial adviser’s capacity as an exempt financial adviser); and
(ii)
the manner in which the individual provides that type of financial advisory service is the same as the manner in which the exempt financial adviser (in the exempt financial adviser’s capacity as an exempt financial adviser) provides that type of financial advisory service.[1/2009]
[Act 12 of 2024 wef 24/01/2025]
(6) Without affecting subsection (5), a licensed financial adviser in Singapore or an exempt financial adviser in Singapore must not appoint as its appointed representative or provisional representative an individual whom the financial adviser knows or has reasonable grounds to believe, is concurrently engaged in, whether or not for any remuneration —(a)
any employment with any person; or
(b)
any business, trade, profession or vocation, whether for himself or herself or another person,
which does not involve the individual performing any financial advisory service.
[18/2015]
(7) Subsection (6) does not apply if the licensed financial adviser or exempt financial adviser is satisfied that the criteria prescribed under section 135 or specified by the Authority by written notice for the purposes of this subsection have been satisfied.[18/2015]
(8) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[1/2009]
(9) Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[1/2009]
(10) A person who contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500.[18/2015]
(11) A written notice issued under this section need not be published in the Gazette.[18/2015]
(12) In this section, “financial adviser in Singapore” means —(a)
a financial adviser which is incorporated in Singapore; or
(b)
in the case of a financial adviser incorporated outside Singapore, the branches or offices of the financial adviser located within Singapore.[23B
[18/2015]
Appointed representative
23.—(1) For the purposes of this Act, an appointed representative in respect of a type of financial advisory service is an individual —(a)
who satisfies such entry and examination requirements as may be specified by the Authority for that type of financial advisory service, the fact of which has been notified to the Authority either in the document lodged under section 26(1), or (if applicable) under section 24(5) within the time prescribed under that provision;
(b)
whose name is entered in the public register of representatives as an appointed representative;
(c)
whose status as an appointed representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from providing that type of financial advisory service;
(d)
whose entry in the public register of representatives indicates that the individual is appointed to provide that type of financial advisory service and does not indicate that the individual has ceased to be so; and
(e)
whose principal —(i)
is licensed to provide that type of financial advisory service; or
(ii)
provides that type of financial advisory service in its capacity as a person exempted from the requirement to hold a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e).[1/2009]
(2) For the purpose of subsection (1)(a), the Authority may, by direction published in such manner as may be prescribed, specify the examination requirements for each type of financial advisory service.[1/2009]
(3) The Authority may require the principal or individual to provide it with such information or documents as the Authority considers necessary in relation to the proposed appointment of the individual as an appointed representative, and the principal or individual (as the case may be) must comply with such a request.[1/2009]
(4) An individual ceases to be an appointed representative in respect of any type of financial advisory service on the date —(a)
the individual ceases to be the principal’s representative or to provide that type of financial advisory service on behalf of the principal, the fact of which has been notified to the Authority under subsection (8);
(b)
the individual’s principal ceases to provide that type of financial advisory service;
(c)
the licence of the individual’s principal is revoked or lapses or a prohibition order is made against the individual’s principal prohibiting it from providing that type of financial advisory service;[Act 18 of 2022 wef 31/07/2024]
(d)
the individual dies; or
(e)
of the occurrence of such other circumstances as the Authority may prescribe.[1/2009]
(5) An individual is not to be treated as an appointed representative during the period in which the licence of the individual’s principal is suspended.[1/2009]
(6) Subsection (4) or (5) does not prevent the individual from being treated as an appointed representative in respect of that type of financial advisory service if the individual becomes a representative of a new principal in respect of that type of financial advisory service and subsection (1) is complied with.[1/2009]
(7) Subsections (4) and (5) do not operate so as to —(a)
avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by that individual, whether the agreement, transaction or arrangement was entered into before, on or after the cessation or date of suspension; or
(b)
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.[1/2009]
(8) A principal must, no later than the next business day after the day —(a)
an individual ceases to be his or her representative; or
(b)
an individual who is his or her representative ceases to provide any type of financial advisory service, which he or she is appointed to provide,
provide particulars of such cessation to the Authority, in the prescribed form and manner.
[23C
[1/2009]
Provisional representative
24.—(1) For the purposes of this Act, a provisional representative in respect of a type of financial advisory service is an individual —(a)
who satisfies such entry requirements as may be specified by the Authority for that type of financial advisory service;
(b)
who intends to undergo an examination in order to satisfy the examination requirements specified by the Authority under section 23(2) for that type of financial advisory service, the fact of which has been notified to the Authority in the document lodged under section 26(1);
(c)
whose name is entered in the public register of representatives as a provisional representative;
(d)
whose status as a provisional representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from providing that type of financial advisory service;
(e)
whose entry in the public register of representatives indicates that the individual is appointed to provide that type of financial advisory service and does not indicate that the individual has ceased to be so;
(f)
whose principal —(i)
is licensed to provide that type of financial advisory service; or
(ii)
provides that type of financial advisory service in its capacity as a person exempted from the requirement to hold a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e);
(g)
who has not previously been appointed as a provisional representative by the Authority; and
(h)
who is not, by virtue of any circumstances prescribed by the Authority, disqualified from acting as a provisional representative.[1/2009]
(2) An individual is a provisional representative only in respect of any type of financial advisory service for such period of time as the Authority may specify against the individual’s name in the public register of representatives.[1/2009]
(3) A provisional representative in respect of any type of financial advisory service immediately ceases to be one —(a)
upon the expiry of the period of time specified by the Authority under subsection (2);
(b)
if the provisional representative fails to comply with any condition or restriction imposed on the provisional representative under section 31;
(c)
upon the provisional representative’s principal informing the Authority of the satisfaction of the examination requirements specified for that or any other type of financial advisory service under subsection (5); or
(d)
on the occurrence of such other circumstances as the Authority may prescribe.[1/2009]
(4) Section 23(3) to (8) (other than subsection (4)(e) thereof) applies to a provisional representative —(a)
as if the reference in section 23(6) to section 23(1) were a reference to subsection (1); and
(b)
with such other modifications and adaptations as the differences between provisional representatives and appointed representatives require.[1/2009]
(5) Where a provisional representative in respect of a type of financial advisory service has satisfied the examination requirements specified for that type of financial advisory service, the provisional representative’s principal must inform the Authority of that fact in the prescribed form and manner and within the prescribed time.[23D
[1/2009]
Offences
25.—(1) Any person who contravenes section 23(3) or 24(4) (in relation to the application of section 23(3) to a provisional representative) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.[1/2009]
(2) Any person who contravenes section 23(8), 24(4) (in relation to the application of section 23(8) to a provisional representative) or 26(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[23E
[1/2009]
Lodgment of documents
26.—(1) A principal who desires to appoint an individual as an appointed or provisional representative in respect of any type of financial advisory service must lodge the following documents with the Authority in such form and manner as the Authority may prescribe:(a)
a notice of intent by the principal to appoint the individual as an appointed or provisional representative in respect of that type of financial advisory service;
(b)
a certificate by the principal that the individual is a fit and proper person to be an appointed or provisional representative in respect of that type of financial advisory service; and
(c)
in the case of a provisional representative, an undertaking by the principal to undertake such responsibilities in relation to the representative as may be prescribed.[1/2009]
(2) Subsection (1) does not apply to a principal who desires to appoint, as an appointed representative in respect of any type of financial advisory service, an individual who is a provisional representative in respect of that type of financial advisory service, if —(a)
that individual has satisfied the examination requirements specified for that type of financial advisory service; and
(b)
the principal has informed the Authority of that fact in the prescribed form and manner under section 24(5).[35/2012]
(3) Subject to section 30, the Authority must, upon receipt of the documents lodged in accordance with subsection (1), enter in the public register of representatives the name of the representative, whether the representative is an appointed or provisional representative, the type of financial advisory service which the representative may provide, and such other particulars as the Authority considers appropriate.[1/2009]
(4) The Authority may refuse to enter in the public register of representatives the particulars mentioned in subsection (3) of the representative if the fee mentioned in section 28(1) or (3) (if applicable) is not paid.[1/2009]
(5) A principal who submits a certificate under subsection (1)(b) must keep, in such form and manner and for such period as the Authority may prescribe, copies of all information and documents which the principal relied on in giving the certificate.[1/2009]
(6) Where a change occurs in any particulars of the appointed or provisional representative in any document required to be provided to the Authority under subsection (1), the principal must, no later than 14 days after the occurrence of such change, provide particulars of such change to the Authority, in the prescribed form and manner.[1/2009]
(7) A principal who contravenes subsection (5) shall be guilty of an offence.[23F
[1/2009; 35/2012]
Representative to act for only one principal
27.—(1) Unless otherwise approved by the Authority in writing, an appointed representative or provisional representative must not at any one time be a representative of more than one principal.[1/2009]
(2) Despite subsection (1), an appointed representative may be a representative of more than one principal if the principals are related corporations.[1/2009]
(3) The Authority may require an applicant for approval under subsection (1) to provide it with such information or documents as the Authority considers necessary in relation to the application.[1/2009]
(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[23G
[1/2009]
Lodgment and annual fees
28.—(1) An individual must, on or before the date specified by the Authority, pay to the Authority such fee as may be prescribed by the Authority for the lodgment of documents under section 26 by the individual’s principal in relation to the individual’s appointment as an appointed or provisional representative.[1/2009]
[Act 12 of 2024 wef 24/01/2025]
(2) An individual who is an appointed or provisional representative must, on or before the date specified by the Authority each year, pay such annual fee as may be prescribed by the Authority in relation to the retention of the individual’s name in the public register of representatives as an appointed or provisional representative.[1/2009]
[Act 12 of 2024 wef 24/01/2025]
(3) A representative must pay such fee as may be prescribed by the Authority for any resubmission of a form or change in the particulars of a form lodged with the Authority in relation to his or her appointment as an appointed or provisional representative.[1/2009]
(4) Unless otherwise prescribed by the Authority, any fee paid to the Authority under this section must not be refunded.[1/2009]
(5) Where the representative fails to pay the fee mentioned in subsection (1) or (2) by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part of a day that the payment is late and both fees are recoverable by the Authority as a judgment debt.[1/2009]
(6) The fees mentioned in this section must be paid in the manner specified by the Authority.[23H
[1/2009]
Additional financial advisory service
29.—(1) The principal of an appointed representative may at any time lodge a notice with the Authority of its intention to appoint the representative as an appointed representative in respect of a type of financial advisory service in addition to that indicated against the representative’s name in the public register of representatives.[1/2009]
(2) The notification must be lodged in such form and manner as may be prescribed and must be accompanied by a certificate by the principal that the representative is a fit and proper person to be a representative in respect of the additional type of financial advisory service.[1/2009]
(3) Subject to section 30, the Authority must, upon receipt of the notification, enter in the public register of representatives the additional type of financial advisory service as one which the representative may provide as a representative.[1/2009]
(4) The Authority may, before entering in the public register of representatives the matter set out in subsection (3), require the principal or representative to provide it with such information or documents as the Authority considers necessary.[1/2009]
(5) A notification under subsection (1) must be accompanied by a non‑refundable prescribed fee which must be paid in the manner specified by the Authority.[23I
[1/2009]
Power of Authority to refuse entry or revoke or suspend status of appointed or provisional representative
30.—(1) Subject to regulations made under this Act, the Authority may refuse to enter the name and other particulars of an individual in the public register of representatives, refuse to enter an additional type of financial advisory service for an appointed representative in that register, or revoke the status of an individual as an appointed or provisional representative if —(a)
being an appointed or provisional representative, the individual fails or ceases to act as a representative in respect of all of the types of financial advisory services that were notified to the Authority as services which the individual is appointed to provide as a representative;
(b)
the individual or the individual’s principal has not provided the Authority with such information or documents as the Authority may require;
(c)
the individual is an undischarged bankrupt, whether in Singapore or elsewhere;
(d)
an enforcement order against the individual in respect of a judgment debt has been returned unsatisfied in whole or in part;[Act 25 of 2021 wef 01/04/2022]
(e)
the individual has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation;
(f)
the individual —(i)
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; or
(ii)
has been convicted of an offence under this Act;
(g)
in the case of the proposed appointment of an appointed or provisional representative in respect of a type of financial advisory service, or of an application to enter an additional type of financial advisory service for an appointed representative in the register —(i)
the Authority is not satisfied as to the individual’s educational or other qualification or experience having regard to the nature of the duties the individual is to perform in relation to that type of financial advisory service;
(ii)
the individual or the individual’s principal fails to satisfy the Authority that the individual is a fit and proper person to be an appointed or provisional representative or to perform that type of financial advisory service;
(iii)
the Authority is not satisfied as to the individual’s record of past performance or expertise having regard to the nature of the duties which the individual is to perform in relation to that type of financial advisory service;
(iv)
the Authority has reason to believe that the individual will not perform that type of financial advisory service efficiently, honestly or fairly;
(h)
in the case of the revocation of the status of an individual as an appointed or provisional representative —(i)
the individual or the individual’s principal fails to satisfy the Authority, pursuant to a requirement imposed by the Authority as a condition for the individual to be an appointed or provisional representative under section 31 or by regulations (as the case may be), that the individual remains a fit and proper person to be an appointed or provisional representative or to perform the type of financial advisory service for which the individual is appointed;
(ii)
the Authority is not satisfied with —(A)
the individual’s educational or other qualification or experience (being qualification or experience not known to the Authority at the time the individual’s name and particulars are entered in the public register of representatives); or
(B)
the individual’s record of past performance or expertise,
having regard to the nature of the individual’s duties as an appointed or provisional representative;
(iii)
the Authority has reason to believe that the individual has not performed, or will not perform, the type of financial advisory service for which the individual is appointed efficiently, honestly or fairly; or
(iv)
the Authority has reason to believe that the individual has not acted in the best interests of the clients of the individual’s principal;
(i)
the Authority has reason to believe that the individual may not be able to act in the best interests of the clients of the individual’s principal, having regard to the individual’s reputation, character, financial integrity and reliability;
(j)
the Authority is not satisfied as to the individual’s financial standing;
(k)
there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the manner of conducting the business of, the individual or any person employed by or associated with the individual for the purpose of the individual’s business;
(l)
the individual is in arrears of the payment of such contributions on the individual’s own behalf to the Central Provident Fund as are required under the Central Provident Fund Act 1953;
(m)
the Authority is of the opinion that it would be contrary to the interests of the public to enter the individual’s name in the public register of representatives or allow the individual to continue as an appointed or provisional representative or to provide that additional type of financial advisory service, as the case may be;
(n)
the Authority has reason to believe that any information or document that is provided by the individual or the individual’s principal to the Authority is false or misleading;
(o)
the individual has contravened any provision of this Act applicable to the individual, any condition or restriction imposed on the individual under this Act or any direction issued to the individual by the Authority under this Act;
(p)
it appears to the Authority that the individual has failed to satisfy any of the individual’s obligations under or arising from —(i)
this Act; or
(ii)
any written direction issued by the Authority under this Act;
(q)
a prohibition order has been made, and remains in force, against the individual;[Act 18 of 2022 wef 31/07/2024]
(r)
the licence of the individual’s principal is revoked;
(s)
the individual fails to pay any fee mentioned in section 28; or
(t)
in the case of the proposed appointment of a provisional representative in respect of a type of financial advisory service —(i)
the individual is not or was not previously licensed, authorised or otherwise regulated as a representative in relation to a comparable type of financial advisory service in a foreign jurisdiction for such minimum period as may be prescribed for this sub‑paragraph;
(ii)
the individual was previously so licensed, authorised or regulated in a foreign jurisdiction but the period between the date of the individual ceasing to be so licensed, authorised or regulated and the date of the individual’s proposed appointment as a provisional representative exceeds such period as may be prescribed for this sub‑paragraph; or
(iii)
the Authority is not satisfied that the laws and practices of the jurisdiction under which the individual is or was so licensed, authorised or regulated provide protection to investors comparable to that applicable to an appointed representative under this Act.[1/2009; 35/2012]
(2) The Authority may, if it considers it desirable to do so —(a)
instead of revoking the status of an individual as an appointed or provisional representative, suspend that status for such period as the Authority may determine; and
(b)
at any time —(i)
extend the period of suspension; or
(ii)
revoke the suspension.[1/2009]
(3) An individual whose status as an appointed or provisional representative has been revoked is deemed not to be an appointed or provisional representative, as the case may be.[1/2009]
(4) Where the status of an individual as an appointed or provisional representative has been suspended, the individual is deemed not to be an appointed or provisional representative (as the case may be) during the period of suspension.[1/2009]
(5) Where the Authority has revoked the status of an individual as an appointed or provisional representative, the Authority must —(a)
indicate against the individual’s name in the public register of representatives that fact, which indication must remain in the register for such period as the Authority considers appropriate; or
(b)
remove the individual’s name from the register.[1/2009]
(6) Where the Authority has suspended the status of an individual as an appointed or provisional representative, the Authority must indicate against the individual’s name in the public register of representatives that fact and the period of the suspension.[1/2009]
(7) Where the Authority has extended or revoked a suspension of the status of an individual as an appointed or provisional representative, the Authority must indicate against the individual’s name in the public register of representatives the new expiry date of the suspension, or indicate that the individual is no longer suspended, as the case may be.[1/2009]
(8) The Authority must not take any action under subsection (1) or (2)(a) on the ground mentioned in subsection (1)(n), if —(a)
in a case where the information or document was provided by the individual to the Authority, the individual proves that he or she had —(i)
made all inquiries (if any) that were reasonable in the circumstances; and
(ii)
after doing so, believed on reasonable grounds that the information or document was not false or misleading; or
(b)
in a case where the information or document was provided by the principal to the Authority and —(i)
such information or document was provided to the principal by the individual, the individual proves that he or she had —(A)
made all inquiries (if any) that were reasonable in the circumstances; and
(B)
after doing so, believed on reasonable grounds that the information or document was not false or misleading; or
(ii)
such information or document was not provided to the principal by the individual, the principal proves that he or she had —(A)
made all inquiries (if any) that were reasonable in the circumstances; and
(B)
after doing so, believed on reasonable grounds that the information or document was not false or misleading.[1/2009]
(9) Subject to subsection (10), the Authority must not take any action under subsection (1) or (2)(a) or (b)(i) without giving the individual an opportunity to be heard.[1/2009]
(10) The Authority may take action under subsection (1) or (2)(a) or (b)(i) on any of the following grounds without giving the individual an opportunity to be heard:(a)
the individual is an undischarged bankrupt, whether in Singapore or elsewhere;
(b)
a prohibition order has been made, and remains in force, against the individual;[Act 18 of 2022 wef 31/07/2024]
(c)
the individual has been convicted, whether in Singapore or elsewhere, of an offence —(i)
involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and
(ii)
punishable with imprisonment for a term of 3 months or more;
(d)
the ground mentioned in subsection (1)(t)(i) or (ii).[1/2009]
(11) Any revocation or suspension by the Authority shall not operate so as to —(a)
avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by such individual, whether the agreement, transaction or arrangement was entered into before, on or after the revocation or suspension, as the case may be; or
(b)
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.[23J
[1/2009]
Power of Authority to impose conditions or restrictions
31.—(1) The Authority may, by written notice to an appointed or provisional representative, impose such conditions or restrictions as it thinks fit on the appointed or provisional representative.[1/2009]
(2) Without limiting subsection (1), the Authority may, in entering the appointed or provisional representative’s name in the public register of representatives, impose conditions or restrictions with respect to the type of financial advisory service which the appointed or provisional representative may or may not provide.[1/2009]
(3) The Authority may, at any time by written notice to the appointed or provisional representative, vary any condition or restriction or impose such further condition or restriction as it may think fit.[1/2009]
(4) Any person who contravenes any condition or restriction imposed by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[23K
[1/2009]
False statements in relation to notification of appointed or provisional representative
32.—(1) Any principal who, in connection with the lodgment of any document under section 26 —(a)
makes a statement which is false or misleading in a material particular; or
(b)
omits to state any matter or thing without which the document is misleading in a material respect,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
[1/2009]
(2) Any individual who, in connection with the lodgment by the individual’s principal of any document under section 26 —(a)
makes a statement to the individual’s principal which is false or misleading in a material particular, being a statement subsequently lodged with the Authority; or
(b)
omits to state any matter or thing to the individual’s principal as a result of which the document is misleading in a material respect,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
[1/2009]
(3) Any person who, when required to provide any document or information to the Authority under section 23(3) or 24(4) (in relation to the application of section 23(3) to a provisional representative) —(a)
makes a statement to the Authority which is false or misleading in a material particular; or
(b)
omits to state any matter or thing to the Authority without which the document or information is misleading in a material respect,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
[1/2009]
(4) A person mentioned in subsection (1), (2) or (3) shall not be guilty of an offence if the person proves that the person —(a)
made all inquiries (if any) that were reasonable in the circumstances; and
(b)
after doing so, believed on reasonable grounds that the statement made or the omission to state the matter or thing (as the case may be) was not false or misleading.[23L
[1/2009]
Appeals
33. Any person who is aggrieved by —(a)
the refusal of the Authority under section 30(1) to enter the person’s name and other particulars in the public register of representatives, or to enter an additional type of financial advisory service for the person in that register; or
(b)
the revocation or suspension of the person’s status as an appointed or provisional representative under section 30(1) or (2)(a),
may, within 30 days after the person is notified of the decision of the Authority, appeal to the Minister whose decision is final.
[23M
[1/2009]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
