§ 200 — Amendment of Financial Advisers Act 2001

200.—(1) Section 2(1) of the Financial Advisers Act 2001 is amended —(a)

by inserting, immediately after paragraph (b) of the definition of “prescribed written law”, the following paragraph:“(ba)

Financial Services and Markets Act 2022;”; and

(b)

by inserting, immediately after the definition of “principal”, the following definition:“ “prohibition order” means, unless the context otherwise requires —(a)

a prohibition order made under section 68(1) as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022; or

(c)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) The Financial Advisers Act 2001 is amended by deleting the words “under section 68 has been made by the Authority” in the following provisions and substituting in each case the words “has been made”:

Section 8(1)(l) and (4)(c)

Section 15(2)(g) and (5)(c)

Section 30(1)(q) and (10)(b)

Section 63(7)(b)

Section 64(4)(b)

Section 66(2)(c).

(3) The Financial Advisers Act 2001 is amended by deleting the words “under section 68” in the following provisions:

Section 11(2)(c)

Section 21(2)(a)(iii) and (b)(iii)

Section 23(4)(c).

(4) Section 64(1) of the Financial Advisers Act 2001 is amended by deleting the words “under section 68 made by the Authority” in paragraph (g) and substituting the word “made”.

(5) The Financial Advisers Act 2001 is amended by repealing the following sections:

Section 68

Section 69

Section 70

Section 71.

(6) Section 72(2) of the Financial Advisers Act 2001 is amended by deleting the words “are made under section 68” and substituting the words “had been made under section 68 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022 or as continued by section 217(2) of that Act”.

(7) Section 77 of the Financial Advisers Act 2001 is amended by inserting, immediately after the words “section 68” in paragraph (c), the words “as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022 or as continued by section 217(2) of that Act”.

(8) Section 82 of the Financial Advisers Act 2001 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.

(9) Section 105 of the Financial Advisers Act 2001 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.

—(1) Section 2(1) of the Financial Advisers Act 2001 is amended —(a)

by inserting, immediately after paragraph (b) of the definition of “prescribed written law”, the following paragraph:“(ba)

Financial Services and Markets Act 2022;”; and

(b)

by inserting, immediately after the definition of “principal”, the following definition:“ “prohibition order” means, unless the context otherwise requires —(a)

a prohibition order made under section 68(1) as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;

(b)

a prohibition order made under section 68(1) as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022; or

(c)

a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.

(2) The Financial Advisers Act 2001 is amended by deleting the words “under section 68 has been made by the Authority” in the following provisions and substituting in each case the words “has been made”:

Section 8(1)(l) and (4)(c)

Section 15(2)(g) and (5)(c)

Section 30(1)(q) and (10)(b)

Section 63(7)(b)

Section 64(4)(b)

Section 66(2)(c).

(3) The Financial Advisers Act 2001 is amended by deleting the words “under section 68” in the following provisions:

Section 11(2)(c)

Section 21(2)(a)(iii) and (b)(iii)

Section 23(4)(c).

(4) Section 64(1) of the Financial Advisers Act 2001 is amended by deleting the words “under section 68 made by the Authority” in paragraph (g) and substituting the word “made”.

(5) The Financial Advisers Act 2001 is amended by repealing the following sections:

Section 68

Section 69

Section 70

Section 71.

(6) Section 72(2) of the Financial Advisers Act 2001 is amended by deleting the words “are made under section 68” and substituting the words “had been made under section 68 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022 or as continued by section 217(2) of that Act”.

(7) Section 77 of the Financial Advisers Act 2001 is amended by inserting, immediately after the words “section 68” in paragraph (c), the words “as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022 or as continued by section 217(2) of that Act”.

(8) Section 82 of the Financial Advisers Act 2001 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.

(9) Section 105 of the Financial Advisers Act 2001 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.