1、THE STATUTES OF THE REPUBLIC OF SINGAPOREFINANCIAL ADVISERS ACT(CHAPTER 110)(Original Enactment: Act 43 of 2001)REVISED EDITION 2007(31st March 2007)Prepared and Published byTHE LAW REVISION COMMISSIONUNDER THE AUTHORITY OFTHE REVISED EDITION OF THE LAWS ACT (CHAPTER 275)Informal Consolidation versi
2、on in force from 1/7/2015CHAPTER 110Financial Advisers ActARRANGEMENT OF SECTIONSPART IPRELIMINARYSection1. Short title2. Interpretation3. Associated person4. Interest in securities5. Amendment of SchedulesPART IIFINANCIAL ADVISERS AND REPRESENTATIVESDivision 1 Financial Advisers6. Need for financia
3、l advisers licence7. Repealed8. Application for grant of financial advisers licence9. Grounds for refusal to grant financial advisers licence10. Failure to maintain minimum financial requirements orprofessional indemnity insurance policy11. Repealed12. Repealed13. Grant of financial advisers licence
4、14. Licence fees15. Repealed16. Variation of financial advisers licence17. Falsestatements inrelationtoapplication forgrantorvariationoffinancial advisers licence18. Notification of change in particulars19. Lapsing, revocation and suspension of financial advisers licence20. Right of appeal21. Use of
5、 words “financial adviser” or “life insurance broker”22. Holding out as financial adviser23. Exempt financial advisers and their representativesInformal Consolidation version in force from 1/7/201512007 Ed.Section23A. Annual fees payable by exempt financial advisers and certainrepresentativesDivisio
6、n 2 Representatives23B. Acting as representative23C. Appointed representative23D. Provisional representative23E. Offences23F. Lodgment of documents23G. Representative to act for only one principal23H. Lodgment and annual fees23I. Additional financial advisory service23J. Power of Authority to refuse
7、 entry or revoke or suspend status ofappointed or provisional representative23K. Power of Authority to impose conditions or restrictions23L. False statements in relation to notification of appointed orprovisional representative23M. AppealsPART IIICONDUCT OF BUSINESSDivision 1 General24. Repealed25.
8、Obligation to disclose product information to clients26. False or misleading statements, etc., by licensed financialadvisers27. Recommendations by licensed financial advisers28. Receipt of clients money or property29. Obligation to furnish information to Authority30. Saving for validity of transacti
9、onsDivision 2 Life Insurance31. Application of this Division32. Insurance broking premium accounts33. Negotiation and placement of risk with unlicensed insurer34. Representations by licensed financial advisersDivision 3 Securities35. Application of this DivisionFinancial Advisers2007 Ed. CAP.110 2In
10、formal Consolidation version in force from 1/7/2015Section36. Licensed financial adviser to disclose certain interests insecuritiesDivision 4 Appointed and Provisional Representatives37. Business conduct requirements for appointed and provisionalrepresentatives38. to 44. RepealedPART IVACCOUNTS AND
11、AUDITDivision 1 Accounts45. Accounts to be kept by licensed financial advisers46. Duty of licensed financial advisor to furnish Authority withreturns, records and informationDivision 2 Audit47. Appointment of auditors48. Lodgment of annual accounts, etc., by licensed fiinancial adviser49. Reports by
12、 auditor to Authority in certain cases50. Power of Authority to appoint auditor51. Powers of auditor appointed by Authority52. Restriction on auditors and employees right to communicatecertain matters53. Defamation54. Offence to destroy, conceal, alter, etc., records55. Safeguarding of records by li
13、censed financial adviserPART VPOWERS OF AUTHORITY56. Approval of chief executive officer and director of licensedfinancial adviser57. Removal of officer of licensed financial adviser57A. Control of take-over of licensed financial adviser57B. Objection to control of licensed financial adviser58. Powe
14、r of Authority to issue written directions59. Power of Authority to make prohibition orders60. Effect of prohibition orders61. Variation or revocation of prohibition orders62. Date and effect of prohibition ordersFinancial Advisers3 CAP.110 2007 Ed.Informal Consolidation version in force from 1/7/20
15、15Section63. Records to be kept by Authority63A. Records and public register of representatives64. Codes, guidelines, etc., by Authority65. Appointment of assistants66. General provisions as to winding up67. Power of Authority to publish informationPART VISUPERVISION AND INVESTIGATIONDivision 1 Gene
16、ral68. Self-incrimination69. Savings for advocates and solicitorsDivision 2 Inspection Powers of Authority70. Inspection by Authority70A. Confidentiality of inspection reportsDivision 3 Investigative Powers of AuthoritySubdivision (1) General71. Investigation by Authority71A. Confidentiality of inve
17、stigation reportsSubdivision (2) Examination of persons71B. Proceedings at examination71C. Requirement to appear for examination71D. Requirements made of examinee71E. Examination to take place in private71F. Record of examination71G. Giving copies of record to other persons71H. Copies given subject
18、to conditions or restrictions71I. Offences under this SubdivisionSubdivision (3) Powers to obtain information72. Power to order production of books72A. Power to enter premises without warrant73. Warrant to seize books, etc.74. Powers where books are produced or seized75. Powers where books not produ
19、ced76. Offences under this DivisionFinancial Advisers2007 Ed. CAP.110 4Informal Consolidation version in force from 1/7/2015Division 4 Transfer of EvidenceSection76A. Interpretation of this Division76B. Evidence obtained by Authority may be used in criminalinvestigations and proceedingsPART VIIASSIS
20、TANCE TO FOREIGN REGULATORYAUTHORITIES77. Interpretation of this Part78. Conditions for provision of assistance79. Other factors to consider for provision of assistance80. Assistance that may be rendered81. Offences under this Part82. Immunity from criminal or civil liabilityPART VIIIOFFENCES83. Cor
21、porate offenders and unincorporated associations84. Offence by officers85. Falsification of records by officers, etc.86. Duty not to furnish false information to Authority87. General penalty88. Penalty for corporations89. Composition of offences90. Territorial scope of ActPART IXAPPEALS91. Appeals t
22、o Minister92. Appeal Advisory Committees93. Disclosure of information94. Regulations for purposes of this PartPART XMISCELLANEOUS95. Criminal jurisdiction of District Court96. Opportunity to be heard97. Power to reprimand for misconductFinancial Advisers5 CAP.110 2007 Ed.Informal Consolidation versi
23、on in force from 1/7/2015Section98. Power of court to make certain orders99. Power of court to prohibit payment or transfer of moneys,investment products, etc.99A. Injunctions99B. Court may have regard to claimants conduct100. General exemption101. Service of documents, etc.102. Copies or extracts o
24、f books to be admitted in evidence102A. Translations of instruments103. Power to make regulations giving effect to treaty, etc.104. Regulations104A. Regulations to apply Act to persons previously regulated underCommodity Trading Act105. Transitional and savings provisionsFirst Schedule Excluded Fina
25、ncial AdvisersSecond Schedule Types of Financial Advisory ServiceThird Schedule Specified ProvisionsAn Act to regulate financial advisers and their representatives, and forother purposes relating thereto or connected therewith.2/20056th August 2002: Section 105 ;1st October 2002: Sections 1 to 104 P
26、ART IPRELIMINARYShort title1. This Act may be cited as the Financial Advisers Act.Interpretation2.(1) In this Act, unless the context otherwise requires “advocate and solicitor” means an advocate and solicitor of theSupreme Court or a foreign lawyer as defined in section 2(1)of the Legal Profession
27、Act (Cap. 161);Act 35 of 2012 wef 18/03/2013Financial Advisers2007 Ed. CAP.110 6Informal Consolidation version in force from 1/7/2015“appointed representative”, in respect of a type of financialadvisory service, has the meaning given to that expression insection 23C, and “appointed representative” m
28、eans anappointed representative in respect of any type of financialadvisory service;1/2009 wef 26/11/2010“approved holding company” has the same meaning as insection 2(1) of the Securities and Futures Act (Cap. 289);“auditor” means a public accountant who is registered or deemedto be registered unde
29、r the Accountants Act (Cap. 2);“Authority” means the Monetary Authority of Singaporeestablished under the Monetary Authority of Singapore Act(Cap. 186);“book”includesanyrecord,register,documentorotherrecordofinformation and any account or accounting record, howevercompiled, recorded or stored, wheth
30、er in written or printedform or on microfilm or by electronic process or otherwise;“collective investment scheme” has the same meaning as insection 2(1) of the Securities and Futures Act (Cap. 289);“commodity” has the same meaning as in section 2(1) of theSecurities and Futures Act;35/2007 wef 27/02
31、/2008“company” has the same meaning as in section 4(1) of theCompanies Act (Cap. 50);“connected person”, in relation to (a) an individual, means (i) the individuals spouse, son, adopted son, step-son, daughter, adopted daughter, step-daughter,father, step-father, mother, step-mother, brother,step-br
32、other, sister or step-sister; and(ii) a firm, a limited liability partnership or acorporation in which the individual or any ofthe persons mentioned in subparagraph (i) hasFinancial Advisers7 CAP.110 2007 Ed.Informal Consolidation version in force from 1/7/2015control of not less than 20% of the vot
33、ing powerin the firm, limited liability partnership orcorporation, whether such control is exercisedindividually or jointly; or(b) a firm, a limited liability partnership or a corporation,means another firm, limited liability partnership orcorporation in which the first-mentioned firm, limitedliabil
34、ity partnership or corporation has control of notless 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 anotherperson shall be construed accordingly;“corporation” has the same meaning as in section 4(1) o
35、f theCompanies Act;“dealing in securities” has the same meaning as in section 2(1) ofthe Securities and Futures Act (Cap. 289);“director” has the same meaning as in section 4(1) of theCompanies Act;“exempt financial adviser” means a financial adviser who isexempt under section 23(1) from holding a f
36、inancial adviserslicence;“financial adviser” means a person who carries on a business ofproviding any financial advisory service, but does not includeany person specified in the First Schedule;“financial advisers licence” means a licence granted undersection 13 in respect of a financial adviser, and
37、 “licensedfinancial adviser” shall be construed accordingly;1/2009 wef 26/11/2010“financial advisory service” means all or any of the servicesspecified in the Second Schedule;“financial journalist” means a person who contributes adviceconcerning securities, or prepares analyses or reportsconcerning
38、securities, for publication in a newspaper, butFinancial Advisers2007 Ed. CAP.110 8Informal Consolidation version in force from 1/7/2015does not include such person or a person belonging to suchclass of persons as may be prescribed;1/2009 wef 26/11/2010“financial year” has the same meaning as in sec
39、tion 4(1) of theCompanies Act (Cap. 50);“firm” has the same meaning as in section 2(1) of the BusinessRegistration Act (Cap. 32);“futures contract” means (a) a contract the effect of which is that (i) one party agrees to deliver a specifiedcommodity, or a specified quantity of aspecified commodity,
40、to another party at aspecified future time and at a specified pricepayable at that time pursuant to the terms andconditions set out in the business rules orpractices of a futures market; or(ii) the parties will discharge their obligations underthe contract by settling the difference betweenthe value
41、 of a specified quantity of a specifiedcommodity agreed at the time of the making ofthe contract and at a specified future time, suchdifference being determined in accordance withthe business rules or practices of a futures marketat which the contract is made,and includes a futures option transactio
42、n within themeaning of section 2(1) of the Securities and FuturesAct (Cap. 289); or(b) such other contract or class of contracts as the Authoritymay prescribe,but does not include such contract or class of contracts as theAuthority may prescribe;1/2009 wef 26/11/2010“futures exchange” has the same m
43、eaning as in section 2(1) ofthe Securities and Futures Act;Financial Advisers9 CAP.110 2007 Ed.Informal Consolidation version in force from 1/7/2015“investment product” means (a) any capital markets product as defined in section 2(1) ofthe Securities and Futures Act;(b) any life policy; or(c) any ot
44、her product as may be prescribed;“leveragedforeignexchangetrading”hasthesamemeaningasinsection 2(1) of the Securities and Futures Act;“licensed insurer” means an insurer who is for the time beinglicensed under section 8 of the Insurance Act (Cap. 142);Act 11 of 2013 wef 18/04/2013“life policy” has t
45、he same meaning as in the First Schedule to theInsurance Act (Cap. 142),butdoesnotinclude anycontract ofreinsurance;“limited liability partnership” has the same meaning as insection 2(1) of the Limited Liability Partnerships Act(Cap. 163A);“manager” and “partner”, in relation to a limited liabilityp
46、artnership, have the respective meanings assigned to themin section 2(1) of the Limited Liability Partnerships Act;“newspaper” has the same meaning as in section 2(1) of theNewspaper and Printing Presses Act (Cap. 206);“officer” has the same meaning as in section 4(1) of theCompanies Act (Cap. 50);“
47、prescribed written law” means this Act, or any of the followingwritten laws and any subsidiary legislation made thereunder:(a) Banking Act (Cap. 19);(b) Finance Companies Act (Cap. 108);(c) Insurance Act (Cap. 142);(d) Monetary Authority of Singapore Act (Cap. 186);(e) Money-changing and Remittance
48、Businesses Act(Cap. 187);Financial Advisers2007 Ed. CAP.110 10Informal Consolidation version in force from 1/7/2015(f) Securities and Futures Act (Cap. 289); or(g) such other written law as the Authority may prescribe;“principal”, in relation to a representative, means a person whomthe representativ
49、e is in the direct employment of, is acting foror is acting by arrangement with, and on behalf of whom therepresentative provides or will provide any financial advisoryservice;Act 35 of 2012 wef 18/03/2013“provisional representative”, in respect of a type of financialadvisory service, has the meaning given to that expression insection 23D, and “provisional representative” means aprovisional representative in respect of any type of financialadvisory service;1/2009 wef 26/11/2010“pub
