MAS REPRIMANDS MR LAU SEE YONG FOR A CONTRAVENTION OF SECTION 12(1) OF THE FINANCIAL ADVISERS ACT (CAP. 110) [“FAA”]
1 On 14 April 2011, MAS reprimanded Mr Lau See Yong for contravention of section 12(1), read with section 23(5) of the FAA1. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations2. Mr Lau had been acting as an exempt financial adviser representative of both Target Insurance Brokers Pte Ltd [“TIBPL”] and Magnetron Insurance & Financial Services Pte Ltd [“MIFSPL”] from 5 November 2007 to 31 January 2008.
2 TIBPL is an insurance broker registered under the Insurance Act. TIBPL is also exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA.
3 MIFSPL is an insurance broker registered under the Insurance Act. MIFSPL was also previously exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA. However, MIFSPL’s exemption was withdrawn by MAS on 22 January 2009. Hence, MIFSPL is no longer permitted to provide financial advisory services in Singapore.
MAS expects all representatives of a licensed or exempt financial adviser to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their appointments at all times.
MAS REPRIMANDS MR TAN CHONG BOON FOR A CONTRAVENTION OF SECTION 12(1) OF THE FINANCIAL ADVISERS ACT (CAP. 110) [“FAA”]
1 On 14 April 2011, MAS reprimanded Mr Tan Chong Boon for contravention of section 12(1), read with section 23(5) of the FAA1. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations2. Mr Tan had been acting as an exempt financial adviser representative of Magnetron Insurance & Financial Services Pte Ltd [“MIFSPL”] and a licensed representative of Jpara Solutions Pte Ltd [“JSPL”] from 17 December 2007 to 9 January 2008.
2 JSPL is a licensed financial adviser under the FAA.
3 MIFSPL is an insurance broker registered under the Insurance Act. MIFSPL was also previously exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA. However, MIFSPL’s exemption was withdrawn by MAS on 22 January 2009. Hence, MIFSPL is no longer permitted to provide financial advisory services in Singapore.
MAS expects all representatives of a licensed or exempt financial adviser to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their appointments at all times.
Notes:
1 Sections 12(1) and 23(5) of the FAA were repealed as of 26 November 2010. On the same day, section 23G of the FAA came into force prohibiting a representative from acting for more than one principal at any one time unless the principals are related. Also on the same day, MAS launched the Representative Notification Framework [“RNF”], under which financial institutions have to notify MAS when they intend to appoint a representative to provide financial advisory services under the FAA.
2 “Related corporations” is as defined under section 2 of the FAA.
Notes:
1 Sections 12(1) and 23(5) of the FAA were repealed as of 26 November 2010. On the same day, section 23G of the FAA came into force prohibiting a representative from acting for more than one principal at any one time unless the principals are related. Also on the same day, MAS launched the Representative Notification Framework [“RNF”], under which financial institutions have to notify MAS when they intend to appoint a representative to provide financial advisory services under the FAA.
2 “Related corporations” is as defined under section 2 of the FAA.
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