Regulatory Alerts2010-11-26
Added
Guidelines for Exemption for Specialised Units Serving High Net Worth Individuals under Section 100(2) of the Financial Advisers Act
The Monetary Authority of Singapore issues these guidelines to outline the criteria for granting case-by-case exemptions under Section 100(2) of the Financial Advisers Act to specialized units serving high net worth individuals. The Authority assesses applications based on client eligibility, the applicant's track record, internal risk policies, and the range of services offered, while requiring the unit to remain distinct from other operations. Approved exemptions are subject to conditions including mandatory disclosure of the adviser's exempt status to clients and any other specific requirements imposed by the Authority.
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