Regulatory Alerts2010-11-26
Added
Notice on Appointment and Use of Introducers by Financial Advisers
The Monetary Authority of Singapore issued Notice FAA-N02 to establish regulatory standards for licensed financial advisers and exempt persons regarding the appointment and use of introducers. The notice mandates that financial advisers implement adequate control systems, execute written agreements, and provide specific disclosure scripts to ensure introducers do not provide financial advice or handle client funds. It further requires the maintenance of a detailed register of all appointed introducers and imposes penalties for non-compliance with these conduct requirements.
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