MAS Notice SFA 04-N07 — Notice on Prohibited Representations Made by Exempt Persons Under the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10)¶
Notice No: SFA 04-N07 Issue Date: 5 September 2005 [Last revised on 5 October 2018]
Applies to: Exempt Corporate Finance Adviser Serving Accredited Investors, Exempt Futures Broker, Exempt OTC Derivatives Broker.
Introduction¶
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This Notice is issued pursuant to section 101 of the Securities and Futures Act (Cap. 289) [the "Act"] to exempt persons.
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This Notice sets out certain prohibitions in respect of representations made by exempt persons regarding their exempt status.
Definitions¶
- For the purposes of this Notice:
"exempt person" means a person exempted from holding a capital markets services ["CMS"] licence under paragraph 3(1)(d), 3A(1)(d) or 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10) [the "SFR"];
"qualified investors" has the same meaning as in paragraph 5(3) of the Second Schedule to the SFR.
Prohibited Representations¶
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Exempt persons are exempted from the requirement to hold a CMS licence for the conduct of regulated activities under the Act, subject to the conditions specified in the Second Schedule to the SFR.
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An exempt person shall not represent itself, nor cause to be represented, as being licensed, regulated, supervised or registered by the Monetary Authority of Singapore ["MAS"], whether verbally or in writing.