MAS Reprimands Mr Lim Ming How for Contravention of Section 23B(1) of the Financial Advisers Act (CAP. 110) ["FAA"] and Section 99B(1) of the Securities and Futures Act (CAP. 289) ["SFA"]

1          On 20 June 2012, MAS reprimanded Mr Lim Ming How ("Mr Lim") for contravention of section 23B(1) of the FAA and section 99B(1) of the SFA.

2          Section 23B(1) of the FAA stipulates that no person shall act as a representative in respect of any type of financial advisory service under the FAA, or hold himself out as doing so, unless he is, amongst others, an appointed or provisional representative in respect of that type of financial advisory service.

3          Section 99B(1) of the SFA stipulates that no person shall act as a representative in respect of any type of regulated activity under the SFA, or hold himself out as doing so, unless he is, amongst others, an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity.

4          Mr Lim has contravened section 23B(1) of the FAA as he had acted as a representative in respect of the financial advisory service of advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product under the FAA, or had held himself out as doing so, when he was not an appointed or provisional representative in respect of that type of financial advisory service during the period between 8 April 2011 and 6 May 2011.

5          Similarly, Mr Lim has contravened section 99B(1) of the SFA as he had acted as a representative in respect of the regulated activity of dealing in securities, or had held himself out as doing so, when he was not an appointed representative, provisional representative or temporary representative for the regulated activity of dealing in securities during the period between 8 April 2011 and 6 May 2011.

MAS expects any individual conducting any type of financial advisory service under the FAA or any regulated activity under the SFA, on behalf of the individual’s principal, to be an appointed, provisional or temporary representative in respect of that type of financial advisory service or regulated activity.

Last Modified on 26/11/2016