MAS Invites Comments on Draft Regulations for Traded Endowment and Traded life Policies
Singapore, 13 June 2005...The Monetary Authority of Singapore (MAS) today released a consultation paper on the draft Financial Advisers (Traded Endowment Policies (TEPs) and Traded Life Policies (TLPs) - Prescribed Investment Products) Regulations 2005.
2 The Regulations prescribe TEPs and TLPs as investment products under the Financial Advisers Act and set out the restrictions that will apply to any financial adviser choosing to distribute TEP/TLPs. They incorporate the policy proposals set out in a previous consultation exercise in November 2003.
3 The provision of any financial advice on TLPs is prohibited to retail investors. Licensed and exempt financial advisers will only be allowed to provide advice on TEPs to the retail market on condition that the subscription amount in such investments is no less than S$20,000. Other specified requirements include:
The requirements are set out in detail in the Schedule to the draft Regulations.