Statute Details
- Title: Securities and Futures (Representatives) (Transitional and Savings Provisions) Regulations 2010
- Act Code: S712-2010
- Type: Subsidiary legislation (SL)
- Enacting authority: Monetary Authority of Singapore (MAS)
- Enabling provision: Made under section 120 of the Securities and Futures (Amendment) Act 2009
- Commencement: 26 November 2010
- Status: Current version (as at 27 Mar 2026)
- Key provisions (from extract): Regulations 1–7
- Key sections highlighted:
- Regulation 2: Definitions (including “Act”, “licensed representative”, “licensed temporary representative”, “exempt financial institution”, “exempt representative”)
- Regulation 3: Pending applications (deemed lodgment/notification; treatment of fees; timing and exceptions)
- Regulation 4: Return of licences to Authority (deadlines; offence for non-compliance)
- Regulation 5: Deemed appointment/temporary representative status (including suspended licences and exempt representatives)
- Regulation 6: Continuation and completion of proceedings (not fully shown in extract)
- Regulation 7: Power to make prohibition orders against other persons (not fully shown in extract)
What Is This Legislation About?
The Securities and Futures (Representatives) (Transitional and Savings Provisions) Regulations 2010 (“Representatives Transitional Regulations”) are designed to manage a regulatory transition in Singapore’s capital markets licensing regime for individuals who act as “representatives” of licensed (or exempt) financial institutions. In practical terms, the Regulations ensure that when the legislative framework changed on 26 November 2010, existing licences, pending applications, and ongoing regulatory processes did not collapse or become unworkable.
Before the transition, individuals were licensed as “licensed representatives” or “licensed temporary representatives” under the Securities and Futures Act (Cap. 289) (“SFA”). After the transition, the regime refers to “appointed representatives” and “temporary representatives” (and also contemplates “exempt representatives” for exempt financial institutions). The Regulations provide continuity: they deem certain individuals to have the new status, they allow pending applications to be treated as if the new documentation had been lodged, and they require the return of old licences to MAS.
Although the Regulations are transitional in nature, they are legally significant because they determine (i) who is authorised to carry out regulated activities during and after the transition, (ii) what procedural steps are deemed to have occurred, (iii) what fees are waived or payable, and (iv) how enforcement powers may be exercised in relation to persons connected to representatives. For practitioners, the Regulations are a “bridge” between two licensing architectures.
What Are the Key Provisions?
1. Commencement and definitions (Regulations 1–2)
Regulation 1 provides the citation and commencement: the Regulations come into operation on 26 November 2010. Regulation 2 defines key terms used throughout, including the “Act” (the SFA), and the categories of individuals and institutions relevant to the transition. Notably, it defines:
- “licensed representative” as the holder of a licence granted under section 87 of the SFA in force immediately before 26 November 2010;
- “licensed temporary representative” as the holder of a licence granted under section 87A in force immediately before 26 November 2010;
- “exempt financial institution” and “exempt representative” (representatives carrying out regulated activity on behalf of an exempt financial institution for a type of regulated activity that is itself exempt).
These definitions matter because the transitional outcomes in later regulations depend on which “bucket” the individual fell into immediately before the cutover date.
2. Pending applications: deemed lodgment/notification and fee treatment (Regulation 3)
Regulation 3 is the heart of the transitional scheme for applications that were not yet decided as at 26 November 2010. It addresses both applications for licences under the pre-transition provisions and applications to add regulated activities.
(a) Applications for grant of licences (Regulation 3(1) and (2))
If an individual had applied for a licence under section 87 (for a “licensed representative”) or section 87A (for a “licensed temporary representative”) and the application was still pending on 26 November 2010, then—unless MAS notifies otherwise in writing—the principal is deemed to have lodged specified documents with MAS to appoint the individual as an appointed representative or temporary representative, respectively. MAS may then enter or refuse to enter the individual’s particulars in the public register in accordance with the relevant provisions of the SFA (sections 99H(2) or 99M for appointed representatives; and similarly for temporary representatives).
(b) Exceptions: notification of errors or changes (Regulation 3(3))
Regulation 3(3) prevents the deemed lodgment mechanism from operating where the individual notifies MAS (before MAS takes action) of errors or changes to certain particulars—specifically name, identification number (NRIC/passport/FIN), date of birth, and gender. This is a practical safeguard: it ensures that the deemed administrative step does not lock in incorrect identity data.
(c) Adding regulated activities: deemed notice by the principal (Regulation 3(4))
Regulation 3(4) addresses a common scenario: an individual whose licence was not suspended immediately before 26 November 2010, who had applied under section 90(1) to add a regulated activity to an existing licence, and whose application was still pending on the cutover date. Unless MAS notifies otherwise, the principal is deemed to have lodged a notice of intention to appoint the individual as an appointed representative for the additional type of regulated activity. MAS may accordingly update the public register.
(d) Fees and timing (Regulation 3(5)–(6))
Regulation 3(5) provides that certain fees are not payable for the deemed lodgment/notification steps. Specifically, the fee under section 99K(1) of the SFA is not payable for deemed lodgment under Regulation 3(1) or (2), and the fee under section 99L(5) is not payable for deemed notification under Regulation 3(4).
However, Regulation 3(6) imposes a timing obligation on the individual: by the time specified by MAS, the individual must pay the applicable application fee specified in the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10) in force immediately before 26 November 2010, if they have not already done so. MAS may refuse to take action under the relevant SFA provisions unless the fee is paid by the specified time.
(e) Clarification on applicability of certain SFA provisions (Regulation 3(7))
For avoidance of doubt, sections 99H(4) and (5) and 99O of the SFA do not apply to the deemed lodgment/notification under Regulation 3(1), (2), or (4). This limits the legal consequences that would otherwise attach to those sections, ensuring the transitional mechanism operates as intended.
3. Return of licences: deadlines and offence (Regulation 4)
Regulation 4 requires a clean administrative reset. Every licensed representative and licensed temporary representative must return their licence to their principal no later than 14 days from 26 November 2010. The principal must then, within one month from 26 November 2010, return all returned licences to MAS and furnish a list of the names of representatives who have returned their licences.
Crucially, Regulation 4(3) creates an offence for representatives who fail to comply without reasonable excuse. The penalty on conviction is a fine not exceeding $25,000. For practitioners, this is a compliance risk point: even though the Regulations are transitional, they impose real obligations with criminal exposure.
4. Deemed appointment/temporary representative status (Regulation 5)
Regulation 5 provides the substantive continuity of authorisation. It deems certain individuals to be appointed representatives or temporary representatives with effect from 26 November 2010.
(a) Deemed appointed representatives (Regulation 5(1))
An individual is deemed to be an appointed representative (for the type of regulated activity for which he was licensed, or for which his principal was an exempt financial institution) if, immediately before 26 November 2010:
- the individual was a licensed representative whose licence was not under suspension and who was not subject to a prohibition order under section 95(6) of the SFA in force immediately before that date; or
- the individual’s renewal application under section 87 was still pending; or
- the individual was an exempt representative of an exempt financial institution whose particulars had been notified to MAS by the specified date and in the specified form.
(b) Deemed temporary representatives (Regulation 5(2))
An individual who was a licensed temporary representative whose licence was not under suspension is deemed to be a temporary representative in respect of the type of regulated activity for which he was licensed.
(c) Suspended licences (Regulation 5(3) and onward)
Where a licensed representative or licensed temporary representative’s licence was under suspension immediately before 26 November 2010, Regulation 5(3) provides that, at the end of the suspension period (or such further period as MAS considers desirable), the individual will be deemed to be an appointed representative or temporary representative (as the case may be) for the regulated activity for which he was licensed.
The extract indicates that Regulation 5(4) then addresses the duration of temporary representative status for those deemed under Regulation 5(2) or (3), to be specified against the individual’s name in the public register. This reflects a key operational point: even where status is “deemed”, MAS retains control over the period and public register entries.
5. Further transitional mechanics: continuation of proceedings and prohibition orders (Regulations 6–7)
While the provided extract truncates the text for Regulations 6 and 7, the enacting formula and headings show that:
- Regulation 6 concerns continuation and completion of proceedings—ensuring that regulatory or enforcement processes started under the old framework can continue under the new framework without procedural invalidity.
- Regulation 7 provides power to make prohibition orders against other persons—suggesting that MAS may extend certain prohibition mechanisms beyond the directly licensed representative, likely to connected persons where the transitional regime requires it.
For counsel, these provisions are important because they preserve enforcement continuity and prevent technical arguments that proceedings should restart due to the transitional change.
How Is This Legislation Structured?
The Regulations are short and focused, comprising seven regulations:
- Regulation 1: Citation and commencement (26 November 2010).
- Regulation 2: Definitions of key terms used across the transitional scheme.
- Regulation 3: Pending applications—deemed lodgment/notification, exceptions for identity changes, fee treatment, and timing for payment.
- Regulation 4: Return of licences—deadlines for representatives and principals, and an offence for non-compliance.
- Regulation 5: Deemed appointment/temporary representative status—covering non-suspended licences, suspended licences, and exempt representatives.
- Regulation 6: Continuation and completion of proceedings (transitional procedural continuity).
- Regulation 7: Power to make prohibition orders against other persons (transitional enforcement power).
Who Does This Legislation Apply To?
The Regulations primarily apply to individuals who were licensed representatives or licensed temporary representatives under the SFA immediately before 26 November 2010, as well as to their principals (licensed or exempt financial institutions) and to applicants whose applications were pending at that date.
They also apply to exempt financial institutions and their representatives, but only in the specific circumstances where the institution’s exempt status and the representative’s particulars were notified to MAS in the prescribed manner and by the prescribed date. In addition, the Regulations indirectly affect MAS’s administrative actions (such as entries in the public register) and the enforcement landscape (including prohibition orders and continuation of proceedings).
Why Is This Legislation Important?
For practitioners, the key value of the Representatives Transitional Regulations is that they determine authorisation continuity and administrative regularity during a regulatory changeover. Without such provisions, individuals could face uncertainty about whether they remain authorised to carry out regulated activities, and principals could face uncertainty about whether they have properly appointed representatives under the new regime.
Second, the Regulations create clear compliance deadlines and consequences. Regulation 4’s requirement to return licences, coupled with a criminal offence for representatives who fail without reasonable excuse, means that transitional compliance was not merely administrative—it carried legal risk.
Third, the deemed lodgment/notification provisions in Regulation 3 are operationally critical. They prevent pending applications from being stranded by the legislative shift, but they also impose conditions: identity changes must be notified before MAS acts, fees must be paid by specified times, and certain SFA provisions are expressly excluded for deemed steps. Counsel advising principals and representatives must therefore map the transitional facts (status, suspension, pending application type) to the correct deemed outcome.
Related Legislation
- Securities and Futures Act (Cap. 289) (including sections referenced: 87, 87A, 90, 95(6), 99H, 99K, 99L, 99M, 99O, and the transitional licensing framework)
- Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10) (referenced for application fees)
- Futures Act (listed as related legislation in the provided metadata)
Source Documents
This article provides an overview of the Securities and Futures (Representatives) (Transitional and Savings Provisions) Regulations 2010 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.