This note is not part of the order, but is intended to indicate its general effect.
This order brings into force, in specified stages, the provisions of the Financial Advisers Act 2008 (FAA) that are not already in force.
The transitional scheme for financial advisers under this order, when taken together with the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 and the Financial Service Providers and Financial Advisers Transitional Regulations 2010 (the Transitional Regulations), is as follows:
(c) on and from 1 April 2011, it becomes mandatory for financial advisers to be registered under the FSP Act. Accordingly, any person seeking to rely on a grant of QFE status to avoid the need to register its employees and nominated representatives must have that status granted by this date. At this time, the FSP Act is fully in force:
This order does not apply to sections 116 and 161A of the FAA on the basis that these provisions are redundant because they relate to provisions that have been repealed and have no operative effect.
Date of notification in Gazette: 12 August 2010.
This order is administered by the Ministry of Economic Development.