SCI M5 RES5 Practice Questions - SCI Module 5 RES5 Rules, Ethics And Skills For Financial Advisory Services Exam

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Under Section 6(1) of the Financial Advisers Act (FAA), what is the legal consequence for an individual who carries on a business of providing financial advisory services in Singapore without holding a financial adviser's licence or being exempt?

A administrative warning letter issued by MAS without any criminal liability An offence punishable upon conviction by a fine not exceeding $25,000 or imprisonment for a term not exceeding 12 months or both A mandatory suspension of all personal bank accounts for up to five years A civil penalty of double the total revenue earned during the period of unlicensed operation

Correct Answer:

An offence punishable upon conviction by a fine not exceeding $25,000 or imprisonment for a term not exceeding 12 months or both

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