Regulations for representatives

A representative can be representative for one principal only (sec. 99J(1) SFA), unless the principals are related companies (sec. 99J(2) SFA).

Hereby, “principal means a person whom the representative is in the direct employment of, is acting for or is acting by arrangement with, and on behalf of whom the representative carries or will carry out any” regulated activity / financial advisory service (sec. 2(1) SFA, sec. 2(1) FAA)

Considering that representatives can work under various arrangements (sec. 99J(1) SFA) and there is no indication that they must work full-time for the financial institution, we take the view that a representative could even work part-time or non-exclusively for the financial institution (as long as he/she is a representative for one principal only or for related principals).