Who needs to register as a regulated dealer?
Any person that:
(a) carries on a business of regulated dealing; or
(b) carries on business as an intermediary for regulated dealing, wholly or partly in Singapore.
Regulated dealing includes:
(a) manufacturing, selling, offering for sale, importing for sale, possessing for sale or purchasing for the purposes of resale any precious stone, precious metal or precious product ("PSPM");
(b) selling any instrument backed by PSPMs that entitles the holder to the PSPM or part of it (e.g. certificates or tokens); or
(c) acting as an intermediary for (a) or (b).
Under the PSPM Act, regulated dealers must apply for registration as a registered dealer.
A self-assessment questionnaire to help you ascertain whether you are a regulated dealer is at https://form.gov.sg/5cd3efbbd64f830010e00ea9. Please note that the contents of the questionnaire do not constitute legal advice. If you are uncertain, you should seek legal advice on whether you need to register.
Related questions
I am a foreign incorporated business/ company/ individual. Do I need to register (e.g. I am the supplier of precious stones and precious metals to a regulated dealer in Singapore. I do not carry out sales in Singapore)?
I am considering registering as a Class A dealer, but I have concerns about potential price fluctuations and future business changes. What happens if I register as a Class A dealer now and my product prices increase due to future market changes or if I want to deal in items priced at S$2,000 or more in the future? Do I need to apply for a new registration under Class B?
Will there be training to help me comply with the regulatory requirements?
Does the Personal Data Protection Act ("PDPA") allow regulated dealers to ask customers for their particulars?
