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CAPITAL MARKETS-LICENSING, UNIT TRUSTS, PROSPECTUSES


Financial Advisers


1.
What types of activities are regulated and require licensing under the Financial  Advisers Act [“FAA”]?

The types of financial advisory services regulated under the FAA are as follows:

a) advising others concerning any investment product;
b) issuing or promulgating analyses or reports concerning any investment product;
c) marketing of any collective investment scheme including unit trusts; and
d) arranging of any contract of insurance in respect of life policies.

The regulated activities are defined in the FAA available on MAS’ website.

Except for those who are specifically exempted, any corporation which carries on the business of providing any of the financial advisory services under the FAA is required to obtain a financial adviser [“FA”]’s licence. Any individual who provides financial advisory services on behalf of a licensed FA or exempt FA under section 23(1)(a) to (e) must be appointed as its appointed or provisional representative, unless otherwise exempted. For information on exemptions/exclusions from licensing, please refer to the FAA, Financial Advisers Regulations and the FAQs.

2.
How could I apply for a FA licence?

A corporation that wishes to apply for a FA licence may refer to the Guidelines on Criteria for the Grant of a Financial Adviser’s Licence (Guideline No. FAA-G01) and the Guidelines on Licence Applications, Representative Notification and Payment of Fees (Guideline No. CMG-G01) available in the Licensing Guide on MAS’ Website.

3.
How could I become a representative of licensed financial adviser or exempt financial institution?
Individuals who wish to provide financial advisory services on behalf of a licensed financial adviser or a bank, merchant bank, insurer, reinsurer or insurance intermediary exempted from licensing under section 23(1)(a) to (e) of the FAA is required to be appointed as an appointed or provisional representative under the Representative Notification Framework. The principal company which intends to appoint the individual would need to notify MAS of such appointment and certify that the individual is fit and proper via the Corporations and Representatives System [“CoRe system”].

For an individual who wishes to be appointed as an appointed or provisional representative, you could refer to the Guidelines on Licence Applications, Representative Notification and Payment of Fees (Guideline No. CMG-G01), the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (Notice No. FAA-N13) and the Notice on Entry Requirements of a Provisional Representative (Notice No. FAA-N12), and the Guidelines on Fit and Proper Criteria (Guideline No. FSG-G01). As such appointment requires the support of your principal company, you should check with your principal company if you have any queries.

The aforementioned notices and guidelines can be found in the Licensing Guide on MAS’ website.
4.
How long would MAS take to process a licensing application?

MAS will take approximately 4 months to process and approve an application. To expedite the review process, an applicant should satisfy itself that it fully meets the admission criteria, and has ensured that the application is complete, free of errors or inconsistencies, and is accompanied by the requisite supporting documents as stated in the application form.

 

MAS reserves the right not to process an application or to terminate the processing of an application where the applicant is unable to meet the admission criteria, when there are significant information gaps or inconsistencies, or when the applicant is unable to satisfactorily address MAS’ queries in a timely manner. The applicant may re-submit a fresh application to MAS when it is ready to do so.

5.
Where can I find other FAQs on licensing and regulatory requirements for Financial Advisers and their representatives under the FAA, the Financial Advisers Regulations, Notices and Guidelines?
For more FAQs, you may refer to this link, including questions about minimum entry and examination requirements for representatives of a Financial Adviser.

 
If you are unable to find an answer to your query, please submit your Feedback to let us know how we can help you.

Our related sites:

MoneySENSE
MoneySENSE

MoneySENSE is a national financial education programme that aims to enhance the basic financial literacy of consumers. This website shares guides and tips on topics relating to various financial topics.

MASNet
MASNet

MASNET provides the financial sector in Singapore with a single communications network to improve workflow collaboration and coordination.

Opera
Opera

OPERA is an on-line database hosting information and documents on public offers of shares, debentures and collective investment schemes.

SGS
SGS

The Singapore Government Securities (SGS) website provides individual investors a general overview of the SGS market.

Securities Industry Council
Securities Industry Council

The Securities Industry Council administers and enforces the Take-over Code and has powers under the law to investigate any dealing in securities that is connected with a take-over or merger transaction.

CISNet
CISNet

CISNet allows fund managers or their appointed agents to notify MAS online of their intention to offer collective investment schemes to accredited and other investors under the Securities and Futures Act.

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