Overview of Capital Markets Services in Singapore

What type of financial services are regulated in Singapore? Who needs a Capital Markets Services licence?


  • Regulated activities under the Securities and Futures Act (Cap. 289), and financial advisory services under the Financial Advisers Act (Cap. 110).

    Regulated activities under the Securities and Futures Act (Cap. 289), and financial advisory services under the Financial Advisers Act (Cap. 110), including the following:

    1. Dealing in capital markets products
    2. Advising on corporate finance
    3. Fund management
    4. Real estate investment trust management
    5. Product financing
    6. Providing credit rating services
    7. Providing custodial services
    8. Financial advisory services"

    Second Schedule of the Securities and Futures Act (Cap. 289)
    Second Schedule of the Financial Advisers Act (Cap. 110)


  • A Capital Markets Services ("CMS") licence is required to conduct activities regulated under the Securities and Futures Act ("SFA").

    Regulated activities include the following:

    • Dealing in capital markets products
    • Advising on corporate finance
    • Fund management
    • Real estate investment trust management
    • Product financing
    • Providing credit rating services
    • Providing custodial services for securities

    Individuals conducting regulated activities on behalf of CMS licensees or exempt CMS entites (such as banks) need to be appointed as representatives.

    Examples of companies who may be required to hold a CMS licence include:

    1. Broker-dealers
    2. Corporate finance advisers;
    3. Credit rating agencies;
    4. Real estate investment trust (REIT) managers;
    5. Fund managers;
    6. Securities-based crowdfunding (SCF) operators.