Regulations for all Capital Markets Services

Are there minimum entry and examination requirements for representatives of holders of CMS licence?

Yes. MAS Notice SFA 04-N09 sets out the entry, examination and continuing education requirements for representatives, and the obligations of the financial institutions regarding their representatives. 

According to MAS (Notices)
last revised 8 April 2020

This Notice is issued pursuant to section 101 of the Securities and Futures Act (Cap. 289) (the “Act”) to the holders of a capital markets services (“CMS”) licence, exempt financial institutions (“exempt FIs”) and appointed representatives. The earlier Notice (SFA 04-N06) issued on 1 August 2008 on the same subject is cancelled. [SFA 04-N09 (Amendment) 2010] [SFA 04-N09 (Amendment) 2011]

1A This Notice does not apply to venture capital fund managers. [SFA 04-N09 (Amendment) 2017]

2 This Notice sets out the following:

(a) minimum entry requirements for appointed representatives under the Act; [SFA 04-N09 (Amendment) 2010]

(b) application of the Capital Markets and Financial Advisory Services Examination requirements to individuals intending to conduct regulated activities as appointed representatives under the Act; [SFA 04-N09 (Amendment) 2010] [SFA 04-N09 (Amendment) 2018]

(c) circumstances under which the CMFAS Exam requirements do not apply;

(d) obligations of CMS licence holders and exempt FIs; and

(e) continuing professional development for appointed representatives. [SFA 04-N09 (Amendment) 2010] [SFA 04-N09 (Amendment) 2018]