Showing 23 Q&A Sections for "CMS"

  • Regulations for Financial Advisory Services
    • Singapore
      • Can a financial adviser distribute capital markets products?
        in capital markets products that are specified products other than OTC derivatives contracts by passing on an order to purchase or sell any specified product (other than an OTC derivatives contract) on behalf of a customer to whom the financial adviser provides a financial advisory service mentioned in paragraph 1 or 2 of the Second Schedule to the Financial Advisers Act (Cap. 110) (whether or not the customer relies on the advice given as part of the financial advisory service) to a holder of a capital
        KGP Legal LLC
  • Regulations for all Capital Markets Services
    • Singapore
      • Exemption from CMS licence requirement for providing custodial services
        Persons who are exempted under Paragraph 6(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations. Persons who are exempted under Paragraph 6(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations, including but not limited to the following, subject to specified conditions and restrictions: a. A trustee of a qualified arrangement in respect of specified products when carrying out his duties or managing and administering
        KGP Legal LLC
      • Exemption from the requirement for CMS licence holders to send monthly/quarterly statement of accounts to customers
        On the monthly statements, CMS licence holders are not required to send monthly statements to customers if there is no change to the particulars (as specified in Regulation 40(2) of the SF(LCB)R) since the date the last statement was made up to. This means that as long as there is a change to the particulars, the CMS licence holders will have to send the monthly statements, unless they fall within the exemption described in Q54.
        FinReg
      • Exemption from CMS licence requirement for dealing in capital markets products
        Persons who are exempted under Paragraph 2(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations Persons who are exempted under Paragraph 2(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations, including but not limited to the following: a. A person when carrying on business in dealing in such capital markets products for his own account, or an account belonging to and maintained wholly for the benefit of a
        KGP Legal LLC
      • Are there minimum entry and examination requirements for representatives of holders of CMS licence?
        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.
        FinReg
  • Approved Exchange / Recognised Market Operator licence
    • Singapore
      • Licensing exemption for market operators
        For instance, if the holder of a capital market services licence operates a market, MAS may choose not to regulate the market operator as an approved exchange or RMO, but instead impose appropriate conditions under the exemption; or (b) where the market poses little risk to the regulatory objectives of MAS and its failure would cause little or limited impact to the financial sector in general.
        FinReg
  • Overview of Capital Markets Services in Singapore
  • Regulations for crypto funds
    • Singapore
      • Regulated advisory services related to Cryptocurrency/digital tokens in Singapore
        Financial advisory services under the Financial Advisers Act (Cap. 110). Financial advisory services under the Financial Advisers Act (Cap. 110) which includes advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product, or advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product. Investment product refers
        KGP Legal LLC
  • Nature of crypto funds
    • Singapore
      • What do I need to do to set up a “crypto fund” in Singapore?
        Step 2: Obtain the relevant licences Fund Management Licence For an overview on fund management licences, entities engaged in fund management activities must hold either a Capital Market Services (CMS) licence for fund management as a Licensed Fund Management (LFMC) or a Venture Capital Fund Manager (VCFM), be registered as a Registered Fund Management Company (RFMC) or be expressly exempted from holding a CMS Licence, in the case of the Single Family Office (SFO).
        PDLegal LLC
      • What kind of licence do I need to set up a crypto fund in Singapore?
        "Corporations with fund management as their principal business activity in Singapore have to be either (1) registered fund management companies (RFMCs) or (2) licensed fund management companies (LFMCs) which hold a capital markets services licence for fund management. RFMCs and LFMCs are regulated by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act of Singapore (SFA)." 2017
        FinReg
      • Do I need a licence to set up a crypto fund in Singapore? What type of licence?
        "Corporations with fund management as their principal business activity in Singapore have to be either (1) registered fund management companies (RFMCs) or (2) licensed fund management companies (LFMCs) which hold a capital markets services licence for fund management. RFMCs and LFMCs are regulated by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act of Singapore (SFA)." 2017
        FinReg
      • Regulated advisory services related to Cryptocurrency/digital tokens in Singapore
        Financial advisory services under the Financial Advisers Act (Cap. 110). Financial advisory services under the Financial Advisers Act (Cap. 110) which includes advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product, or advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product. Investment product refers
        KGP Legal LLC
  • Fund Management Company (FMC): Application
    • Singapore
      • What licences are required to operate a fund management company?
        If a company wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA), it must be registered with MAS or hold a capital markets services (CMS) licence to operate either as a: - Registered fund management company (RFMC) or - Licensed fund management company (LFMC). Managers of venture capital funds may also apply to operate under the venture capital fund manager (VCFM) regime.
        Millennium Law LLC
      • Who is exempt from the requirement to hold a CMS licence for fund management?
        "A CMSL holder is exempt from the requirement to hold a financial adviser’s licence to act as a financial adviser in Singapore in respect of any financial advisory service provided that the CMSL holder has notified the MAS of its intention to commence business as an exempt financial adviser in respect of the relevant financial advisory service."
        Millennium Law LLCKGP Legal LLC
      • What does MAS assess in a fund management companies licence / registration application?
        Good quality submissions have the following features: A clear description of the applicant’s business model and plans, which are supported by the professional experience and expertise of the proposed management team. The business plan sets out the investment focus or strategy to be adopted, assets and markets where investments will be made, the profile of potential investors and distribution plans or channels; A clear description of ris
        FinReg
  • Initial Coin Offerings (ICOs)
    • Singapore
      • What is an initial coin offering (ICO)? Is it regulated?
        An ICO is an offer for sale of new digital tokens. A digital token is a digital representation of the rights of the holders of the token to receive a benefit or perform specified functions. Digital tokens and cryptocurrencies are both non-tangible assets that are created, traded and stored digitally. They use cryptography to encrypt and assure the authenticity of the digital assets. Offers of sale of digital tokens are regulated in Singapore if the digital tokens constitute "capital markets products
        Withers KhattarWong LLPRajah & Tann Singapore LLP
  • Multi Family Office
    • Singapore
      • How are Multi family offices regulated in Singapore?
        A Multi-Family Office (MFO) usually provides fund management and financial advisory services to more than 1 family office, therefore the licensing exemptions from the SFA and the FAA will not be applicable. Licensing The MFO will have to apply to the MAS for a Capital Market Services Licence. Capital Market Services License (CMS) A company must hold a capital markets services (CMS) licence to conduct activities regulated under the Securities and Futures Act. Individuals representing CMS licens
        EisnerAmper Singapore
  • MAS outlook on Cryptocurrency
    • Singapore
      • What is the FinTech Regulatory Sandbox?
        Propine announced on 11 January 2021 that it had been awarded a capital markets services licence from the MAS as it had graduated from the MAS FinTech Regulatory Sandbox. [and Partners, 2021] ...We will facilitate experiments for blockchain and DeFi innovation through regulatory sandboxes.
        FinReg
  • Capital Markets Services: Licence application
    • Singapore
      • How to apply for the CMS licence?
        If your company is applying for a CMS licence, your company should submit Form 1 under the Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R). If your company already holds a CMS licence for certain regulated activities and wishes to add another activity to the CMS licence, you should submit Form 5 under the SF(LCB)R. In addition, if you hire or appoint individuals to conduct a regulated activity under your licen
        FinReg
      • Capital Markets Services licence application: Requirements and Assessment criteria
        When assessing an application to be an RFMC, LFMC or VCFM, MAS takes into account factors such as: Fitness and propriety of the applicant, its shareholders and directors. Track record and fund management expertise of the applicant and its parent company or major shareholders. Ability to meet the minimum financial requirements prescribed under the SFA. Strength of internal risk management and compliance systems. Business model/ plans and projections and the associated r
        Millennium Law LLC
      • Application for changing/adding on to the scope of its activities
        For those holding on to CMS licences, the company is required to apply to MAS to add regulated activities to its CMS licence. The application should be made in prescribed form, which is Form 5 pursuant to Securities and Futures (Licensing and Conduct of Business) Regulations [“SF(LCB)R”], and submitted together with the prescribed application fee.
        FinReg
  • Operating or listing on a crypto exchange
    • Singapore
      • Are cryptocurrency exchanges regulated in Singapore? How?
        The cryptocurrency exchange may also require a capital markets services licence for dealing in capital markets products under the SFA. If, however, the cryptocurrencies offered on the cryptocurrency exchange are characterised as digital payment tokens, then the cryptocurrency exchange will be regulated as a standard or major payment institution providing digital payment token services under the PSA, depending on the value of payment transactions processed by the cryptocurrency exchange.
        Withers KhattarWong LLPKGP Legal LLC
  • Registered Fund Management Company (RFMC): Registration Application
  • Licenced Fund Management Company (LFMC): Licence Application
  • Venture Capital Fund Manager (VCFM): Licence Application
    • Singapore
      • What does MAS assess in a fund management companies licence / registration application?
        Good quality submissions have the following features: A clear description of the applicant’s business model and plans, which are supported by the professional experience and expertise of the proposed management team. The business plan sets out the investment focus or strategy to be adopted, assets and markets where investments will be made, the profile of potential investors and distribution plans or channels; A clear description of ris
        FinReg
  • Staffing Regulations for all fund management companies and fund managers (LFMC, RFMC, VCFM)
    • Singapore
      • Business Conduct Requirements for Representatives
        These requirements are set out under FAA-N13 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (the “FAA Notice”) and SFA 04-N09 Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (the “SFA Notice”).
        FinReg
  • Nature of Real Estate Investment Trusts (REIT)
    • Singapore
      • What are the criteria for the grant of a CMS Licence for a REIT?
        MAS has outlined the following in relation to a CMS licence for REITs. 2.1 A REIT manager should be a Singapore-incorporated company and have a permanent physical office in Singapore. 2.2 A REIT manager should satisfy MAS that it will discharge its duties, efficiently, honestly and fairly. 2.3 A REIT manager should satisfy MAS that its substantial shareholders, directors, representatives and employees, as well as the REIT manager itself, are fit and proper, in acco
        FinReg
  • Regulations for Fund Management Companies
  • Appointment of CMS licensee representatives
  • Overview of Credit Rating Services
    • Singapore
      • What is the criteria for grant of a CMS licence for providing credit rating services?
        9.1 The applicant should abide by the Code of Conduct for Credit Rating Agencies. [Amended on 17 January 2012] 9.2 The applicant should provide a description of its business model, rating methodologies and internal code of conduct. [Amended on 17 January 2012] 9.3 The applicant should provide a description of how it will observe the Code of Conduct for Credit Rating Agencies and a confirmation that it, its employees and its appointed representatives are and will continue
        FinReg
  • Dealing in Capital Markets products
  • Nature of Crowdfunding
    • Singapore
      • Which types of crowdfunding activities are regulated?
        They are granted a Capital Markets Services License (CMSL) under the Securities and Futures Act." "The Authority mandates that all licensed crowdfunding platforms must ensure proper segregation of investors’ monies and keep proper records of transactions." Source: Rivkin
        FinReg
  • Overview of Fund Management Companies (FMCs)