Licences Administered under the Financial Advisers Act

Licences Administered under the Financial Advisers Act [FAA]

  • Financial Adviser's Licence

 

Admission Criteria for Financial Adviser's Licence

In assessing an application for a financial adviser's licence, MAS takes into consideration, inter alia, the following factors:

    a) the track record, management expertise and financial soundness of the applicant and its parent company or major shareholders;
    b) ability to meet the minimum financial requirements and professional indemnity insurance requirements prescribed under the FAA;
    c) strength of internal compliance systems;
    d) business plans and projections; and
    e) fitness and propriety

In respect of factor (e) above, the applicant shall satisfy MAS that -
    i) it is a fit and proper person to be licensed;
    ii) all of its directors and chief executive officer are fit and proper persons to hold the office; and
    iii) all of its substantial shareholders and representatives are fit and proper persons.

For more information on the admission criteria, please refer to the Guidelines on Criteria for the Grant of a Financial Adviser's Licence (Guideline No. FAA-G01)  (PDF, 44KB)

 

Appointment of Representatives under the Representative Notification Framework

Individuals who wish to conduct regulated activities on behalf of a holder of a Capital Markets Services licence or a financial institution exempted from licensing under section 99(1)(a) to (d) of the SFA are required to be appointed as an appointed, provisional or temporary representatives under the Representative Notification Framework [“RNF”].

Individuals to be appointed must:

    a) be at least 21 years old;
    b) satisfy the minimum academic qualification and examination requirements as prescribed in Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions under the SFA [Notice No. SFA 04-N09] (PDF, 203KB); and
    c) satisfy the fit and proper criteria set out in the Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01] (PDF, 150KB)

For more information on entry requirements, please refer to the following Notices:

Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions under the SFA [Notice No. SFA 04-N09] (PDF, 203KB); and

Notice on Entry Requirements of a Provisional or Temporary Representative [Notice No. SFA 04-N10] (PDF, 74KB).

For information on the conduct of due diligence checks and documentation relevant to the fit and proper certification of representatives under the RNF, please refer to the circular:

CMI 01/2011: Due Diligence Checks and Documentation in Respect of the Appointment of Appointed, Provisional and Temporary Representatives (PDF, 176KB)

Last Modified on 26/11/2016