Registration and Licensing

Fund Management Companies

For information on admission criteria, please refer to the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies [Guideline No. SFA 04-G05]

A corporation who intends to conduct the regulated activity of fund management either as a Licensed FMC or a Registered FMC will need to submit one of the following:

  • Application for a capital markets services licence to provide fund management – Form 1A

        Or

  • Notice of Commencement of Business as a Registered Fund Management Company – Form 22A

For information on Corporate e-Lodgment, please refer to the User Guide.


 Licences Administered Under the Securities and Futures Act [SFA]

  • Capital Markets Services Licence

Admission Criteria for Capital Markets Services Licence

In assessing an application for a Capital Markets Services 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 prescribed under the SFA;
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 Capital Markets Services Licence [Guideline No SFA04-G01]


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]; and
c) satisfy the fit and proper criteria set out in the Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]

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]; and

Notice on Entry Requirements of a Provisional or Temporary Representative.

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

Application and Notification Procedures

Persons who intend to apply for a Capital Markets Services licence to provide any of the regulated activities specified in the Second Schedule to the SFA should submit the following form :

Application for a capital markets services' licence - Form 1 (PDF, 145KB)

Holders of Capital Markets Services licences or financial institutions exempted from licensing under section 99(1)(a) to (d) of the SFA who intend to appoint an individual as an appointed, provisional or temporary representative should lodge the following applicable form (as the case may be) via the Corporations and Representatives System [“CoRe system”], and certify that the individual is  fit and proper:

Notification for the appointment of an appointed representative - Form 3A (PDF, 103KB)

Notification for the appointment of a provisional representative - Form 3B (PDF, 116KB)

For more information on the application and notification procedures, please refer to:

Guidelines on Licence Applications, Representative Notification and Payment of Fees [Guideline No. CMG-G01]

For more information on MAS' requirements for persons who conduct regulated activities under the SFA, please refer to:

1) Securities and Futures Act (Cap 289), Revised Edition 2006
2) Various Subsidiary Legislation
3) Notices
4) Guidelines
5) Frequently Asked Questions

 

Last Modified on 05/10/2017