Monetary Authority of Singapore Annual Report 2010/2011
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The Representative Notification Framework

The Representative Notification Framework (RNF), launched on 26 November 2010, allows financial institutions to lodge notifications with MAS electronically via the online system for their representatives who intend to conduct regulated activities under the Securities and Futures Act and the Financial Advisers Act. This system streamlines the notification process for individuals carrying out regulated activities across the industry. As part of the notification, financial institutions are to certify that the representatives whom they intend to appoint are fit and proper and meet the competency, financial soundness and integrity standards required.

Once a notification has been processed, the name of the proposed representative would be published on the online Register of Representatives on MAS website. Besides the name of the representative, the regulated activities which the representative is allowed to conduct, the principal companies which the representative has worked for within the past three years and any formal regulatory action taken by MAS against the representative, would be displayed on the Register.

Currently, there are more than 30,000 appointed representatives published on the Register. All representatives are assigned a unique representative number, which will stay with them even if they change principals. With this number, members of the public may verify the representatives whom they are dealing with against the Register, thereby reducing their risk of dealing with unregulated individuals. Financial institutions are encouraged to make the unique representative numbers of their representatives readily available to consumers for consumers to verify the representative's regulatory status. Similarly, consumers should request for the representative number from their representatives to conduct their own checks on the Register.