In March of this year, Mr Koh Yong Guan the Managing Director of MAS announced at the 2nd annual Investment Management Association of Singapore (IMAS) conference that a licensing examination for IRs was being developed to provide for uniform industry-wide qualifications.
2 The licensing exam has since been drawn up by MAS in close consultation with IMAS and the Institute of Banking and Finance (IBF). IBF will be the administrator of the examination, which will be implemented from January 2000.
3 All new IR's licence applicants whose application forms are received after 31 December 1999 are required to have passed the IRs' examination. This requirement does not extend to existing IRs who apply for their licences to be renewed. Existing IRs who transfer from one company to another will also be unaffected, unless there is a break-in-service of more than 2 years.
4 We enclose for your reference a copy of the examination brochure which may be obtained from IBF. The brochure explains the examination requirements and structure in greater detail, and includes the examination syllabus. Study guides are also available from IBF upon registration for the examination.
5 In addition, from October 2000 all IR's licence renewal applications must be accompanied by a statement from the applicants' principal companies, listing continuing education training which the IRs have received over the previous 12 months. The courses' duration should also be indicated in the list. It is expected that Investment Advisers would be keen on developing in their staff, skills and knowledge relevant to the investment industry.
6 These measures will aid the development and enhance the professionalism of Singapore's fund management industry. Questions regarding exam requirements could be directed to Mr Luke Goh from MAS at 62299853, while those pertaining to exam administration should be addressed to Ms Miriam Sim from IBF at 2208566.
7 Thank you.
Yours faithfully
YEO LIAN SIM (MS)
