• Banking Licence

• Money-Changer's Licence

• Remittance Licence

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Licences Administered Under the Insurance Act

Registration of Insurers and Insurance Brokers

• Registered Direct Insurers
  
• Registered Reinsurers
  
• Registered Special Purpose Reinsurance Vehicles
  
• Registered Captive Insurers
  
• Registered Insurance Brokers

Approval of Representative Offices

Authorisation and Approval of Insurers and Insurance Brokers

• Authorised Reinsurers
  
• Approved MAT Insurers
  
• Approved MAT Insurance Brokers
  
• Approved Reinsurance Brokers

Note: Authorised reinsurers, approved MAT insurers, approved MAT insurance brokers and approved reinsurance brokers do not have any physical presence in Singapore. They are established outside Singapore and provide insurance services from outside Singapore to persons in Singapore. Authorised reinsurers and approved insurers and insurance brokers are subject to limited oversight by the Authority as compared to an insurer or insurance broker which has a physical or commercial presence in Singapore and is registered with the Authority to carry on insurance business pursuant to the Insurance Act (Cap.142). Among others,

1. Authorised reinsurers and approved MAT insurers are not required to set up and maintain separate insurance funds for policies taken out by persons in Singapore or comply with solvency margin requirements; and
2. Approved MAT insurance brokers and approved reinsurance brokers are not required to comply with minimum net asset value requirements.
   

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Licences Administered Under the Securities and Futures Act [SFA]

•   Capital Markets Services Licence

Admission Criteria for Capital Markets Services Licence

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] (PDF, 188KB)

Appointment of Representatives under the Representative Notification Framework

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)

Application and Notification Procedures

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

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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 Representative Notification Framework

Individuals who wish to provide financial advisory services on behalf of a licensed financial adviser or an exempt financial adviser under section 23(1)(a) to (e) of the FAA are required to be appointed as an appointed or provisional 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 the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (Notice No. FAA - N13) (PDF, 221KB); and
c) satisfy the fit and proper criteria set out in the Guidelines on Fit and Proper Criteria issued by the Authority (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 Licensed Financial Advisers and Exempt Financial Advisers (Notice No. FAA - N13) (PDF, 221KB)

Notice on Entry Requirements of a Provisional Representative [Notice No. FAA-N12] (PDF, 34KB)

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)

Application and Notification Procedures

For more information on MAS' requirements for financial advisers, please refer to:

1) Financial Advisers Act (Cap 110), Revised Edition 2002
2) Various Subsidiary Legislation
3) Notices
4) Guidelines
5) Frequently Asked Questions

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Licence Administered under the Trust Companies Act (Cap. 336) (the "TCA")

• Trust Business Licence

Who Needs to Apply for a Trust Business Licence

Any person that carries on any of the following trust business unless that person is exempted under section 15 of the TCA and/or regulation 4(1) of the Trust Companies (Exemption) Regulations 2005, read together with the Trust Companies (Excemption) (Amendment) Regulations 2006:

• the provision of services with respect to the creation of an express trust;
  
• acting as trustee in relation to an express trust;
  
• arranging for any person to act as trustee in respect of an express trust;
  
• the provision of trust administration services in relation to an express trust.

The above shall not apply to any person specified in the Second Schedule of the TCA.

Criteria for the Grant of a Trust Business Licence

In assessing an application for a trust business licence, MAS takes into consideration, inter alia, the following factors:

1) physical presence in Singapore, management expertise, financial soundness of the applicant and its parent company;

2) ability to meet the minimum financial requirements and professional indemnity insurance requirements prescribed under the Trust Companies Regulations 2005;

3) strength of internal compliance systems and processes of the applicant;

4) competence and integrity of the applicant; and

5) fitness and propriety
    The applicant shall satisfy MAS that -
    (i) it is a fit and proper person to be licensed; and
    (ii) all of its controllers, directors and resident managers are fit and proper persons to hold the office. The fit and property criteria are set out in the Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01] (PDF, 137KB).

For more information on the criteria for the grant of a trust business licence, please refer to the Guidelines on Criteria for the Grant of a Trust Business Licence  (PDF, 13.4KB).

Application Procedures

Persons who intend to apply for a trust business licence should submit the following forms:
Form 1: Application for a Trust Business Licence under Section 4 (PDF, 34.6KB)
Form 4: Appointment of Resident Manager or Director under Section 13 and Regulation 9 (PDF, 26.7KB)

For more information on the application procedures, please refer to the Guidelines on Licence Application and Payment of Fees (PDF, 11.5KB).

For more information on MAS' requirements for persons carrying on trust business in or from within Singapore, please refer to:

1) Trust Companies Act (Cap. 336) [Note that this link directs you to Singapore Statutes Online website]
2) Regulations
3) Notices
4) Guidelines
5) Forms
6) FAQs

Submission of Forms

Submission should be made between 8.30 a.m. and 12.30 p.m. and between 1.30 p.m. and 5.30 p.m. from Mondays to Fridays (except public holidays).

All forms (except Form 6) should be submitted to:

             Investment Intermediaries Department
             MAS Building #25-00
             10 Shenton Way
             Singapore 079117

Form 6 should be submitted to:

              Asset Management Division
              Financial Centre Development Department
              MAS Building #18-00
              10 Shenton Way
              Singapore 079117
              Attn: Ms Chana Mohan

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