Banking
Licences Administered Under the Banking Act
Money-Changers & Remittance Companies
Licences Administered Under the Money-changing and Remittance Business Act
List of Money-changing and Remittance Licensees
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Insurance
Licences Administered Under the Insurance Act
Registration of Insurers and Insurance Brokers
Approval of representative offices
Authorisation and Approval of Insurers and Insurance 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,
- 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
- Approved MAT insurance brokers and approved reinsurance brokers are not required to comply with minimum net asset value requirements.
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Securities, Futures and Fund Mgmt
Licences Administered Under the Securities and Futures Act
For further clarifications or enquiries on the licensing requirement, please send them to webmaster@mas.gov.sg.
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Financial Advisers
Licences Administered under the Financial Advisers Act
- Financial Adviser's Licence
- Financial Adviser Representative'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 Financial Advisers Act;
c) strength of internal compliance systems;
d) business plans and projections; and
e) fitness and propriety
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.
Admission Criteria for Financial Adviser Representative's Licence
In assessing an application for a financial adviser representative's licence, MAS takes into consideration whether the applicant satisfies the following requirements:
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 - N07) (PDF, 107KB); 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, 35.5KB)
For more information on the admission criteria, please refer to the Guidelines on Criteria for the Grant of a Financial Adviser's Licence and a Representative's licence (Guideline No. FAA-G01) (PDF, 128KB).
Application Procedures
Persons who intend to apply for a financial adviser's licence or a representative's licence to provide any of the financial advisory services specified in the Second Schedule to the Financial Advisers Act should submit the following forms set out in the First Schedule to the Financial Advisers Regulations 2002:
Application for a financial adviser's licence Form 1 (PDF, 68.0KB)
Application for a representative's licence Form 6 (PDF, 117KB)
For more information on the application procedures, please refer to the Guidelines on Licence Applications and Payment of Fees (Guideline No. FAA-G03) (PDF, 168KB). MAS has issued an Application Manual to assist applicants for a financial adviser's licence in completing the relevant MAS forms. The Application Manual can be found in Appendix 2 of Guideline No. FAA-G03.
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 to Financial Advisers and Representatives
4) Guidelines to Financial Advisers and Representatives
5) Frequently Asked Questions
For further clarifications or enquiries on the licensing requirement, please send them to webmaster@mas.gov.sg.
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Trust Companies
Licence Administered under the Trust Companies Act (Cap. 336) (the "TCA")
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.
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:
Capital Markets 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
For further clarifications or enquiries on the licensing requirement, please send them to webmaster@mas.gov.sg.
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