21 March 2012

The Editor
ST Forum

Dear Editor,

Mr Loke Siew Keong expressed concern about an additional examination module, the Capital Markets and Financial Advisory Services Module 6A (CMFAS M6A), that remisiers and futures brokers are required to take (“Puzzled and upset by extra licensing module for remisiers”, ST Forum, 16 March 2012).

The Monetary Authority of Singapore (MAS) believes that it is important for financial representatives to have an understanding of the wide spectrum of investment products currently available in the market so as to provide quality advice to their customers.

Developed in consultation with industry associations, the new CMFAS modules incorporate knowledge of Specified Investment Products which are complex financial products containing derivatives and/or are embedded with terms and features that are generally difficult to understand by the retail investor. By introducing the new modules, MAS aims to raise the competency standards of all representatives in the financial sector.

We understand that some representatives may be apprehensive about this new requirement and have allowed a generous 18 months for them to study for and take the necessary exam to attain the certification.

Angelina Fernandez
Director (Communications)
Monetary Authority of Singapore