When assessing an application to be an approved CIS trustee (AT), MAS takes into account factors such as:
- Fitness and propriety of the applicant, its shareholders and directors.
- Track record and management expertise of the applicant and its parent company or major shareholders.
- Ability to meet the minimum financial requirements prescribed under the .
- Strength of internal compliance systems and processes of the applicant.
- Business model/plans and projections and the associated risks.
For more information, please refer to the following:
MAS expects to take not more than 6 months to review and process an application if the business model is straightforward, the applicant meets the relevant admission criteria fully, and the application is complete and clear. For more complex cases, or cases where information is assessed to be incomplete or inaccurate, MAS will need a longer time to review the application.
Please ensure that your application is complete, correct and accompanied by the requisite supporting documents.
MAS' approval is valid until:
- The AT stops conducting its business, and the approval is ceased by MAS.
- The approval is revoked by MAS in accordance with section 289(4) of the SFA.