When assessing an application for an AE or RMO licence, MAS takes into account factors such as:
- Market structure and operations in accordance with international standards and best practises.
- Track record, management expertise and financial soundness of the applicant.
- Ability to meet the minimum financial requirements prescribed under the SFA.
- Strength of risk management and accompanying internal controls and systems.
- Business plans and projections.
- Corporate governance, fitness and propriety.
A non-refundable application fee of $4,000 is required. Please refer to payment instructions contained within the application form.
It will take approximately 9 months to process and approve a RMO application where the applicant meets all relevant admission criteria, has a straightforward business model, and the submission is complete and clear. MAS will require a longer time for complex cases, or where the submission is assessed to be incomplete or inaccurate.
Ensure that your application is complete, accurate, and accompanied by the requisite supporting documents.
An AE or RMO licence does not need to be renewed.
The licence is valid until:
- The holder applies for cancellation of the licence.
- The licence is revoked by MAS in accordance with section 14 of the SFA.
The entity should:
- inform its MAS liaison officer of its intention to conduct other regulated activities
- assess if it will require additional licence(s), or be eligible for any exemptions, to conduct other regulated activities and submit the relevant application(s).