Appointing a Representative for CMS Licensees or Exempt Financial Institutions
Your company must notify MAS if it wishes to appoint representatives to conduct regulated activities on your behalf.
An individual can be an appointed, provisional or temporary representative. An appointed representative is an employee or agent carrying out regulated activities on behalf of your company. A provisional representative is an experienced individual relocating to Singapore from overseas who is given a grace period of 3 months to meet the relevant examination requirements. A temporary representative may be your related company’s employee residing overseas, who is designated to carry out the regulated activity on behalf of your company for a limited period of time.
The individual to be appointed must meet the following criteria:
- Be at least 21 years old.
- Satisfy the minimum academic qualification and examination requirements as set out in
- Satisfy the fit and proper criteria set out in
What are the entry requirements and validity period for a provisional or temporary representative?
In addition to the eligibility criteria listed in the “Who is eligible?” section, individuals who are to be appointed as provisional representatives would have to satisfy the following minimum entry requirements:
- Be in the process of relocating or have already relocated to Singapore.
- Possess at least 3 years of working experience relevant to the regulated activities to be conducted as a provisional representative.
- Comply with the relevant examination requirements within 3 months of being appointed as a provisional representative.
The appointment of a provisional representative will be valid for a period of up to 3 months from the date of appointment of the provisional representative. The provisional representative can continue to conduct regulated activities as an appointed representative after –
(i) your company has notified MAS (within the 3-month grace period) of the representative’s fulfilment of the relevant examination requirements via a one-time lodgement of ; and
(ii) his name has been entered in the as an appointed representative.
In addition to the eligibility criteria listed in the “Who is eligible?” section, such individuals have to satisfy the following minimum entry requirements:
- Currently not residing in Singapore.
- Be an employee of a related company of the CMS licence holder or exempt CMS entity.
- Possess at least 5 years of working experience relevant to the regulated activities to be conducted as a temporary representative.
The CMS licence holder or exempt CMS entity shall notify MAS to appoint the temporary representative for a further 3-month period only after the representative has commenced the 1st 3-month block.
How to apply?
If your company intends to appoint a representative, please submit the following forms, where applicable:
What are the representative fees?
|Fee Components||Lodgement Fee||Fixed Annual Fees for Each Representative|
|Representative||Fixed fee of $200 for each new lodgement||Fixed fee of $700 or $200, depending on CMS regulated activities conducted.
Charged on a ‘highest of’ basis, regardless of number of regulated activities conducted.
For the first calendar year, the annual fee payable by a provisional representative will be pro-rated based on the period from the date the representative’s appointment is reflected on the Public Register of Representatives, to 31 December of the same year.