Appointing a Representative for Licensed Financial Advisers or Exempt Financial Advisers
Your company must notify MAS if it wishes to appoint representatives to conduct financial advisory services on your behalf.
An individual can be an appointed or a provisional 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.
Who is eligible?
The individual to be appointed must meet the following criteria:
- Be at least 21 years old.
- Satisfy the minimum academic qualification and examination requirements set out in .
- Satisfy the fit and proper criteria set out in ].
What are the entry requirements and validity period for a provisional representative?
In addition to the eligibility criteria listed in the “Who is eligible?” section, such individuals 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 type of financial advisory service 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 provide financial advisory services as an appointed representative after –
(ii) his name has been entered in the Public Register as an appointed representative.
How to apply?
If your company intends to appoint a representative, please submit the following forms, where applicable:
Your company must also certify that the individual is fit and proper via the Corporation and Representatives System (CoRe system).
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 $100, regardless of the number of financial advisory activities conducted.
For the first calendar year, the annual fee payable by a 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.