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:

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 –

(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 Form 3D; and

(ii) his name has been entered in the Public Register as an appointed representative.

For more information, refer to Notice FAA-N12 Entry Requirements of a Provisional Representative.

How to apply?

If your company intends to appoint a representative, please submit the following forms, where applicable:

  • Appointed representative - Form 3A
  • Provisional representative - Form 3B

Your company must also certify that the individual is fit and proper via the Corporation and Representatives System (CoRe system).

You can find information on due diligence checks in CM1 01/2011: Due Diligence Checks and Documentation in Respect of the Appointment of Appointed, Provisional and Temporary Representatives

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.

For more information on fees related to the appointment of an appointed or provisional representative, refer to CMG–G01 Guidelines on Licence Applications, Representative Notification and Payment of Fees