Understand the Types of Capital Market Entities


MAS regulates the activities of capital market entities under the Securities and Futures Act (SFA), Trust Companies Act (TCA) or Financial Advisers Act (FAA).

Find out how each type of capital markets entity may be regulated in the following table:

Entity Governing Act Licensing and Registration
  • Broker-dealers (including securities-based crowdfunding (SCF) operators)
  • Corporate finance advisers
  • Credit rating agencies
  • Real estate investment trust (REIT) managers
Capital markets services (CMS) licence
Fund managers SFA Fund management licensing and registration
Approved Collective Investment Schemes (CIS) trustees SFA Approved CIS trustees
Markets and exchanges SFA Approved exchange (AEs) or recognised market operator (RMOs) licence
Clearing houses SFA Approved clearing houses (ACHs) or recognised clearing house (RCHs) licence 
Trade repositories SFA Trade repository or foreign trade repository licence
Benchmark administrators and submitters SFA Authorisation by MAS as a benchmark administrator (ABA), authorised benchmark submitter (ABS) or designated benchmark submitter (DBS) 
Licensed trust companies TCA Trust business licence
Financial advisers FAA Financial adviser's licence