Understand the Types of Capital Market Entities

Related Links

Broker-dealers (including Securities-based Crowdfunding (SCF) Operators)

Find out the type of activities broker-dealers (including SCF operators) may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).

Corporate Finance Advisers

Find out the type of activities corporate finance advisers may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).

Credit Rating Agencies

Find out the type of activities credit rating agencies may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).  

Real Estate Investment Trust (REIT) Managers

Find out the type of activities real estate investment trust (REIT) managers may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).

Fund Managers

Find out the type of activities fund managers may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).

Approved Collective Investment Schemes (CIS) Trustees

Find out the type of activities approved CIS trustees may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA).

Financial Advisers

Find out the type of activities financial advisers may conduct, and the licensing requirements and exemptions under the Financial Advisers Act 2001 (FAA).

Markets and Exchanges

Find out the type of activities markets and exchanges may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA) and its subsidiary legislation, including the Securities and Futures (Organised Markets) Regulations 2018.

Clearing Houses

Find out the type of activities clearing houses may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA) and its subsidiary legislation, including the Securities and Futures (Clearing Facilities) Regulations 2013.

Benchmark Administrators and Submitters

Find out the type of activities benchmark administrators and submitters may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA) and its subsidiary legislation, including the Securities and Futures (Financial Benchmarks) Regulations 2018.

Licensed Trust Companies

Find out the type of activities licensed trust companies may conduct, and the licensing requirements and exemptions under the Trust Companies Act 2005 (TCA).

Trade Repositories

Find out the type of activities trade repositories may conduct, and the licensing requirements and exemptions under the Securities and Futures Act 2001 (SFA) and its subsidiary legislation, including the Securities and Futures (Trade Repositories) Regulations 2013.

Overview

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
 SFA
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