Guidelines
Guidelines on Criteria for the Grant of a Capital Markets Services Licence Other Than for Fund Management and Real Estate Investment Trust Management [SFA 04-G01]
How to qualify to be a CMS licensee (other than a fund manager or REIT manager).
These guidelines set out the licensing criteria for capital markets services (CMS) licensees who are:
- Broker-dealers
- Corporate finance advisors
- Securities financiers
- Custodians
- Credit rating agencies
The licensing criteria include fitness and propriety, base capital and professional indemnity insurance.
Related to this Item
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CircularsLast Revised Date: 14 July 2026
CMI 27/2018 Controls and Disclosures to be Implemented by Licensed Securities-Based Crowdfunding Operators
This circular applies to licensed securities-based crowdfunding (SCF) operators. It sets out the measures SCF operators should put in place to assess issuers, manage defaults or cessations, and disclose interest and default rates.
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FAQsLast Revised Date: 11 December 2025
FAQs on Licensing and Business Conduct (Other than for Fund Management Companies)
Provides guidance on • the scope of capital markets services licensing (other than for fund management companies) • appointment of representatives • business conduct rules • the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.
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Forms and TemplatesLast Revised Date: 28 November 2025
Form 11 - Appointment of Chief Executive Officer or Director / Change of Director's Nature of Appointment from Non-Executive to Executive
Form for capital markets services licensees, other than licensed fund management companies, to apply for the appointment of a Chief Executive Officer or director; or the change in nature of director appointment from non-executive to executive.
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GuidelinesLast Revised Date: 14 November 2025
Guide on the Tokenisation of Capital Markets Products
General guidance on the application of securities law and other relevant legislation in relation to: (i) the issuances and offerings of tokenised capital markets products; and (ii) entities that facilitate activities in relation to such tokenised capital markets products
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Forms and TemplatesLast Revised Date: 30 May 2025
Form 3A - Notification for Appointment of an Appointed Representative
Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.
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Forms and TemplatesLast Revised Date: 13 February 2025
Form 1 - Application for a Capital Markets Services Licence
Form for entities to apply for a capital markets services licence to conduct regulated activities under the Securities and Futures Act.
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Forms and TemplatesLast Revised Date: 24 January 2025
Application for Approval to obtain Effective Control of Holder of Capital Markets Services Licence under Section 97A(2) of the Securities and Futures Act
Form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.
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GuidelinesLast Revised Date: 08 October 2021
Guidelines on Licence Applications, Representative Notification and Payment of Fees [CMG-G01]
Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.
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NoticesLast Revised Date: 27 September 2021
Notice SFA 04-N13 Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences
How to comply with risk based capital adequacy requirements.
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FAQsPublished Date: 08 October 2018
FAQs on Lending-based Crowdfunding
Provides guidance on the regulation of lending-based crowdfunding, including licensing of lending-based crowdfunding operators and applicable prospectus requirements or exemptions on offers of debentures.
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CircularsPublished Date: 08 October 2018
CMI 01/2011 Due Diligence Checks and Documentation in Respect of the Appointment of Appointed, Provisional, and Temporary Representatives
This circular applies to capital markets services licensees, banks, merchant banks, finance companies, insurers and financial advisers. It sets out the requirements on due diligence checks and documentation relevant to the fit and proper certification of their representatives.
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RegulationsLast Revised Date: 08 October 2018
Securities and Futures (Exemption from Requirement to Hold Capital Markets Services Licence) Regulations
Sets out exemption for Citibank Aktiengesellschaft and other persons (e.g. remote clearing members) from the requirement to hold a capital markets services licence for dealing in capital markets products, subject to conditions.
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RegulationsLast Revised Date: 08 October 2018
Securities And Futures (Financial And Margin Requirements For Holders Of Capital Markets Services Licences) Regulations
Sets out the minimum capital and financial resources, and other financial and margin requirements.
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RegulationsLast Revised Date: 08 October 2018
Securities and Futures (Licensing And Conduct Of Business) Regulations
Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.
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FAQsPublished Date: 30 August 2018
System Training Video for Financial Institutions on the Use of the Corporations and Representatives System (CoRe) for the Submission of Representative Notifications to MAS
Provides guidance to financial institutions on the submission of representative notifications though the CoRe system.
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ConsultationsPublished Date: 03 June 2015
Consultation Paper on Regulatory Framework for Intermediaries Dealing in OTC Derivative Contracts, Execution-Related Advice, and Marketing of Collective Investment Scheme
Covered three proposals: (i) Regulatory framework for capital markets services licensees, banks, merchant banks and finance companies dealing in OTC derivative contracts under the SFA, including capital, business conduct and other requirements; (ii) exemption for execution-related advice on listed excluded investment products under the FAA; and (iii) transferring the regulation of marketing of CIS from the FAA to SFA.
- Consultation number:
- P009-2015
- Start date:
- 03 June 2015
- Closing date:
- 03 July 2015
- MAS response date:
- 29 December 2015
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ConsultationsPublished Date: 16 February 2015
Consultation Paper on Facilitating Securities-Based Crowdfunding
Proposals to facilitate crowdfunding which involves the offer of securities to accredited and institutional investors.
- Consultation number:
- P005 - 2015
- Start date:
- 16 February 2015
- Closing date:
- 18 March 2015
- MAS response date:
- 08 June 2016
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ConsultationsPublished Date: 27 August 2007
Consultation Paper on Capital Requirements for Brokers Trading Only in Commodity Futures Contracts
Proposed lowering of base capital requirements for capital services licensees trading only in commodity futures contracts.
- Consultation number:
- 007 - 2007
- Start date:
- 27 August 2007
- Closing date:
- 27 September 2007
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RegulationsPublished Date: 23 May 2002
Securities and Futures (Opportunity to be Heard) Regulations
Provides for a person to be given an opportunity to be heard by MAS and to be given at least 10 days to submit any written supporting documents as to why MAS should reconsider the decision it intends to make.