Notices
Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers
Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements.
Issued pursuant to:
This notice applies to all licensed financial advisers, exempt financial advisers and their appointed representatives.
It sets out the following requirements for appointed representatives:
- Minimum entry requirements.
- Application of the Capital Markets and Financial Advisory Services (CMFAS) examination requirements.
- Circumstances under which the CMFAS examination requirements do not apply.
- Obligations of licensed financial advisers and exempt financial advisers to maintain a register on the representatives’ compliance with the CMFAS examination requirements.
- Continuing professional development requirements.
Amendment Notes
- 08 Apr 2020
- MAS Notice FAA-N13 (Amendment) 2020 (837.2 KB) takes effect.
- 08 Oct 2018
- MAS Notice FAA-N13 (Amendment No. 2) (1.04 MB) takes effect.
- 11 Apr 2018
- MAS Notice FAA-N13 (Amendment) 2018 (646.1 KB) takes effect. Notice FAA-N13 last revised on 11 April 2018 (532.4 KB).
- 30 Jun 2017
- MAS Notice FAA-N13 (Amendment) 2017 (148.2 KB) takes effect. Notice FAA-N13 last revised on 30 June 2017 (575.6 KB).
- 30 Dec 2016
- MAS Notice FAA-N13 (Amendment No. 2) 2016 (24.9 KB) takes effect. Notice FAA-N13 last revised on 30 December 2016 (299.3 KB).
- 09 Sep 2016
- MAS Notice FAA-N13 (Amendment) 2016 (153.8 KB) takes effect. Notice FAA-N13 last revised on 09 September 2016 (572.5 KB).
- 01 Jan 2016
- MAS Notice FAA-N13 (Amendment No. 2) 2015 (92.5 KB) takes effect. Notice FAA-N13 last revised on 31 December 2015 (296.1 KB).
- 07 Oct 2015
- MAS Notice FAA-N13 (Amendment) 2015 takes effect.
- 10 Jun 2014
- MAS Notice FAA-N13 (Amendment) 2014 takes effect.
- 01 Feb 2014
- MAS Notice FAA-N13 (Amendment No. 2) 2013 takes effect.
- 20 Feb 2013
- MAS Notice FAA-N13 (Amendment) 2013 takes effect.
- 02 May 2012
- MAS Notice FAA-N13 (Amendment) 2012 takes effect.
- 19 Oct 2011
- MAS Notice FAA-N13 (Amendment) 2011 takes effect.
Related to this Notice
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ConsultationsLast Revised Date: 28 September 2023
Consultation Paper on Draft Notices on the Competency Requirements for Representatives Conducting Regulated Activities under the Financial Advisers Act and Securities and Futures Act
To consult on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act.
- Consultation number:
- P006-2020
- Start date:
- 04 September 2020
- Closing date:
- 05 October 2020
- MAS response date:
- 28 September 2023
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NoticesPublished Date: 28 September 2023
Notice FAA-N26 Competency Requirements for Representatives of Financial Advisers [To be effected on 1 April 2024]
Eligibility and ongoing requirements for representatives of financial advisers, including entry, CMFAS examination and continuing professional development requirements.
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FAQsLast Revised Date: 08 April 2020
FAQs on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers
Provides guidance on the minimum academic and examination requirements as well as continuing professional development for representatives of financial advisers.
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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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Forms and TemplatesLast Revised Date: 08 October 2018
Form 3D - Notification of the Completion of Examination Requirements by a Provisional Representative
Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the completion of the examination requirements by a provisional representative.
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ConsultationsPublished Date: 12 December 2016
Consultation Paper on Review of Competency Requirements for Representatives Conducting Regulated Activities under the Securities and Futures Act and Financial Advisers Act
Proposed enhancements to the examination framework for appointed representatives under the SFA and FAA, e.g. minimum academic qualifications under the Capital Markets and Financial Advisory Services Examination (CMFAS) and Continuing Professional Development (CPD) requirements.
- Consultation number:
- P015 - 2016
- Start date:
- 12 December 2016
- Closing date:
- 13 January 2017
- MAS response date:
- 25 September 2017
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ConsultationsPublished Date: 02 October 2014
Consultation Paper on (1) Draft Legislation and Proposed Legislative Amendments to Effect the Policy Proposals under the Financial Advisory Industry Review; and (2) Proposed Legislative Amendments to Authorise Inspections by Foreign Regulatory Authorities under the Financial Advisers Act
Proposed legislative amendments to raise the competency of FA representatives and quality of FA firms; lower distribution cost by enhancing market efficiency; and promote a culture of fair dealing.
- Consultation number:
- P022-2014
- Start date:
- 02 October 2014
- Closing date:
- 03 November 2014
- MAS response date:
- 11 May 2015
-
ConsultationsPublished Date: 05 March 2013
Consultation Paper on Recommendations of the Financial Advisory Industry Review
Proposed recommendations aimed at raising the quality of financial advisers (FA) and competency of FA representatives, improving efficiency in the distribution of life insurance and investment products, and promoting a culture of fair dealing in Singapore.
- Consultation number:
- P004-2013
- Start date:
- 05 March 2013
- Closing date:
- 04 June 2013
- MAS response date:
- 30 September 2013
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GuidelinesLast Revised Date: 20 February 2013
Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers [FAA-G11]
Guidelines for Board and Senior Management on implementing fair dealing outcomes to customers.
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FAQsPublished Date: 26 November 2010
FAQs on Mutual Recognition of MAS and Thai SEC Product Knowledge Examinations
Provides guidance on the mutual recognition of MAS and Thai SEC's product knowledge examinations in securities and collective investment schemes.
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ConsultationsPublished Date: 21 February 2008
Proposed Guidelines on Fair Dealing - Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers
Proposed guidance for Board and Senior Management on the implementation of fair dealing outcomes to customers. The fair dealing outcomes include ensuring that consumers receive clear, relevant and timely information to make informed financial decisions and that financial institutions handle complaints in an independent, effective and prompt manner.
- Consultation number:
- P001 - 2008
- Start date:
- 21 February 2008
- Closing date:
- 21 May 2008
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ActsPublished Date: 31 March 2007
Financial Advisers Act 2001
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.