Notices
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.
Issued pursuant to:
Financial Advisers Act 2001
This notice applies to all licensed financial advisers, exempt financial advisers and their appointed representatives. It will supersede Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers, which will be cancelled with effect from 1 April 2024.
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
- 01 April 2024
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Notice FAA-N26 takes effect. (448 KB)
Related to this Notice
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NoticesLast Revised Date: 28 September 2023
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.
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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 SFA 04-N22 Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions [To be effected on 1 April 2024]
Eligibility and ongoing requirements for representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions, including entry, CMFAS examination and continuing professional development requirements.
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FAQsPublished Date: 08 April 2020
FAQs on Minimum Entry and Examination Requirements for Representatives of Capital Markets Services Licence Holders and Exempt Financial Institutions
Provides guidance on the minimum academic and examination requirements as well as continuing education requirements for representatives of capital markets services licensees, banks, merchant banks, finance companies and insurers.
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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