Published 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.

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