Financial Advisers Regulations

This set of regulations applies to:

Licensed financial advisers and their representatives.

Exempt financial advisers and their representatives.

It sets out requirements relating to:

Licensing and key appointments.

Representative notification framework.

Financial requirements.

Conduct of business.

Accounts and audit.

Exemptions.

Types of non-financial advisory services allowed.

Handling of customers' moneys and assets.

The various Schedules to the regulations further set out the following:

Second Schedule – table of fees payable to MAS.

Third Schedule – form for acceptance of composition of fine.

Fourth Schedule – requirements of direct purchase insurance product.

Fifth Schedule – type of securities considered as a listed excluded investment product.

Sixth Schedule – examples of product advertisements that are false or misleading, not fair or unbalanced or information not presented in a clear manner.

This Compliance Toolkit is to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines.

Form for licensed financial advisers 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.

This consultation paper seeks feedback on our proposals to enhance safeguards for proper conduct of digital prospecting and marketing activities, and address conduct risks and issues associated with these activities. Two consultation responses were published: Response to Guidelines on Standards of Conduct for Digital...

Consultation number:

P003-2023

Start date:

25 April 2023

Closing date:

30 June 2023

MAS response date:

22 May 2026

Guidance on the assessment criteria and application procedures for approval of arrangements under Regulation 32CB and the MAS’ supervisory expectations in relation to approved arrangements under the ACMF Professional Mobility Framework.

Guidelines for financial institutions on conducting marketing and distribution activities at retailers and public places targeting retailers.

Proposed legislative amendments to the Financial Advisers Regulations to exempt execution-related advice on listed excluded investment products from the Financial Advisers Act and consequential amendments to the Notice on Recommendations on Investment Products.

Consultation number:

P006 - 2016

Start date:

29 June 2016

Closing date:

28 July 2016

MAS response date:

30 December 2016

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

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

Consultation number:

P008 - 2009

Start date:

23 June 2009

Closing date:

21 July 2009

MAS response date:

19 April 2010