Regulatory Alerts2021-06-29
Added
Financial Advisers Regulations
The Monetary Authority of Singapore issued the Financial Advisers Regulations to establish comprehensive licensing, conduct, and financial requirements for licensed and exempt financial advisers and their representatives. The regulations define permissible non-financial advisory services, mandate the handling of customer moneys and assets, and outline specific compliance obligations through various schedules detailing fees, product standards, and prohibited advertising practices. These rules are supported by a Compliance Toolkit and subsequent consultation papers aimed at enhancing safeguards for digital marketing, raising representative competency, and promoting fair dealing in the financial advisory sector.
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