Regulatory Alerts2021-03-05
Added · Updated
Guidelines on Criteria for the Grant of a Financial Adviser’s Licence
Corporations applying for a financial adviser’s licence must establish a physical presence in Singapore and employ at least two full-time appointed representatives. The Chief Executive Officer and Executive Directors must have a minimum of five years of relevant experience, with at least three years in a managerial capacity, and the board must include at least one Singapore-resident director. Paid-up capital requirements are set at $150,000 for certain investment products and $300,000 for futures, spot foreign exchange, or over-the-counter derivatives contracts. Applicants must also maintain professional indemnity insurance with a minimum limit of $500,000, demonstrate a three-year track record, and satisfy fit and proper criteria.
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