Guidelines on Fit and Proper Criteria [FSG-G01]

These guidelines set out the fit and proper criteria that apply to all relevant persons carrying out any activity regulated by MAS. The relevant person is expected to be competent, honest, to have integrity and to be of sound financial standing.

The guidelines cover:

Definitions of 'relevant persons' and scope of application.

Criteria for considering if a relevant person is fit and proper.

Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.

Form for licensed trust companies to apply for the appointment of a resident manager or director.

Form for registered insurance brokers to apply for the appointment of a Chief Executive Officer or Director.

The information paper sets out MAS’ supervisory expectations, good practices observed and areas for enhancement in the following areas: Onboarding of representatives; Monitoring of representatives with adverse information; Onboarding training; and Other areas - Hiring of assistants by representatives and outsourced...

Requirements and best practice standards on continuing professional development for insurance brokers and their broking staff.

Provides guidance on regulatory requirements that an exempt financial adviser serving up to not more than 30 accredited investors or an exempt corporate finance adviser is expected to comply with, including criteria for exemption, form for lodgement as an exempt person and ongoing regulatory requirements.

Application for Registration as an Insurance Broker.

Form for entities applying to be a trustee for collective investment schemes.

Form for a person to apply to become a controller of a licensed trust company.

Form for entities to apply for a trust business licence under the Trust Companies Act.

How to qualify to be a licensed trust company

Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.

Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore.

Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

Guidelines on the criteria and procedures for registration as an insurance broker.

Informs insurers of the amendments to MAS Notice 106

Requirement for disqualified directors and employees of all merchant banks to seek MAS’ written consent to continue their appointment or employment in the merchant bank.

Requirement for directors, employees and agents of all merchant banks to not wilfully make a false entry, omit to make an entry, or alter, conceal or destroy an entry in any books, statements or records of the merchant bank.

Requirement for directors and chief executives of all merchant banks to take all reasonable steps to secure compliance with MAS regulations and accuracy of statements submitted to MAS.

Requirements for all merchant banks on the appointment of chief executive and deputy chief executive.

Requirements for merchant banks on register of dealers.

Requirements for banks on register of dealers.

Form for registered insurance brokers to submit to MAS for the appointment of broking staff.

Requirements for banks incorporated outside Singapore on the appointment of chief executive and deputy chief executive. This notice was cancelled with effect from 03 June 2019.

This circular applies to capital markets services licensees, banks, merchant banks, finance companies, insurers and financial advisers. ​ It sets out the requirements on due diligence checks and documentation relevant to the fit and proper certification of their representatives.

Set out requirements for licensing, financial resources and conduct of business requirements for licensed trust companies.

Requirements for all finance companies on the appointment of chief executive, deputy chief executive, chief financial officer and directors.

Corporate governance requirements for banks and financial holding companies, including the composition of the board of directors and board committees, and separation of roles for the Chairman of the Board and Chief Executive Officer.