MAS Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Cancelled]

Notices

Last Revised Date: 01 April 2024

Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Cancelled]

Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements.

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Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Cancelled]

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This notice applies to all licensed financial advisers, exempt financial advisers and their appointed representatives.

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.

01 Apr 2024

MAS Notice FAA-N13 last revised on 8 April 2020 (833.2 KB) is cancelled.

08 Apr 2020

MAS Notice FAA-N13 (Amendment) 2020 (837.2 KB) takes effect.

08 Oct 2018

MAS Notice FAA-N13 (Amendment No. 2) (1.04 MB) takes effect.

11 Apr 2018

MAS Notice FAA-N13 (Amendment) 2018 (646.1 KB) takes effect. Notice FAA-N13 last revised on 11 April 2018 (532.4 KB) .

30 Jun 2017

MAS Notice FAA-N13 (Amendment) 2017 (148.2 KB) takes effect. Notice FAA-N13 last revised on 30 June 2017 (575.6 KB) .

30 Dec 2016

MAS Notice FAA-N13 (Amendment No. 2) 2016 (24.9 KB) takes effect. Notice FAA-N13 last revised on 30 December 2016 (299.3 KB) .

09 Sep 2016

MAS Notice FAA-N13 (Amendment) 2016 (153.8 KB) takes effect. Notice FAA-N13 last revised on 09 September 2016 (572.5 KB) .

01 Jan 2016

MAS Notice FAA-N13 (Amendment No. 2) 2015 (92.5 KB) takes effect. Notice FAA-N13 last revised on 31 December 2015 (296.1 KB) .

07 Oct 2015 MAS Notice FAA-N13 (Amendment) 2015 takes effect.

10 Jun 2014 MAS Notice FAA-N13 (Amendment) 2014 takes effect.

01 Feb 2014 MAS Notice FAA-N13 (Amendment No. 2) 2013 takes effect.

20 Feb 2013 MAS Notice FAA-N13 (Amendment) 2013 takes effect.

02 May 2012 MAS Notice FAA-N13 (Amendment) 2012 takes effect.

19 Oct 2011 MAS Notice FAA-N13 (Amendment) 2011 takes effect.

Guidelines for Board and Senior Management on implementing fair dealing outcomes to customers.

Eligibility and ongoing requirements for representatives of financial advisers, including entry, CMFAS examination and continuing professional development requirements.

Provides guidance on the minimum academic and examination requirements as well as continuing professional development for representatives of financial advisers.

Outlines rules of thumb for individuals to address their savings, insurance, investment, retirement and legacy planning needs at different life stages.

To consult on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act.

Consultation number:

P006-2020

Start date:

04 September 2020

Closing date:

05 October 2020

MAS response date:

28 September 2023

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.

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the completion of the examination requirements by a provisional representative.

Proposed enhancements to the examination framework for appointed representatives under the SFA and FAA, e.g. minimum academic qualifications under the Capital Markets and Financial Advisory Services Examination (CMFAS) and Continuing Professional Development (CPD) requirements.

Consultation number:

P015 - 2016

Start date:

12 December 2016

Closing date:

13 January 2017

MAS response date:

25 September 2017

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

Provides guidance on the mutual recognition of MAS and Thai SEC's product knowledge examinations in securities and collective investment schemes.

Proposed guidance for Board and Senior Management on the implementation of fair dealing outcomes to customers. The fair dealing outcomes include ensuring that consumers receive clear, relevant and timely information to make informed financial decisions and that financial institutions handle complaints in an independent, effective and prompt manner.

Consultation number:

P001 - 2008

Start date:

21 February 2008

Closing date:

21 May 2008

Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.