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

Monetary Authority of Singapore

FINANCIAL ADVISERS ACT (CAP. 110) NOTICE ON MINIMUM ENTRY AND EXAMINATION REQUIREMENTS FOR REPRESENTATIVES OF LICENSED FINANCIAL ADVISERS AND EXEMPT FINANCIAL ADVISERS

2 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers Notice No : FAA-N13 Issue Date : 26 November 2016 [Last revised on 8 April 2020] NOTICE ON MINIMUM ENTRY AND EXAMINATION REQUIREMENTS FOR REPRESENTATIVES OF LICENSED FINANCIAL ADVISERS AND EXEMPT FINANCIAL ADVISERS 1 This Notice is issued pursuant to section 58 of the Financial Advisers Act (Cap. 110) [“the Act”]. The earlier notice (FAA-N07) issued on 16 January 2004 and last amended on 31 December 2007) on the same subject is cancelled. 2 This Notice shall apply to all licensed financial advisers, persons who are exempt from holding a financial adviser’s licence under section 23(1)(a), (b), (c), (d), or (e) of the Act, and their appointed representatives. 3 This Notice shall not apply to – (a) persons specified in regulation 4 of the Financial Advisers (Structured Deposits – Prescribed Investment Products and Exemption) Regulations in relation to the provision of any financial advisory service relating to any structured deposit as defined in those Regulations; and [FAA-N13 (Amendment No. 2) 2013] (b) persons specified in regulation 3 of the Financial Advisers (Exemption from Section 25 to 29 and 36) Regulations in respect of the provision of any financial advisory service relating to the investment products referred to in regulation 3 of those Regulations. [FAA-N13 (Amendment No. 2) 2013] 4 This Notice sets out the following: (a) minimum entry requirements for appointed representatives; (b) application of the Capital Markets and Financial Advisory Services Examination (“CMFAS Exam”) requirements to persons intending to provide financial advisory services as appointed representatives under the Act; (c) circumstances under which the CMFAS Exam requirements do

3 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers not apply; (d) obligations of licensed financial advisers and exempt financial advisers; and (e) continuing professional development requirements for appointed representatives. [FAA-N13 (Amendment No. 2) 2015] DEFINITIONS 5 For the purposes of this Notice: “accident and health benefits” has the same meaning as in First Schedule to the Insurance Act (Cap. 142); [FAA-N13 (Amendment No. 2) 2013] Deleted [FAA-N13 (Amendment No.2) 2018] “CMFAS Exam requirements” means the requirement to pass the relevant modules of the CMFAS Exam; “CTA” means the Commodity Trading Act (Cap. 48A) in force immediately before 27 February 2008; “derivatives contracts” has the same meaning as in section 2(1) of the SFA; [FAA-N13 (Amendment No.2) 2018] “exchange-traded derivatives contracts” has the same meaning as in section 2(1) of the SFA; [FAA-N13 (Amendment No.2) 2018] “Excluded Investment Product” has the same meaning as in paragraph 6 of the FAA Notice on Recommendations on Investment Products (FAA￾N16); [FAA-N13 (Amendment) 2011] “execution-related advice” has the same meaning as in regulation 34A (2) of the Financial Advisers Regulations (Reg 2); [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment) 2017]

4 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers “exempt financial adviser” means a person exempt from holding a financial adviser’s licence under section 23(1)(a), (b), (c), (d) or (e) of the Act; “financial adviser” means a licensed financial adviser or an exempt financial adviser; “Government securities” has the same meaning as in regulation 2 of the Securities and Futures (Licensing and Conduct of Business) Regulations [FAA-N13 (Amendment No.2) 2018] “over-the-counter derivatives contract” means a derivatives contract which is not an exchange-traded derivatives contract; [FAA-N13 (Amendment No.2) 2018] “qualifying corporation” has the same meaning as in regulation 2 of the Securities and Futures (Provision for Persons and Matters Previously Regulated under Commodity Trading Act) Regulations 2007 in force immediately before 8 October 2018 [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No.2) 2018] “SFA” means the Securities and Futures Act (Cap. 289); [FAA-N13 (Amendment No.2) 2018] “Specified Investment Products” has the same meaning as in paragraph 6 of the FAA Notice on Recommendations on Investment Products (FAA￾N16); [FAA-N13 (Amendment) 2011] 5A The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same respective meanings as in the Act and the Financial Advisers Regulations (Reg 2) [“FAR”]. [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No. 2) 2015] APPLICATION OF CMFAS EXAM REQUIREMENTS 6 The CMFAS Exam, which commenced on 1 December 2002, comprises 14 modules, of which Modules 5 to 9A are applicable under the Act.

5 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers Module Examination Rules & Regulations 1A Rules and Regulations for Dealing in Securities (for members of the Singapore Exchange Securities Trading Limited (“SGX-ST”)) 1B Rules and Regulations for Dealing in Securities (Non SGX-ST members) 2A Rules and Regulations for Trading in Futures Contracts (for members of the Singapore Exchange Derivatives Trading Limited (“SGX- DT”) 3 Rules and Regulations for Fund Management 4A Rules and Regulations for Advising on Corporate Finance 4B Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities) 5 Rules and Regulations for Financial Advisory Services 10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis Product Knowledge & Analysis 6 Securities Products and Analysis 6A Securities and Futures Product Knowledge 8 Collective Investment Schemes 8A Collective Investment Schemes II 9 Life Insurance and Investment-Linked Policies 9A Life Insurance and Investment-Linked Policies II [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment) 2015] [FAA-N13 (Amendment No.2) 2018] 7 The CMFAS Exam requirements apply to individuals who wish to provide any of the following types of financial advisory service: (a) advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning the following investment products: (i) securities; (ii) units in collective investment schemes; (iii) exchange-traded derivatives contracts; (iv) spot foreign exchange contracts for the purposes of leveraged foreign exchange trading;

6 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (iva) over-the-counter derivatives contracts; (v) life policies, other than— (A) in the manner specified in paragraph 8(b) of this Notice; or (B) advising on corporate finance within the meaning of the SFA; (b) Deleted ; (c) arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance. [FAA-N13 (Amendment No.2) 2018] 8 The CMFAS Exam requirements do not apply to individuals who intend to provide any of the following types of financial advisory service: (a) advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning the following investment products: (i) spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading; (ii) structured deposits as defined in the Financial Advisers (Structured Deposits – Prescribed Investment Products and Exemption) Regulations; [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No.2) 2018] (iii) investment products referred to in the Financial Advisers (Exemption from Section 25 to 29 and 36) Regulations, [FAA-N13 (Amendment No. 2) 2013] other than – (A) in the manner specified in paragraph 8(b) of this Notice; or (B) advising on corporate finance within the meaning of the SFA; (b) advising others by issuing or promulgating research analyses or

7 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers research reports, whether in electronic, print or other form, concerning the following investment products: (i) securities; (ii) units in collective investment schemes; (iii) exchange-traded derivatives contracts ; (iv) spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading (va) spot foreign exchange contracts for the purposes of leveraged foreign exchange trading; (vb) over-the-counter derivatives contracts; [FAA-N13 (Amendment No.2) 2018] (vi) life policies; (vii) structured deposits as defined in the Financial Advisers (Structured Deposits – Prescribed Investment Product and Exemption) Regulations; [FAA-N13 (Amendment No. 2) 2013] (viii) investment products referred to in the Financial Advisers (Exemption from Section 25 to 29 and 36) Regulations. [FAA-N13 (Amendment No. 2) 2013]

8 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 9 The following table sets out the applicable modules under the CMFAS Exam for each of the financial advisory services. TYPES OF FINANCIAL ADVISORY SERVICE MODULE Rules & Regulations Product Knowledge and Analysis Excluded Investment Products Specified Investment Products 5 6 8 9 6A 8A 9A (a) Advising others concerning: (i) securities    (ii) units in a collective investment scheme that are: (A) not listed on an exchange             (B) listed on an exchange      (iii)exchange-traded derivatives contracts that are: (A)futures contracts         (B) not futures contracts    (iv) spot foreign exchange contracts for the purposes of leveraged foreign exchange trading   (v) over-the-counter derivatives contracts   (b) Advising on and/or arranging life policies    [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment) 2013] [FAA-N13 (Amendment No.2) 2018] 9A Deleted.

9 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [FAA-N13 (Amendment No.2) 2018] 9B Deleted [FAA-N13 (Amendment No.2) 2018] 10 Deleted. [FAA-N13 (Amendment No.2) 2018] 11 Deleted. [FAA-N13 (Amendment No.2) 2018] 12 MAS Notice 117 (Training and Competency Requirement: Health Insurance Module) issued under the Insurance Act (Cap. 142) shall apply to appointed representatives of financial advisers who provide the financial advisory services specified in paragraph 7(a)(v) and (c) of this Notice concerning any life policy with accident and health benefits but excluding such policy where accident and health benefits are paid out only – (a) in the event of an injury to, or disability of, the insured as a result of an accident; (b) in the event that the insured becomes total and permanently disabled; (c) on the death of the insured by accidental cause; or (d) on the occurrence of a combination of the events set out in (a) to (c). MAS Notice 117 requires such appointed representatives to obtain the requisite qualification in health insurance before they can provide any advice on or arrange such policies or both, unless the appointed representatives fall within paragraph 6 or 7 of MAS Notice 117. MINIMUM ENTRY REQUIREMENTS 13 Any person who acts as or holds himself out to be an appointed representative of a financial adviser must: (a) be at least 21 years old; (b) subject to paragraphs 16 and 16A, satisfy the minimum academic qualification requirements set out under paragraph 15 of this Notice; and [FAA-N13 (Amendment No. 2) 2013] (c) subject to paragraph 22, comply with the examination requirements of this Notice.

10 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 14 In addition, a financial adviser shall certify that every of its appointed representatives meets the minimum entry requirements stipulated in paragraph 13 of this Notice. [FAA-N13 (Amendment No. 2) 2013] 15 For the purpose of paragraph 13(b) of this Notice, the minimum academic qualification requirements are as follows: (a) a GCE ‘A’ Level certificate with passes in at least three subjects at “Higher 2” level and two subjects at “Higher 1” level; (b) an International Baccalaureate Diploma qualification; (c) a diploma awarded by a polytechnic in Singapore; or (d) any other academic qualification which is equivalent to the qualifications set out in sub-paragraph (a), (b) or (c) above. For the purposes of paragraph 15(d), a financial adviser shall determine if such other academic qualification is the equivalent to the qualifications set out in paragraph 15(a), 15(b) or 15(c). The Authority will provide guidance on the determination of such other academic qualification. [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No. 2) 2015] [FAA-N13 (Amendment) 2016] 16 Subject to paragraph 16A, an individual who acts as or holds himself out to be an appointed representative of a financial adviser, but does not have the academic qualifications set out in paragraph 15(a), (b), (c) or (d), need not comply with paragraph 13(b) if he satisfies any of the following conditions: (a) he had been providing financial advisory services immediately before 1 February 2014, and continued to do so – (i) from 1 February 2014, as a representative of a financial adviser; or (ii) on 1 February 2014, as a representative of a financial adviser, but ceased to carry out such activity on a date after 1 February 2014, prior to his re-commencement of carrying out such activity as a representative of a financial adviser;

11 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (b) he had been providing financial advisory services before 1 February 2014, and had ceased to provide such services on a date before or on 1 February 2014, prior to his re-commencement of carrying out such activity as a representative of a financial adviser on or after 1 February 2014 (as the case may be); or (c) his principal had, before 1 February 2014, submitted a notice of intent under section 23F(1)(a) of the Act to appoint the individual as its appointed representative, and the individual’s appointment is subsequently entered in the public register of representatives on or after 1 February 2014. [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No. 2) 2015] 16A The following categories of individuals, who satisfy the conditions in paragraph 16, shall re-take and pass the applicable modules under the CMFAS Exams as set out in paragraph 9 before providing any financial advisory services referred to in paragraph 7 as an appointed representative: (a) any individual referred to in paragraph 16(b) who does not re￾commence providing any financial advisory service as a representative of a financial adviser for a continuous period of 1 year from the date of cessation; or (b) any individual who ceases to provide any financial advisory service as a representative after 1 February 2014, but does not re￾commence the provision of any financial advisory service with a financial adviser for a continuous period of 1 year from the date of cessation. Any individual who falls under paragraph 16A shall not be entitled to rely on the exemptions set out in Annexes 3, 3A, 4 and 4A. [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No. 2) 2015] CIRCUMSTANCES UNDER WHICH THE CMFAS EXAM REQUIREMENTS DO NOT APPLY 17 A representative who possesses specified qualifications and work experience or who confines the performance of financial advisory services to a limited segment of the market is not required to pass certain modules of the CMFAS Exam. Details of the circumstances under which the CMFAS Exam

12 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers requirements do not apply are set out in paragraphs 18 to 24 of this Notice. [FAA-N13 (Amendment) 2011] Specified Qualifications or Work Experience 18 With effect from 19 October 2011, a representative who possesses any of the qualifications, where such qualification was obtained by way of passing the required examination(s)1 , or work experience listed in Annexes 1A, 3A or 4A will not be required to pass Modules 6, 8 or 9 respectively. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018] 18A With effect from 19 October 2011, a representative who possesses any of the qualifications or work experience listed in Annexes 1, 3 or 4 is not required to pass Modules 6, 8 or 9 respectively, if: (a) he has been conducting relevant regulated activities as a representative immediately before 19 October 2011 and continues to conduct such regulated activities on and after 19 October 2011; (b) his principal has lodged with the Authority documents under section 23F of the Act, in relation to his appointment as an appointed representative before 1 January 2012; or (c) there is no break in service of more than 6 months between his last working experience as a representative conducting relevant regulated activities and the date of his principal’s lodgement with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018] 18B A representative who possesses any of the following qualifications is not required to pass Module 6A, 8A or 9A (as may be applicable). (a) a degree or higher qualification in finance, financial engineering or computational finance; or (b) Chartered Financial Analyst (CFA) by the CFA Institute, USA [FAA-N13 (Amendment) 2011]

1 Except for item 8 of Annex 1A, item 10 of Annex 3A, and item 8 of Annex 4A.

13 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 19 With effect from 1 July 2005, the Authority will only recognise the qualifications listed in Annexes 1, 1A, 3, 3A, 4 and 4A where the individual has attained such qualifications through passing the specific respective examination(s)2 . [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018] 20 Subject to paragraph 21, paragraph 19 shall not apply to an individual who – (a) has attained the qualification listed in Annex 1, 3 or 4 before 1 July 2005 – (i) by passing examination(s) which is(are) recognised by the tertiary institutions, institutes, boards, associations or other bodies listed in Annex 1, 3 or 4, to be equivalent to passing the specific examination(s) for attainment of the respective qualifications listed in Annexes 1, 3 and 4; or (ii) by fulfilling such other criteria specified by the tertiary institutions, institutes, boards, associations or other bodies listed in Annex 1, 3 or 4, as prerequisites for the attainment of the respective qualifications listed in Annexes 1, 3 or 4; and (b) has been providing financial advisory services as a representative of a financial adviser immediately before 1 July 2005 and continues to provide such financial advisory services after 1 July 2005, whether on behalf of the same financial adviser or any other financial adviser. [FAA-N13 (Amendment No.2) 2018] 21 Paragraph 19 shall apply to an individual who would otherwise satisfy paragraph 20 if he ceases to act as a representative of any financial adviser at any time after 1 July 2005. 22 The Authority shall not require an individual who meets the following criteria in respect of the provision of financial advisory service as specified in paragraph 7(a) concerning exchange-traded derivatives that are futures contracts to pass Module 5:

2 Except for item 34 of Annex 1, item 8 of Annex 1A, item 40 of Annex 3, and item 10 of Annex 3A, item 8 of Annex 4, and item 8 of Annex 4A.

14 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (a) the individual has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 at the same time that he is a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a qualifying corporation prior to 27 February 2008, without any break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. (b) the individual is a person who, prior to 27 February 2008 - (i) has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 at the same time that he is an associated person in relation to a qualifying corporation and registered with the Singapore Commodity Exchange Ltd; and [FAA-N13 (Amendment No.2) 2018] (ii) does not hold a commodity futures broker’s representative’s licence under section 13 of the CTA in relation to that corporation, and there is no break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. An “associated person”, for the purposes of this sub-paragraph, has the same meaning as in the Rules and Regulations of the Singapore Commodity Exchange Ltd;

15 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [FAA-N13 (Amendment No. 2) 2013] [FAA-N13 (Amendment No.2) 2018] (c) before 8 October 2018 at the same time that he is a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a corporation which prior to 27 February 2008, is the holder of a commodity futures broker’s licence under the CTA and a capital markets services licence under the SFA, and there is no break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be; or [FAA-N13 (Amendment No.2) 2018] (d) the individual, prior to 27 February 2008 - (i) is exempted from holding a commodity futures broker’s representative licence under the CTA; (ii) is employed by or acting for a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved under the Monetary Authority of Singapore Act (Cap. 186), and (iii) has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018, and there is no break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 8 October 2018 and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. [FAA-N13 (Amendment No.2) 2018]

16 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 23 Any representative of a financial adviser who, immediately before 1 July 2005, was providing the financial advisory service specified in paragraph 7(a) concerning contracts or arrangements for the purposes of leveraged foreign exchange trading under the Act in force immediately before 8 October 2018, shall not be required to pass any of the modules of the CMFAS Exam if he continues to act in the same manner on or after 1 July 2005. With effect from 1 January 2012, such a representative is required to pass Module 6A. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018] 23A Deleted [FAA-N13 (Amendment) 2012] [FAA-N13 (Amendment No.2) 2018] Specified Types of Financial Advisory Services 24 For the purposes of paragraph 17 of this Notice, the CMFAS Exam requirements shall not apply to any representative who confines the performance of financial advisory services in respect of: (a) any capital markets product to an expert investor as defined in regulation 2(1) of the FAR; (b) any investment product to: (i) an accredited investor as defined in regulation 2(1) of the FAR; (ii) an institutional investor as defined in regulation 2(1) of the FAR; (iii) a related corporation of the licensed financial adviser for whom the representative acts; (iv) a person that is connected to the licensed financial adviser for whom the representative acts; or (v) any person outside Singapore who is an individual and – (AA) not a citizen of Singapore; (AB) not a permanent resident of Singapore; and

17 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (AC) not a person who is wholly or partly dependent on the person referred to in sub-paragraph (AA) or (AB); or (vi) any person outside Singapore, other than a person referred to in sub-paragraph (b)(v), with no commercial or physical presence in Singapore. (c) any Singapore Government Securities. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No. 2) 2015] 20 Subject to paragraph 4.2.721, paragraph 4.2.519 shall not apply to an individual who – (a) has attained the qualification listed in Annex 1, 2, 3 or 4 before 1 July 2005 – (i) by passing examination(s) which is(are) recognised by the tertiary institutions, institutes, boards, associations or other bodies listed in Annex 1, 2, 3 or 4, to be equivalent to passing the specific examination(s) for attainment of the respective qualifications listed in Annexes 1, 2, 3 and 4; or (ii) by fulfilling such other criteria specified by the tertiary institutions, institutes, boards, associations or other bodies listed in Annex 1, 2, 3 or 4, as prerequisites for the attainment of the respective qualifications listed in Annexes 1, 2, and 3 or 4; and (b) has been providing financial advisory services as a representative of a financial adviser immediately before 1 July 2005 and continues to provide such financial advisory services after 1 July 2005, whether on behalf of the same financial adviser or any other financial adviser. [FAA-N13 (Amendment No.2) 2018] 21 Paragraph 19 shall apply to an individual who would otherwise satisfy paragraph 20 if he ceases to act as a representative of any financial adviser at any time after 1 July 2005. 22 The Authority shall not require an individual who meets the following criteria in respect of the provision of financial advisory service as specified in

18 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers paragraph 7(a) concerning futures contracts to pass Module 5: (a) the individual has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 2018 at the same time that he is a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a qualifying corporation prior to 27 February 2008, without any break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before 2018 and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. (b) the individual is a person who, prior to 27 February 2008 - (i) has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before at the same time that he is an associated person in relation to a qualifying corporation and registered with the Singapore Commodity Exchange Ltd; and (ii) does not hold a commodity futures broker’s representative’s licence under section 13 of the CTA in relation to that corporation, and there is no break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. An “associated person”, for the purposes of this sub-paragraph, has the same meaning as in the Rules and Regulations of the Singapore Commodity Exchange Ltd; [FAA-N13 (Amendment No. 2) 2013]

19 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [FAA-N13 (Amendment No.2) 2018] (c) the individual is a person who, prior to 27 February 2008, has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before at the same time that he is a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a corporation which prior to 27 February 2008, is the holder of a commodity futures broker’s licence under the CTA and a capital markets services licence under the SFA, and there is no break-in￾service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be; or (d) the individual, prior to 27 February 2008 - (i) is exempted from holding a commodity futures broker’s representative licence under the CTA; (ii) is employed by or acting for a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved under the Monetary Authority of Singapore Act (Cap. 186), and (iii) has at least 3 years of relevant and continuous working experience in Singapore in the provision of financial advisory services in respect of futures contracts as defined in the Act in force immediately before, and there is no break-in-service of more than 6 months between the person’s last working experience in the provision of financial advisory services in respect offutures contracts as defined in the Act in force immediately before and the date of his licence application prior to 26 November 2010; entry into the industry prior to 26 November 2010; or principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. [FAA-N13 (Amendment No.2) 2018]

20 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 23 Any representative of a financial adviser who, immediately before 1 July 2005, was providing the financial advisory service specified in paragraph 7(a) concerning contracts or arrangements for the purposes of leveraged foreign exchange trading under the Act in force immediately before, shall not be required to pass any of the modules of the CMFAS Exam if he continues to act in the same manner on or after 1 July 2005. With effect from 1 January 2012, such a representative is required to pass Module 6A in accordance to paragraph 34 of this Notice. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018] 23A A representative who provides financial advisory services concerning futures contracts and securities (excluding collective investment schemes) is not required to pass Module 6 if his provision of financial advisory services in securities is confined to the securities prescribed in regulation 3(1)(iv) of the Securities and Futures (Prescribed Securities) Regulations 2012 [FAA-N13 (Amendment) 2012] [FAA-N13 (Amendment No.2) 2018] Specified Types of Financial Advisory Services 24 For the purposes of paragraph 17 of this Notice, the CMFAS Exam requirements shall not apply to any representative who confines the performance of financial advisory services in respect of: (a) any capital markets product to an expert investor as defined in regulation 2(1) of the FAR; (d) any investment product to: (i) an accredited investor as defined in regulation 2(1) of the FAR; (ii) an institutional investor as defined in regulation 2(1) of the FAR; (iii) a related corporation of the licensed financial adviser for whom the representative acts; (iv) a person that is connected to the licensed financial adviser for whom the representative acts; or

21 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (v) any person outside Singapore who is an individual and – (AA) not a citizen of Singapore; (AB) not a permanent resident of Singapore; and (AC) not a person who is wholly or partly dependent on the person referred to in sub-paragraph (AA) or (AB); or (vi) any person outside Singapore, other than a person referred to in sub-paragraph (b)(v), with no commercial or physical presence in Singapore. (c) any Singapore Government Securities. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No. 2) 2015] RE-TAKING OF MODULE 5 25 Subject to paragraph 16A and 26, the following categories of individuals shall re-take and pass Module 5 of the CMFAS Exam before providing any financial advisory service referred to in paragraph 7 of this Notice as an appointed representative: (a) any individual who - (i) passed Module 5 of the CMFAS Exam; or (ii) was subject to the requirement of completing the non￾examinable course on Module 5 by the stipulated deadline in cancelled Notice No. FAA-N04 (Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers) issued on 1 October 2002 and cancelled on 16 January 2004, and had completed the non-examinable course on Module 5 by 30 November 2003, as the case may be, but subsequently— (i) ceased providing any financial advisory service for a financial

22 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers adviser before 8 October 2018, without re-commencing the provision of any financial advisory service set out at paragraph 7 of the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Notice No. FAA￾N13] dated 26 November 2010 and last revised on 11 April 2018, in force immediately before 8 October 2018, for a financial adviser within 3 years from the date of cessation; (ii) ceased providing any financial advisory service for a financial adviser before 8 October 2018, without re-commencing the provision of any financial advisory service set out at paragraph 7 of this Notice, for a financial adviser within 3 years from the date of cessation; or (iii) ceased providing any financial advisory service for a financial advisory on or after 8 October 2018, without re-commencing the provision of any financial advisory services set out at paragraph 7 of this Notice, for a financial adviser within 3 years from the date of cessation. [FAA-N13 (Amendment No.2) 2018] (c) any individual who - (i) was subject to the requirement of completing the non￾examinable course on Module 5 by the stipulated deadline in cancelled Notice No. FAA-N04 (Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers) issued on 1 October 2002 and cancelled on 16 January 2004 and completed the non-examinable course on Module 5 by 30 November 2003 but only after he ceased to provide financial advisory services; and (ii) did not re-commence the provision of financial advisory services for a financial adviser within 3 years from the date of completing the non-examinable course. [FAA-N13 (Amendment) 2016] 26 Paragraph 25 of this Notice shall not apply to an individual who -

23 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (a) as of 18 February 2004, was a representative of an exempt financial adviser providing execution-related advice, and has completed a non￾examinable course on Module 5 by 17 August 2004; or (b) is or was a representative of an exempt financial adviser who had commenced the provision of execution-related advice within 12 months from 18 February 2004, and has completed a non-examinable course on Module 5 within 6 months from the date of commencement of the activity, unless such individual has ceased the provision of execution-related advice for an exempt financial adviser for a period exceeding 3 years. OBLIGATIONS OF A FINANCIAL ADVISER 27 A financial adviser shall maintain a register stating whether its representative is subject to the CMFAS Exam requirements or the non￾examinable course(s), where applicable, relevant to the type of financial advisory services provided by the representative. A financial adviser shall enter in the register the type of financial advisory services conducted by its representative, the date on which its representative completed the CMFAS Exam or non-examinable course(s), where applicable, and in respect of such representative who is not required to pass certain modules of the CMFAS Exam under this Notice, to state the details thereof, if any. 28 In addition, a financial adviser shall ensure that its representative comply with the examination requirements of this Notice. A financial adviser shall not allow its representative who is subject to the CMFAS Exam requirements to commence any type of financial advisory service unless he has passed the applicable modules of the CMFAS Exam or completed the relevant non￾examinable course, where applicable. ADMINISTRATION OF CMFAS EXAM 29 The Institute of Banking and Finance (“IBF”) administers Modules 1A, 1B, 2A, 3, 4A, 4B, 6, 6A and 10 while the Singapore College of Insurance (“SCI”) administers Modules 5, 8, 8A, 9 and 9A. Details of the syllabus and examination format of these modules may be obtained from IBF and SCI. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No.2) 2018]

24 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers CONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENTS FOR APPOINTED REPRESENTATIVES 30 As set out in the Guidelines on Fit and Proper Criteria (Guideline No. FSG￾G01), competence and capability are criteria which the Authority will take into account in considering whether a person is fit and proper. The Authority expects appointed representatives of financial advisers to undergo continuing professional development so as to keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services which they provide. In this regard, a principal must include the structured continuing professional development (“CPD”) training undertaken by its appointed representatives under paragraph 30A of this Notice in its assessment on whether its appointed representatives remain fit and proper in respect of their provision of financial advisory services3 . [FAA-N13 (Amendment No. 2) 2015] [FAA-N13 (Amendment No.2) 2018] 30A Every appointed representative of a financial adviser must – (a) undergo structured CPD training which is relevant to the type of financial advisory services that he provides; and (b) obtain and retain relevant supporting evidence that he has completed the minimum hours of structured CPD training under paragraph 31 or 31B of this Notice, as applicable, within the stipulated period. [FAA-N13 (Amendment No. 2) 2015] 30B Every principal must – (a) review and follow up on each of its appointed representatives' structured CPD training needs on an annual basis; and (b) obtain and retain the relevant supporting evidence that each of its appointed representatives has completed the minimum hours of structured CPD training under paragraph 31 or 31B of this Notice, as applicable, within the stipulated period. [FAA-N13 (Amendment No. 2) 2015]

3 Under regulations 14A(1)(a)(ii) and 14A(2)(b) of the FAR, exempt financial advisers and licensed financial advisers are respectively required to ensure that their representatives are fit and proper persons in relation to the carrying out of financial advisory services as representatives. Pursuant to section 23J of the Act, the Authority may revoke or suspend the status of an individual as an appointed representative if he or his principal fails to satisfy the Authority that he remains a fit and proper person to be an appointed representative.

25 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 30C In this section, “structured CPD training” includes – (a) lectures; (b) conferences; (c) workshops; (d) courses; (e) product seminars prior to the launch of new products; and (f) e-learning courses which have clear learning objectives and outcomes that are clearly documented and independently verified but excludes activities that are part of the job scope of an appointed representative, such as carrying out research on products and services for clients. [FAA-N13 (Amendment No.2) 2018] Minimum hours of structured CPD training required and calculation of structured CPD training hours 31 Subject to paragraph 31D(b), an individual who acts or holds himself out to be an appointed representative and provides – (a) only one type of financial advisory service, must complete by the end of every calendar year – (i) the minimum number of training hours in Ethics or Rules and Regulations, or both, as the case may be, set out in the second column of Table A for that type of financial advisory service; and (ii) the minimum number of training hours set out in the third column of Table A for that type of financial advisory service; and (b) two or more types of financial advisory services, must complete by the end of every calendar year – (i) the minimum number of training hours in Ethics or Rules and Regulations, or both, as the case may be, set out in the second column of Table A for those types of financial advisory service; and

26 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (ii) the higher of the minimum number of training hours set out in the third column of Table A for those types of financial advisory services. The minimum number of training hours under paragraph 31(a)(i) or 31(b)(i), as the case may be, applicable to an appointed representative is referred to in this Notice as the Core CPD hours, and the minimum number of training hours under paragraph 31(a)(ii) or 31(b)(ii), as the case may be, applicable to an appointed representative is referred to in this Notice as Supplementary CPD hours. The total of the Core CPD hours and Supplementary CPD hours is referred to as the Total Annual CPD hours. Table A First Column Second Column Third Column Types of financial advisory service Core CPD hours Supplementary CPD hours

1. Advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any contract of insurance in respect of mortgage reducing term assurance policies or group term life insurance policies or both (as the case may be), other than – (a) in the manner set out in item 2; or (b) advising on corporate finance within the meaning of the SFA. 6 training hours in respect of Ethics or Rules and Regulations, or both, as the case may be

• Only training hours of courses in Ethics or Rules and Regulations, or both, as the case may be, which are accredited by IBF or SCI will be counted towards the Core CPD hours. 10 hours

2. Advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any contract of insurance in respect of mortgage reducing term assurance policies or group term life insurance policies or both (as the case may be).
3. Arranging of any contract of insurance in respect of mortgage reducing term assurance policies or group term life insurance policies or both (as the case may be), other than a contract of

27 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers First Column Second Column Third Column Types of financial advisory service Core CPD hours Supplementary CPD hours reinsurance. 4. Advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product (other than mortgage reducing term assurance policies or group term life insurance policies), other than – (a) in the manner set out in item 5; or (b) advising on corporate finance within the meaning of the SFA. 24 hours 5. Advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any investment product (other than mortgage reducing term assurance policies or group term life insurance policies). 6. Deleted. 7. Arranging of any contract of insurance in respect of life policies (other than a contract of reinsurance, mortgage reducing term assurance policy or group term life insurance policy). [FAA-N13 (Amendment No. 2) 2015] [FAA-N13 (Amendment) 2018] [FAA-N13 (Amendment No.2) 2018] 31A Any appointed representative who, within the period of 1 January 2018 to 10 April 2018 (both dates inclusive), completed courses under his structured CPD training (including courses in Ethics or Rules and Regulations, or both, as the case may be) in compliance with the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Notice No. FAA-N13] dated 26 November 2010 and last revised on 30 June 2017, in force immediately before 11 April 2018 may count the training hours in such completed courses towards his Core CPD hours or Supplementary CPD hours, for the calendar year of 2018 only.

28 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [FAA-N13 (Amendment) 2018] 31B Subject to paragraphs 31C and 31D(b), where an individual is an appointed representative of a particular principal for an aggregate period of less than a year in a calendar year, the appointed representative must complete by the end of that calendar year – (a) a pro-rated minimum number of training hours in Ethics or Rules and Regulations, or both as the case may be, calculated in accordance with the formula in sub-paragraph (i) below (“Pro-rated Core CPD hours”); and (b) a pro-rated minimum number of Supplementary CPD training hours calculated in accordance with the formula in sub-paragraph (ii) (“Pro￾rated Supplementary CPD hours”). The total of the Pro-rated Core CPD hours and Pro-rated Supplementary CPD hours is referred to in this Notice as the Total Pro-rated CPD hours. Formulas: (i) Pro-rated minimum number of training hours in Ethics or Rules and Regulations, or both (as the case may be) ═ (Total number of days appointed as an appointed representative of the particular principal in the calendar year ∕ 365) × Core CPD hours (ii) Pro-rated minimum number of Supplementary CPD hours ═ (Total number of days appointed as an appointed representative of the particular principal in the calendar year ∕ 365) × Supplementary CPD hours For avoidance of doubt, where an appointed representative has more than one principal in a calendar year, paragraph 31B shall apply only in respect of the particular principal for whom the appointed representative still provides financial advisory services. [FAA-N13 (Amendment No. 2) 2015] [FAA-N13 (Amendment) 2018] 31C Subject to paragraph 31D(a), an individual who is an appointed representative of a particular principal for an aggregate period of less than 183 days in a calendar year and is unable to complete his Total Pro-rated CPD hours by the end of that calendar year, may carry over his unfulfilled Total Pro-rated CPD hours to the next calendar year (“New Calendar Year”) on the condition that he completes his unfulfilled Total Pro-rated CPD hours by the end of the New

29 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers Calendar Year. [FAA-N13 (Amendment No. 2) 2015] 31D In respect of an appointed representative who – (a) carries over his unfulfilled Total Pro-rated CPD hours to the New Calendar Year and changes his principal in the New Calendar Year (the “new principal”), the appointed representative is not required to comply with the condition under paragraph 31C as an appointed representative of the new principal4 ; or (b) ceases to be an appointed representative in any calendar year, the appointed representative is not required to complete his Total Annual CPD hours or Total Pro-rated CPD hours, as the case may be, for that calendar year. [FAA-N13 (Amendment No. 2) 2015] 31E For purposes of calculating Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, an appointed representative who completes at least 2 hours of structured CPD training5 on – (a) Medishield Life Scheme content; (b) shield plan content; or (c) a combination of MediShield Life Scheme content and shield plan content, as required under MAS Notice 117 (Training and Competency Requirement: Health Insurance) (“MAS Notice 117”) before the end of any calendar year may – (i) treat up to 2 hours of that structured CPD training, as equivalent to the same in structured CPD training hours under this Notice for the same calendar year (“Equivalent CPD hours”); and (ii) count the Equivalent CPD hours towards his Supplementary CPD hours or Pro-rated Supplementary CPD training hours, as applicable.

4 For avoidance of doubt, the appointed representative must comply with paragraph 31 or 31B, as the case may be. 5 Please see paragraph 9A of MAS Notice 117.

30 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers For avoidance of doubt, the Equivalent CPD hours do not count towards Core CPD hours or Pro-rated Core CPD hours, as applicable. For purposes of this paragraph, “MediShield Life Scheme” and “shield plan” have the same respective meanings as in paragraph 2 of MAS Notice 117. [FAA-N13 (Amendment No. 2) 2015] 31F Where an appointed representative (other than an appointed representative referred to in paragraph 31D) is or will be unable to fulfil any of the requirements under paragraph 30A, 31 or 31B of this Notice, as the case may be, within the stipulated period due to circumstances beyond the control of the appointed representative that could not reasonably have been foreseen by the appointed representative, the appointed representative will not be treated as having breached the requirements under paragraph 30A, 31 or 31B of this Notice, if the appointed representative – (a) immediately informs his principal upon being aware of his inability to fulfil the requirements; and (b) completes the unfulfilled number of Total Annual CPD hours or Total Pro-rated CPD hours (as the case may be) within 12 months of being aware of his inability to fulfil the requirements. The principal of the appointed representative, who has been informed of the fact referred to in sub-paragraph (a), must take reasonable steps to ensure that the appointed representative completes the unfulfilled number of Total Annual CPD hours or Total Pro-rated CPD hours (as the case may be) within 12 months of the appointed representative being aware of his inability to fulfil the requirements. [FAA-N13 (Amendment No. 2) 2015] 32 A principal must – (a) calculate the total number of completed structured CPD training hours of each of its appointed representatives as at the end of each calendar year; and (b) maintain a register containing records of each of its appointed representatives’ total number of completed structured CPD training hours for each calendar year, and the principal must retain the register for a period of not less than 5 years from the end of the calendar year in which the appointed representative is appointed by the principal. [FAA-N13 (Amendment No. 2) 2015]

31 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [FAA-N13 (Amendment) 2018] 32A A financial adviser should ensure that its representatives have undergone adequate relevant training in any new Specified Investment Products, prior to their providing financial advisory services concerning such products. [FAA-N13 (Amendment No. 2) 2015] 32B For the purposes of calculating Core CPD hours, or Pro-rated Core CPD hours, as applicable, or Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, a person who— (a) is an appointed representative under the SFA and the Act for the same principal; and (b) completes courses during the period he is an appointed representative under both the SFA and the Act for the same principal, under his structured CPD training in compliance with the Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions [Notice No. SFA 04-N09] dated 11 August 2010 and last revised on 8 October 2018 (“SFA Exam Notice”) before the end of any calendar year, may count his training hours in such completed courses – (c) for Core CPD hours or Pro-rated Core CPD hours under the SFA Exam Notice, towards his Core CPD hours or Pro-rated Core CPD hours, as applicable, under this Notice, if IBF or SCI, as the case may be, has accredited that such training hours may be counted towards Core CPD hours under both the SFA Exam Notice and this Notice; and (d) for Supplementary CPD hours or Pro-rated Supplementary CPD hours under the SFA Exam Notice, towards his Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, under this Notice, subject to the condition in paragraph 32C being satisfied. for the same calendar year. [FAA-N13 (Amendment No.2) 2018] 32C The condition mentioned in paragraph 32B(d) is that the appointed representative’s principal must determine that the Supplementary CPD hours completed by the appointed representative under the SFA Exam Notice are

32 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers relevant to one or more types of financial advisory services being provided by the appointed representative under this Notice. [FAA-N13 (Amendment No.2) 2018] CIRCUMSTANCES UNDER WHICH THE CPD REQUIREMENTS DO NOT APPLY 33 Paragraphs 30A, 31 and 31B do not apply to an individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year. [FAA-N13 (Amendment) 2011] [FAA-N13 (Amendment No. 2) 2015] 33A Where an appointed representative – (a) is required to take or re-take 1 or more applicable modules under the CMFAS Exams in any calendar year so as to – (i) be able to continue providing the types of financial advisory service for which he is appointed; (ii) provide a type of financial advisory service other than that in sub-paragraph (i); or (iii) satisfy sub-paragraphs (i) and (ii); and (b) passes the applicable module or applicable modules under the CMFAS Exams (as the case may be), paragraphs 30A, 31 and 31B of this Notice do not apply to the appointed representative for the period of the entire calendar year in which he passes the applicable module or applicable modules (as the case may be). 33B Paragraphs 30A, 31 and 31B do not apply to – (a) an appointed representative who is an individual referred to in paragraph 8 of this Notice; (b) an appointed representative who is a representative referred to in paragraph 24 of this Notice;

33 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (c) an appointed representative whose principal is a financial adviser referred to in paragraph 13 of FAA-N16, and who provides execution-related advice only; or (d) Deleted (e) an appointed representative who satisfies any combination of sub￾paragraphs (a), (b) or (c) . [FAA-N13 (Amendment No. 2) 2015] [FAA-N13 (Amendment) 2016] [FAA-N13 (Amendment No. 2) 2016] [FAA-N13 (Amendment No. 2) 2018] TRANSITIONAL ARRANGEMENTS FOR IMPLEMENTATION OF MODULES 6A, 8A AND 9A OF THE CMFAS EXAMINATION REQUIREMENTS Existing Representatives 34 Deleted. [FAA-N13 (Amendment No.2) 2018] Outstanding Notifications with the Authority on 1 January 2012 35 Deleted [FAA-N13 (Amendment No.2) 2018] Notifications Submitted after 1 January 2012 36 Deleted. [FAA-N13 (Amendment No.2) 2018] Representatives referred to in Securities and Futures (Prescribed Securities) (Exemption) Regulations 2012 37 Deleted. [FAA-N13 (Amendment No.2) 2018]

34 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers TRANSITIONAL ARRANGEMENTS FOR IMPLEMENTATION OF THE SECURITIES AND FUTURES (AMENDMENT) ACT 2017 Representatives conducting the regulated activity of advising others concerning over the counter derivatives contracts 38 A person is treated as having satisfied paragraph 9 in respect of the regulated activity of advising others concerning over-the-counter derivatives contracts if all of the following conditions are satisfied – (a) at any time during the period of up to 1 year immediately prior to 8 October 2018, he carried out any activity which would have amounted to acting as a representative in respect of advising others concerning over-the-counter derivatives contracts; (b) he carries out the regulated activity of advising others concerning over-the-counter derivatives contracts on or after 8 October 2018; (c) if he ceased to carry out the activity mentioned in sub-paragraph (a) sometime (“date of cessation”) during the period stipulated in sub￾paragraph (a), and thereafter commenced carrying out of the activity mentioned in paragraph (b) (“date of re-commencement”), the time that elapsed between the latest date of cessation and the date of re￾commencement does not exceed a continuous period of 1 year. [FAA-N13 (Amendment No.2) 2018] Representatives conducting the regulated activity of advising others concerning spot foreign exchange contracts for the purposes of leveraged foreign exchange trading 39 A person is treated as having satisfied paragraph 9 in respect of the regulated activity of advising others concerning spot foreign exchange contracts for the purposes of leveraged foreign exchange trading if all of the following conditions are satisfied – (a) at any time during the period of up to 1 year immediately prior to 8 October 2018, he carried out any activity which would have amounted to acting as a representative in respect of advising others concerning any spot foreign exchange contract for the purposes of leveraged foreign exchange trading arranged by any bank that is licensed under the Banking Act (Cap. 19) or any merchant bank that is approved as a financial institution under the Monetary Authority

35 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers of Singapore Act (Cap. 186); (b) he carries out the regulated activity of advising others concerning spot foreign exchange contracts for the purposes of leveraged foreign exchange trading on or after 8 October 2018; (c) if he ceased to carry out the activity mentioned in sub-paragraph (a) sometime (“date of cessation”) during the period stipulated in sub￾paragraph (a), and thereafter commenced carrying out of the activity mentioned in paragraph (b) (“date of re-commencement”), the time that elapsed between the latest date of cessation and the date of re￾commencement does not exceed a continuous period of 1 year. 40 A person that satisfies paragraphs 38(a) to 38(c) or 39(a) to 39(c) is not required to satisfy the minimum academic qualification requirements set out in paragraph 15 of this Notice. [FAA-N13 (Amendment No.2) 2018] Retaking of Rules and Regulations Module 41 An individual relying on paragraphs 38 is required to pass, or re-take and pass, as the case may be, the relevant CMFAS rules and regulations modules set out in paragraph 9, if the individual ceases carrying out the regulated activity of advising others concerning over-the-counter derivatives contracts for a continuous period of more than 1 year on or after 8 October 2018 42 An individual relying on paragraph 39 is required to pass, or re-take and pass, as the case may be, the relevant CMFAS rules and regulations modules set out in paragraph 9, if the individual ceases carrying out the regulated activity of advising others concerning spot foreign exchange contracts for the purposes of leveraged foreign exchange trading for a continuous period of more than 1 year on or after 8 October 2018 [FAA-N13 (Amendment No.2) 2018] Retaking of Product Knowledge Modules 43 An individual relying on paragraph 38 is required to pass the relevant CMFAS product knowledge modules set out in paragraph 9 if – (a) the individual ceases to carry out the regulated activity of advising others on over-the-counter derivatives contracts for a continuous period of more than 1 year on or after 8 October 2018; and (b) he does not have at least 3 years of continuous working experience in the relevant regulated activity prior to the break-in-service

36 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers referred to in paragraph (a). [FAA-N13 (Amendment No.2) 2018] 44 An individual relying on paragraph 39 is required to pass the relevant CMFAS product knowledge modules set out in paragraph 9 if – (a) the individual ceases to carry out the regulated activity of advising others concerning spot foreign exchange contracts for the purposes of leveraged foreign exchange trading for a continuous period of more than 1 year on or after 8 October 2018; and (b) he does not have at least 3 years of continuous working experience in the relevant regulated activity prior to the break-in-service referred to in paragraph (a). [FAA-N13 (Amendment No.2) 2018] RELIEF MEASURES DURING THE COVID-19 PANDEMIC 44A The following persons are exempt from the relevant CMFAS Exam requirements of this Notice for a period of six months from his date of appointment (or such longer period as may be allowed by the Authority in writing): (a) An individual who is appointed as an appointed representative of a financial adviser between 9 April 2020 and 30 September 2020 (dates inclusive); (b) An individual who is appointed as an appointed representative of a financial adviser between 9 April 2020 and 30 September 2020 (date inclusive), in respect of an additional type of financial advisory service or additional type of investment product. [FAA-N13 (Amendment) 2020]

37 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 44B The principal of a relevant representative referred to in paragraph 44A must for the duration where the representative relies on the exemption under paragraph 44A - (a) put in place measures6 to properly supervise the activities and conduct of the relevant representative, including measures to ensure that all obligations assumed and liabilities incurred by him are properly fulfilled, whether actual or contingent and howsoever arising, in relation to carrying out any financial advisory service; and (b) put in place measures, including proper training, to ensure that the relevant representative understands and complies with all Singapore laws that are relevant to the financial advisory service carried out by him. [FAA-N13 (Amendment) 2020] Note: Under section 58(5) of the Act, any person who contravenes any requirement specified in a written direction issued by the Authority (which would include this Notice), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction. *Note on History of Amendment

1. FAA-N13 (Amendment) 2011 with effect from 19 October 2011.
2. FAA-N13 (Amendment) 2012 with effect from 2 May 2012.
3. FAA-N13 (Amendment) 2013 with effect from 20 February 2013.
4. FAA-N13 (Amendment No. 2) 2013 with effect from 1 February 2014.
5. FAA-N13 (Amendment) 2014 with effect from 10 June 2014.
6. FAA-N13 (Amendment) 2015 with effect from 7 October 2015.
7. FAA-N13 (Amendment No. 2) 2015 with effect from 1 January 2016.
8. FAA-N13 (Amendment) 2016 with effect from 9 September 2016
9. FAA-N13 (Amendment No. 2) 2016 with effect from 30 December 2016.

6 The principal may refer to the Frequently-Asked-Questions on Minimum Entry and Examination Requirements for Representatives of of Licensed Financial Advisers and Exempt Financial Advisers (“FAQs”) published on the MAS website for guidance on the measures to be put in place.

38 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 10.FAA-N13 (Amendment) 2017 with effect from 30 June 2017 11.FAA-N13 (Amendment) 2018 with effect from 11 April 2018 12. FAA-N13 (Amendment No.2) 2018 with effect from 8 October 2018 13. FAA-N13 (Amendment) 2020 with effect from 8 April 2020

39 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ANNEX 1 Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or work experience are not required to pass Module 6

1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, or computational finance;
2. Trading Representatives’ Examination Paper II (previously conducted by IBF);
3. Investment Representatives’ Examination Paper II (previously conducted by IBF);
4. Diploma in Investment (previously conducted by IBF);
5. Diploma in Investment Analysis (previously conducted by the Singapore Securities Research Institute);
6. Diploma in Investment conducted by The Singapore Human Resources Institute (“SHRI”);
7. Diploma in Banking and Finance (previously conducted by IBF);
8. Diploma in Banking and Finance from SHRI;
9. Diploma in Financial Planning from IBF/Singapore College of Insurance (“SCI”);
10. Diploma in Financial Planning from the Financial Planning Association of Australia;
11. Diploma in banking, finance, accountancy, business or business administration from all polytechnics in Singapore;
12. Diploma in Business Administration from the University of Singapore;
13. Graduate Diploma in Financial Management from Singapore

40 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers Institute of Management (“SIM”); 14. Royal Melbourne Institute of Technology’s Diploma of Financial Services conducted by SIM; 15. Banking or Financial Studies Diploma from ifs School of Finance (previously known as the Chartered Institute of Bankers), UK; 16. Skills Certificate – Investment (previously awarded by IBF); 17. Skills Certificate – Investment awarded by SHRI; 18. Certificate in Private Banking awarded by The Wealth Management Institute Pte Ltd, Singapore; 19. Certificate in Financial Needs Analysis & Plan Construction awarded by Singapore College of Insurance, Singapore 20. Chartered Financial Analyst Level 1 Examination conducted by the CFA Institute, USA; 21. Associate Financial Consultant awarded by Insurance and Financial Practitioners Association of Singapore (previously known as Life Underwriters Association of Singapore); 22. Associate Financial Planner or Associate Wealth Planner awarded by the Financial Planning Association of Singapore; 23. Series 6 or Series 7 of the National Association of Securities Dealers, USA; 24. Investment Management Certificate of the UK Society of Investment Professionals (previously known as UK Institute of Investment Management & Research Examinations); 25. Chartered Life Underwriter by American College, USA; or Chartered Life Underwriter Singapore by SCI; 26. Chartered Financial Consultant by the American College, USA; or Chartered Financial Consultant Singapore by SCI; 27. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planners Board of Standards;

41 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 28. Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the UK Financial Services Skills Council and Financial Services Authority (previously known as the Registered Persons Examination by the Financial Services Authority, UK)7 ; 29. The Association of Chartered Certified Accountants (ACCA) Qualifications; 30. The Chartered Accountant (ACA) Qualifications; 31. Associate/Fellow of the Institute of Actuaries, England; 32. Associate/Fellow of the Faculty of Actuaries, Scotland; 33. Associate/Fellow of the Society of Actuaries, USA; 34. Associate/Fellow of the Institute of Actuaries of Australia; 35. Associate/Fellow of the Casualty Actuarial Society, USA; 36. Associate Member of CPA Australia8 ; 37. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand9 ; 38. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial

7 Persons who possess the qualification of the Registered Persons Examination by the Financial Services Authority, UK, by no later than 1 December 2001, shall be deemed to possess the qualification of the Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the UK Financial Services Skills Council and Financial Services Authority for the purposes of Annex 1 of this Notice. 8 Qualification attained by membership is recognised. 9 Person has to be licensed by the Securities and Exchange Commission of Thailand and needs to submit documentary evidence to his proposed principal certifying his licence or authorisation status in Thailand.

42 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers advisory services prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be.

43 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ANNEX 1A Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or working experience are not required to pass Module 6

1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, or computational finance;
2. Chartered Financial Analyst (CFA) by the CFA Institute, USA;
3. The Association of Chartered Certified Accountants (ACCA) Qualifications;
4. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales10;
5. Associate/Fellow of the Institute of Actuaries, England;
6. Associate/Fellow of the Faculty of Actuaries, Scotland;
7. Associate/Fellow of the Society of Actuaries, USA;
8. Associate/Fellow of the Institute of Actuaries of Australia;
9. Associate/Fellow of the Casualty Actuarial Society, USA;
10. Associate/Fellow of CPA Australia11;
11. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA;

10 Qualification attained by membership is recognised. 11 Qualification attained by membership is recognised.

44 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 12. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand12; 13. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. [FAA-N13 (Amendment) 2011] 14. Investment Advice Diploma (where candidate holds 3 modules including the securities module) administered by the Chartered Institute for Securities and Investment (CISI); [FAA-N13 (Amendment) 2014] 15. Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) administered by the Chartered Institute for Securities and Investment (CISI); [FAA-N13 (Amendment) 2014] 16. Masters in Wealth Management (Post 2010 examination standards) administered by the Chartered Institute for Securities and Investment (CISI). [FAA-N13 (Amendment) 2014]

12 Person has to be licensed by the Securities and Exchange Commission of Thailand and needs to submit documentary evidence to his proposed principal certifying his licence or authorisation status in Thailand.

45 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ANNEX 2 Deleted. [FAA-N13 (Amendment No.2) 2018]

ANNEX 2A Deleted. [FAA-N13 (Amendment No.2) 2018]

46 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ANNEX 3 Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s) or work experience are not required to pass Module 8

1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning or computational finance;
2. Trading Representatives’ Examination Paper II (previously conducted by IBF);
3. Investment Representatives’ Examination Paper II (previously conducted by IBF);
4. Diploma in Investment (previously conducted by IBF);
5. Diploma in Investment Analysis (previously conducted by the Singapore Securities Research Institute);
6. Diploma in Investment conducted by The Singapore Human Resources Institute (“SHRI”);
7. Diploma in Banking and Finance (previously conducted by IBF);
8. Diploma in Banking and Finance from SHRI;
9. Diploma in Financial Planning from IBF/Singapore College of Insurance (“SCI”);
10. Diploma in Financial Planning from the Financial Planning Association of Australia;
11. Diploma in banking, finance, accountancy, business or business administration from all polytechnics in Singapore;
12. Diploma in Business Administration from the University of Singapore;

47 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 13. Graduate Diploma in Financial Management from Singapore Institute of Management (“SIM”); 14. Royal Melbourne Institute of Technology’s Diploma of Financial Services conducted by SIM; 15. Banking or Financial Studies Diploma from ifs School of Finance previously known as the Chartered Institute of Bankers), UK; 16. Skills Certificate – Investment (previously awarded by IBF); 17. Skills Certificate – Investment awarded by SHRI; 18. Certificate in Private Banking awarded by The Wealth Management Institute Pte Ltd, Singapore; 19. Financial Planning Certificate awarded by UK Chartered Insurance Institute (“UKCII”); 20. Certificate in Financial Planning awarded by UKCII; 21. Certificate in Financial Needs Analysis & Plan Construction awarded by Singapore College of Insurance, Singapore; 22. Advanced Financial Planning Certificate awarded by UKCII; 23. Diploma in Financial Planning awarded by UKCII; 24. Advanced Diploma in Financial Planning awarded by UKCII; 25. Chartered Financial Analyst Level 1 Examination conducted by the CFA Institute, USA; 26. Associate Financial Consultant awarded by Insurance and Financial Practitioners Association of Singapore (previously known as Life Underwriters Association of Singapore) (“IFPAS”); 27. Fellow Chartered Financial Practitioner (Modular) awarded by IFPAS; 28. Associate Financial Planner or Associate Wealth Planner awarded by

48 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers the Financial Planning Association of Singapore; 29. Series 6 or Series 7 of the National Association of Securities Dealers, USA; 30. Investment Management Certificate of the UK Society of Investment Professionals (previously known as UK Institute of Investment Management & Research Examinations); 31. Chartered Life Underwriter by American College, USA; or Chartered Life Underwriter Singapore by SCI; 32. Chartered Financial Consultant by the American College, USA; or Chartered Financial Consultant Singapore by SCI; 33. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planner Board of Standards; 34. Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the UK Financial Services Skills Council and Financial Services Authority (previously known as the Registered Persons Examination by the Financial Services Authority, UK)13; 35. The Association of Chartered Certified Accountants (ACCA) Qualifications; 36. The Chartered Accountant (ACA) Qualifications; 37. Associate/Fellow of the Institute of Actuaries, England; 38. Associate/Fellow of the Faculty of Actuaries, Scotland; 39. Associate/Fellow of the Society of Actuaries, USA;

13 Persons who possess the qualification of the Registered Persons Examination by the Financial Services Authority, UK, by no later than 1 December 2001, shall be deemed to possess the qualification of the Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the UK Financial Services Skills Council and Financial Services Authority for the purposes of Annex 3 of this Notice.

49 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 40. Associate/Fellow of the Institute of Actuaries of Australia; 41. Associate/Fellow of the Casualty Actuarial Society, USA; 42. Associate Member of CPA Australia14; 43. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand15; 44. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgement with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. [FAA-N13 (Amendment) 2011]

14 Qualification attained by membership is recognised. 15 Person has to be licensed by the Securities and Exchange Commission of Thailand. His/her principal company in Singapore shall maintain proper records of documentary evidence certifying his licence or authorisation status in Thailand.

50 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ANNEX 3A Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or work experience are not required to pass Module 8

1. Degree or higher qualification, with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning or computational finance;
2. Chartered Financial Analyst (CFA) by the CFA Institute, USA;
3. Chartered Financial Consultant by the American College, USA; or Chartered Financial Consultant Singapore by SCI;
4. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planner Board of Standards;
5. The Association of Chartered Certified Accountants (ACCA) Qualifications;
6. Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales16;
7. Associate/Fellow of the Institute of Actuaries, England;
8. Associate/Fellow of the Faculty of Actuaries, Scotland;
9. Associate/Fellow of the Society of Actuaries, USA;
10. Associate/Fellow of the Institute of Actuaries of Australia;
11. Associate/Fellow of the Casualty Actuarial Society, USA;
12. Associate/Fellow of CPA Australia17;

16 Qualification attained by membership is recognised. 17 Qualification attained by membership is recognised.

51 Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers 13. Investment Company Products/Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA; 14. Module 1 of the Investor Contact Competency Examination (ICCE Module 1); administered by the Securities and Exchange Commission, Thailand18; 15. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. [FAA-N13 (Amendment) 2011]

18 Person has to be licensed by the Securities and Exchange Commission of Thailand. His/her principal company in Singapore shall maintain proper records of documentary evidence certifying his licence or authorisation status in Thailand.

52 Notice on Minimum Entry and Examination Requirements for Licensed Financial Advisers and Exempt Financial Advisers ANNEX 4 Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or work experience are not required to pass Module 9

1. Degree in actuarial science or insurance;
2. Chartered Life Underwriter* (CLU) by the American College, USA; or Chartered Life Underwriter Singapore* (CLU/S) by SCI;
3. Chartered Financial Consultant* (CHFC) by the American College, USA; or Chartered Financial Consultant Singapore* (CHFC/S) by SCI;
4. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planners Board of Standards;
5. Associate/Fellow of the Institute of Actuaries, England;
6. Associate/Fellow of the Faculty of Actuaries, Scotland;
7. Associate/Fellow of the Society of Actuaries, USA;
8. Associate/Fellow of the Institute of Actuaries of Australia;
9. Associate/Fellow of the Casualty Actuarial Society, USA;
10. Certificate in Life Insurance (Investment-Linked Policies) by SCI and any of the following: (a) Life Insurance Agents Certificate/Pre-contract Examination/Certificate in Life Insurance/Diploma in Life Insurance awarded by SCI; (b) Associate/Fellow of the Chartered Insurance Institute (Life), UK; (c) Senior Associate/Fellow of the Australian & New Zealand Institute of Insurance and Finance (Life); (d) Fellow of Life Management Institute, USA; [FAA-N13 (Amendment) 2013]
11. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service

53 Notice on Minimum Entry and Examination Requirements for Licensed Financial Advisers and Exempt Financial Advisers of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. The working experience may be from UK, USA, Canada or Australia.

• The applicant must have covered, under CLU (or CLU/S) and CHFC (or CHFC/S), the following two specific subjects - (i) Fundamentals of financial planning or Insurance and financial planning; and (ii) Investments.

54 Notice on Minimum Entry and Examination Requirements for Licensed Financial Advisers and Exempt Financial Advisers ANNEX 4A Persons possessing any of the following qualifications (which must be attained through passing the specific respective examination(s)) or work experience are not required to pass Module 9

1. Degree in actuarial science or insurance;
2. Chartered Life Underwriter* (CLU) by the American College, USA; or Chartered Life Underwriter Singapore* (CLU/S) by SCI;
3. Chartered Financial Consultant* (CHFC) by the American College, USA; or Chartered Financial Consultant Singapore* (CHFC/S) by SCI;
4. Certified Financial Planner by the Financial Planning Standards Board or the Certified Financial Planners Board of Standards;
5. Associate/Fellow of the Institute of Actuaries, England;
6. Associate/Fellow of the Faculty of Actuaries, Scotland;
7. Associate/Fellow of the Society of Actuaries, USA;
8. Associate/Fellow of the Institute of Actuaries of Australia;
9. Associate/Fellow of the Casualty Actuarial Society, USA;
10. Three years of relevant and continuous working experience in respect of the financial advisory service to be provided with no break in service of more than 3 years between the individual’s last working experience and the date of his application for a representative’s licence prior to 26 November 2010, or of commencement of the provision of financial advisory services prior to 26 November 2010, or his principal’s lodgment with the Authority of documents under section 23F of the Act, in relation to his appointment as an appointed representative, as the case may be. The working experience may be from UK, USA, Canada or Australia.

• The applicant must have covered, under CLU (or CLU/S) and CHFC (or CHFC/S), the following two specific subjects - (i) Fundamentals of financial planning or Insurance and financial planning; and (ii) Investments. [FAA-N13 (Amendment) 2011]