Regulatory Alerts2021-10-08
Added
MAS Notice FAA-N22 on Requirements for Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
The Monetary Authority of Singapore issues this notice to establish risk mitigation requirements for specified financial advisers engaging in cross-border arrangements with their foreign related corporations. Regulated entities must lodge specific notices using Form FN upon commencing business or before October 2022, depending on the exemption relied upon. Ongoing obligations include maintaining internal controls, keeping detailed records of customers and foreign representatives, and submitting annual declarations and change notices using Forms FC and FR within prescribed timeframes.
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