Regulatory Alerts2021-10-08
Added
MAS Notice FAA-N23 on Requirements for Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
The Monetary Authority of Singapore issues this notice to impose risk mitigation requirements on licensed and specified exempt financial advisers conducting qualifying businesses through foreign offices under cross-border arrangements. Regulated entities must lodge initial notices using Form FN, maintain detailed records and written policies regarding customer interactions and foreign representatives, and submit ongoing reports including changes, cessations, and annual declarations via Forms FC and FR. Failure to comply with these directions constitutes an offence under the Financial Advisers Act, subjecting offenders to fines of up to $25,000 and additional daily penalties for continuing breaches.
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