Regulatory Alerts2021-06-28
Added
Notice FAA-N11 Dual Currency Investments
The Monetary Authority of Singapore issued Notice FAA-N11 to establish requirements for licensed and exempt financial advisers advising on dual currency investments. The notice mandates specific disclosures regarding the use of terms like 'Deposit', additional product information, and risk warnings, while explicitly excluding accredited, expert, institutional, and high net worth individuals. It also governs compliance with guidelines on structured deposits and safeguards against detrimental product switching by representatives.
Notices
Last Revised Date: 28 June 2021
Notice FAA-N11 Dual Currency Investments
Requirements for financial advisers when advising on dual currency investments.
Representative-related
Disclosures
Advisory and Sales
Issued pursuant to:
Financial Advisers Act (Cap. 110) section 58
Applies to:
Licensed Financial Adviser
,
Exempt Financial Adviser
View Notice
Notice FAA-N11 Dual Currency Investments
(537 KB)
This notice applies to all licensed financial advisers, exempt financial advisers and their representatives, who advise on any dual currency investment. It will not apply where advice is given to accredited investors, expert investors, institutional investors and high net worth individuals.
It sets out requirements for:
Use of the terms "Deposit" and "Structured Deposit".
Disclosure of additional product information.
Provision of risk warnings to clients.
Observance of the provisions in the guidelines on structured deposits.
28 Jun 2021 MAS Notice FAA-N11 (Amendment) 2021 (547.3 KB) takes effect.
Guidelines on the standards of conduct expected of financial advisers and their representatives when advising on structured deposits.
Guidelines on safeguards to guard against representatives advising clients to switch from one designated investment product to another in a manner detrimental to the client.
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.