Regulatory Alerts2024-04-01
Added
Notice FAA-N26 Competency Requirements for Representatives of Financial Advisers
The Monetary Authority of Singapore issued Notice FAA-N26 to establish eligibility and ongoing competency requirements for representatives of licensed and exempt financial advisers. The notice mandates minimum entry criteria, specifies the application of Capital Markets and Financial Advisory Services examination requirements, and outlines continuing professional development obligations. It further requires financial advisers to maintain registers documenting their representatives' compliance with these examination and development standards.
Notices
Last Revised Date: 01 April 2024
Notice FAA-N26 Competency Requirements for Representatives of Financial Advisers
Eligibility and ongoing requirements for representatives of financial advisers, including entry, CMFAS examination and continuing professional development requirements.
Representative-related
Licensing, Authorisation and Registration
Exemptions
Fit and Proper Criteria
Record Keeping
Issued pursuant to:
Financial Advisers Act 2001
Applies to:
Exempt Financial Adviser
,
Licensed Financial Adviser
View Notice
Notice FAA-N26 Competency Requirements for Representatives of Financial Advisers
(437.7 KB)
This notice applies to all licensed financial advisers, exempt financial advisers and their appointed representatives.
It sets out the following requirements for appointed representatives:
Minimum entry requirements.
Application of the Capital Markets and Financial Advisory Services (CMFAS) examination requirements.
Circumstances under which the CMFAS examination requirements do not apply.
Obligations of licensed financial advisers and exempt financial advisers to maintain a register on the representatives’ compliance with the CMFAS examination requirements.
Continuing professional development requirements.
01 April 2024
Notice FAA-N26 takes effect. (437.7 KB)
The information paper sets out MAS’ supervisory expectations, good practices observed and areas for enhancement in the following areas: Onboarding of representatives; Monitoring of representatives with adverse information; Onboarding training; and Other areas - Hiring of assistants by representatives and outsourced...
Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements.
Eligibility and ongoing requirements for representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions, including entry, CMFAS examination and continuing professional development requirements.
Provides guidance on the competency requirements for representatives of financial advisers, including entry, CMFAS examination and continuing professional development requirements.
To consult on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act.
Consultation number:
P006-2020
Start date:
04 September 2020
Closing date:
05 October 2020
MAS response date:
28 September 2023
Proposed enhancements to the examination framework for appointed representatives under the SFA and FAA, e.g. minimum academic qualifications under the Capital Markets and Financial Advisory Services Examination (CMFAS) and Continuing Professional Development (CPD) requirements.
Consultation number:
P015 - 2016
Start date:
12 December 2016
Closing date:
13 January 2017
MAS response date:
25 September 2017