Notice SFA 04-N07 Prohibited Representations Made by Exempt Persons Under the Securities & Futures Regulations

Notices

Last Revised Date: 12 June 2026

Notice SFA 04-N07 Prohibited Representations Made by Exempt Persons Under the 2nd Schedule to the Securities & Futures (Licensing & Conduct of Business) Regulations

Stipulates the prohibited representations by exempt persons.

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Notice SFA 04-N07 Prohibited Representations Made by Exempt Persons Under the 2nd Schedule to the Securities & Futures (Licensing & Conduct of Business) Regulations

(192.9 KB)

This notice prohibits a corporate finance adviser, a futures or OTC derivatives broker which is exempt from holding a CMS licence from representing that it is licensed, supervised, regulated or registered by MAS.

12 Jun 2026

MAS Notice SFA 04-N07 (Amendment) 2026
(268.8 KB) takes effect.

08 Oct 2018

MAS Notice SFA 04-N07 (Amendment) 2018
(216.8 KB) takes effect.

07 Aug 2012
MAS Notice SFA 04-N07 (Amendment) 2012 takes effect.
Notice SFA 04-N07 last revised on 07 August 2012 (72.6 KB) .

Form for exempt corporate finance advisers to confirm on an annual basis their compliance with all exemption conditions and restrictions. This form must be submitted within 14 days from the end of the financial year.

Form for exempt corporate finance advisers when they cease their corporate finance advisory business. This form must be submitted within 14 days after the cessation of business.

Form to be submitted by exempt corporate finance advisers to notify MAS of any change of their particulars within 14 days after the date of change.

Form for entities to notify MAS of their commencement of business as exempt corporate finance advisers. This form must be submitted within 14 days after the commencement of business.

Provides guidance on regulatory requirements that an exempt financial adviser serving up to not more than 30 accredited investors or an exempt corporate finance adviser is expected to comply with, including criteria for exemption, form for lodgement as an exempt person and ongoing regulatory requirements.

Provides guidance on the representations which exempt corporate finance advisers, exempt futures brokers and exempt OTC derivatives brokers are not allowed to provide.

Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.