Regulatory Alerts2019-01-04
Added
Notice SFA 04-N12 Sale of Investment Products
The Monetary Authority of Singapore issued Notice SFA 04-N12 to impose conduct requirements on capital markets services licensees and financial institutions dealing in specified investment products. The notice mandates that these entities must conduct a Customer Account Review before opening accounts for listed specified investment products and a Customer Knowledge Assessment for unlisted specified investment products. It further establishes documentation and record-keeping standards to ensure appropriate customer suitability checks are performed for retail clients.
Notices
Last Revised Date: 04 January 2019
Notice SFA 04-N12 Sale of Investment Products
Sets out requirements to conduct additional customer reviews or assessments for customers investing in specified investment products
View Notice
Notice SFA 04-N12 Sale of Investment Products
(655.9 KB)
This notice applies to:
Capital markets services (CMS) licensees.
Banks, merchant banks and finance companies conducting regulated activities under the SFA.
Representatives of these financial institutions.
The corporation or manager for collective investment schemes.
It sets out requirements for:
Conducting a Customer Account Review before opening an account for a customer to transact in listed specified investment products.
Conducting a Customer Knowledge Assessment before transacting in unlisted specified investment products for a customer.
Documentation and record keeping.
05 Oct 2018
Notice SFA04 -N12 (Amendment No. 2) 2018 (663.3 KB) takes effect.
06 Jul 2018
Notice SFA04 -N12 (Amendment) 2018 (464.9 KB) takes effect.
29 Apr 2015
Notice SFA04-N12 (Amendment) 2015 (77.2 KB) takes effect.
11 Dec 2012
Notice SFA04-N12 (Amendment) 2012 (249.8 KB) takes effect.
01 Jan 2012 Notice SFA04 -N12 (Amendment) 2011 takes effect.
Covered three proposals: (i) Regulatory framework for capital markets services licensees, banks, merchant banks and finance companies dealing in OTC derivative contracts under the SFA, including capital, business conduct and other requirements; (ii) exemption for execution-related advice on listed excluded investment products under the FAA; and (iii) transferring the regulation of marketing of CIS from the FAA to SFA.
Consultation number:
P009-2015
Start date:
03 June 2015
Closing date:
03 July 2015
MAS response date:
29 December 2015
Consultation number:
P012 - 2014
Start date:
21 July 2014
Closing date:
01 September 2014
MAS response date:
22 September 2015
Provides guidance on customer account review and customer knowledge assessment requirements when dealing in specified investment products with retail customers.