Notice SFA 04-N21 on Business Conduct Requirements for Corporate Finance Advisers

Notices

Last Revised Date: 26 June 2026

Notice SFA 04-N21 on Business Conduct Requirements for Corporate Finance Advisers

Requirements for corporate finance advisers in relation to general business conduct and due diligence work.

Representative-related

Advisory and Sales

Record Keeping

Disclosures

Applies to:

Corporate Finance Advisory

,

Exempt Capital Markets Services Entity

View Notice

Notice SFA 04-N21 on Business Conduct Requirements for Corporate Finance Advisers

(314.8 KB)

This Notice sets out specific requirements for corporate finance advisers to manage conflicts of interest and ensure proper governance and supervision. It also imposes detailed requirements on the conduct of due diligence, which apply to advisers acting in the capacity of an issue manager, sponsor or financial adviser (as the case may be) for initial public offers and reverse takeovers, including business combinations.

26 June 2026

Notice SFA 04-N21 last revised on 26 June 2026 (314.8 KB)

SFA 04-N21 (Amendment) 2026 (317.7 KB) is issued.

21 June 2023

Notice SFA04-N21 last revised on 21 June 2023 (200.2 KB)

SFA04-N21 (Amendment) 2023 (205.4 KB) is issued.

23 February 2023

SFA 04-N21 dated on 23 Feb 2023 (197.5 KB) is issued.

Provides guidance on the regulatory scope and requirements of the Notice on Business Conduct Requirements for Corporate Finance Advisers.

This consultation seeks views on MAS’ proposal to introduce due diligence requirements for corporate finance advisers when they advise on corporate finance transactions, with additional requirements when advising on initial public offerings.

Consultation number:

P020-2021

Start date:

15 December 2021

Closing date:

15 February 2022

MAS response date:

23 February 2023