Notice SFA 04-N22 Competency Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions

Monetary Authority of Singapore SECURITIES AND FUTURES ACT 2001 NOTICE ON COMPETENCY REQUIREMENTS FOR REPRESENTATIVES OF HOLDERS OF CAPITAL MARKETS SERVICES LICENCE AND EXEMPT FINANCIAL INSTITUTIONS

Notice No: SFA 04-N22 Issue Date: 28 September 2023 NOTICE ON COMPETENCY REQUIREMENTS FOR REPRESENTATIVES OF HOLDERS OF CAPITAL MARKETS SERVICES LICENCE AND EXEMPT FINANCIAL INSTITUTIONS CONTENTS PART 1: INTRODUCTION......................................................................................................3 PART 2: DEFINITIONS ...........................................................................................................4 PART 3: MINIMUM ENTRY REQUIREMENTS...................................................................6 PART 4: MINIMUM EXAMINATION REQUIREMENTS....................................................7 PART 5: CIRCUMSTANCES UNDER WHICH THE CMFAS EXAM REQUIREMENTS DO NOT APPLY.......................................................................................................................9 PART 6: VALIDITY OF CMFAS EXAM MODULES .........................................................27 PART 7: REGISTER OF REPRESENTATIVES’ CMFAS EXAM REQUIREMENTS.......30 PART 8: CONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENTS FOR APPOINTED REPRESENTATIVES......................................................................................31 PART 9: CIRCUMSTANCES UNDER WHICH THE CPD REQUIREMENTS DO NOT APPLY.....................................................................................................................................35

3 PART 1: INTRODUCTION 1.1 This Notice is issued under sections 99D(2) and 101(1) of the Securities and Futures Act 2001 and applies to – (a) holders of a capital markets services licence, other than venture capital fund managers; (b) exempt financial institutions; (c) individuals who intend to be appointed representatives of (a) or (b); and (d) existing appointed representatives of (a) or (b). 1.2 This Notice takes effect from 1 April 2024. The earlier Notice (MAS Notice SFA 04- N09) issued on 11 August 2010 and last revised on 8 April 2020 (“Cancelled Notice”) on the same subject is cancelled with effect from 1 April 2024. 1.3 As set out in the Guidelines on Fit and Proper Criteria (Guideline No. FSG-01), competence and capability are criteria which the Authority will take into account in considering whether a person is fit and proper. The Authority expects appointed representatives of holders of a capital markets services licence and exempt FIs to possess the necessary skills and knowledge to perform the activities regulated under the relevant legislation efficiently, honestly, fairly and to act in the best interests of the subscribers or customers of their principal. The Authority also expects appointed representatives to keep abreast of developments in the industry and update skills and knowledge relevant to the activities they conduct. In this regard, holders of a capital markets services licence and exempt FIs must ensure that their appointed representatives undergo structured continuing professional development training so as to remain fit and proper. 1.4 This Notice sets out the minimum entry and examination requirements and the continuing professional development requirements for appointed representatives.

4 PART 2: DEFINITIONS 2.1 For the purposes of this Notice: “2018 FAA Exam Notice” means the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (MAS Notice FAA-N13) as in force immediately before 8 October 2018; “2018 SFA Exam Notice” means the Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (MAS Notice SFA 04-N09) as in force immediately before 8 October 2018; “accredited investor”, in relation to a holder of a CMS licence or exempt FI, means any of the persons mentioned in section 4A(1)(a) of the SFA who has opted to be treated by the holder of a CMS licence or exempt FI as an accredited investor under regulation 3(2) of the Securities and Futures (Classes of Investors) Regulations 2018 for all the consent provisions as defined in regulation 3(9) of those Regulations; “CMFAS Exam” means the Capital Markets and Financial Advisory Services Examination; “CMFAS Exam Requirements” means the requirements to pass the relevant modules of the CMFAS Exam; “CMS licence” means capital markets services licence; “CPD” means continuing professional development; “CTA” means the Commodity Trading Act 1992 as in force immediately before 27 February 2008; “Excluded Investment Products” means any capital markets products mentioned in paragraph 1 of the Schedule to the Securities and Futures (Capital Markets Products) Regulations 2018; “exempt financial institution” or “exempt FI” means a person exempted from holding a CMS licence under section 99(1)(a), (b), (c) or (d) of the SFA; “expert investor” has the meaning given by section 4A of the SFA; “FAA” means the Financial Advisers Act 2001;

5 “IBF” means the Institute of Banking and Finance; “IFSG” means Intercontinental Exchange (ICE) Futures Singapore; “institutional investor” has the meaning given by section 4A of the SFA; “qualifying corporation” has the meaning given by regulation 2 of the Securities and Futures (Provision for Persons and Matters Previously Regulation under Commodity Trading Act) Regulations 2007 as in force immediately before 8 October 2018; “REIT management” means real estate investment trust management; “RES module” means a Rules, Ethics and Skills module of the CMFAS Exam; “SCI” means the Singapore College of Insurance; “SFA” means the Securities and Futures Act 2001; “SFR” means the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10); “Specified Fund Management Company” or “Specified FMC” means a holder of a CMS licence for fund management who carries on fund management as its principal business activity; “Specified Investment Products” means any capital markets products other than an Excluded Investment Product; “specified OTC derivatives contract” has the meaning given by regulation 56 of the SFR; “venture capital fund” has the meaning given by regulation 14(8) of the SFR; “venture capital fund manager” means a holder of a CMS licence for fund management who does not carry on business in any regulated activity other than the management of portfolio of securities on behalf of any venture capital funds. 2.2 The expressions used in this Notice, except where defined in this Notice or where the context otherwise requires, have the meanings given by section 2 of the SFA and regulation 2 of the SFR.

6 PART 3: MINIMUM ENTRY REQUIREMENTS 3.1 For the purposes of section 99D(1)(a) of the SFA, an individual must satisfy all of the following minimum entry requirements: (a) be at least 21 years old; and (b) satisfy the minimum academic qualification requirements set out under paragraph 3.3. 3.2 The principal must certify and ensure that its appointed representatives satisfy all the minimum entry requirements stipulated in paragraph 3.1. 3.3 Subject to paragraphs 3.4, 5.7.6 and 5.8.4, the minimum academic qualification requirements are: (a) in the case of an appointed representative in respect of providing credit rating services – a Bachelor’s degree in a discipline that is relevant to the individual acting as an appointed representative of his or her principal in respect of providing credit rating services, as determined by his or her principal; or (b) in the case of any other appointed representative except such appointed representative mentioned in paragraph 3.3(a) – (i) where the individual sat for GCE “O” Level Examinations before or in the year 1980, (A) qualifications higher than or equal to at least 4 GCE “O” Level credit passes; or (B) qualifications higher than or equal to at least 2 GCE “O” Level credit passes and at least three years of relevant and continuous working experience over the past five years in respect of the regulated activity; or (ii) in any other case, qualifications higher than or equal to at least 4 GCE “O” Level credit passes. 3.4 An individual is not required to satisfy the minimum academic qualifications stipulated in paragraph 3.3(a) if the individual was, immediately before 17 January 2012, carrying out any activity which would have amounted to acting as a representative in respect of providing credit rating services.

7 PART 4: MINIMUM EXAMINATION REQUIREMENTS 4.1 Annex 1 sets out the CMFAS Exam modules as well as the administrating body of the CMFAS Exam. Details of the syllabus, examination format and duration of the CMFAS Exam modules can be obtained from IBF and SCI. 4.2 For the purposes of section 99D(1)(a) of the SFA, an individual must satisfy the minimum examination requirements stipulated in paragraph 4.3 before the individual is an appointed representative in respect of any of the following regulated activities: (a) dealing in capital markets products that are: (i) securities; (ii) units in a collective investment scheme; (iii) exchange-traded derivatives contracts; (iv) over-the-counter derivatives contracts; or (v) spot foreign exchange contracts for the purposes of leveraged foreign exchange trading; (b) advising on corporate finance; (c) fund management; (d) REIT management. 4.3 Subject to paragraphs 4.4 and 4.5, and Part 5, the minimum examination requirements are: (a) in the case of an appointed representative in respect of dealing in capital markets products for a principal that is a member of an approved exchange, valid passes in all the modules of the CMFAS Exam set out in Table B of Annex 1, which are applicable to that approved exchange and to all the types of capital markets products that the appointed representative will be dealing in; (b) in the case of an appointed representative in respect of dealing in capital markets products for a principal that is not a member of an approved exchange, valid passes in all the modules of the CMFAS Exam set out in Table C of Annex 1, which are applicable to all the types of capital markets products that the appointed representative will be dealing in; or

8 (c) in the case of an appointed representative in respect of advising on corporate finance, fund management, or REIT management, valid passes in all the modules of the CMFAS Exam set out in Table C of Annex 1, which are applicable to that type of regulated activity. 4.4 An individual may pass the module CM-CMP in lieu of the module CM-EIP or CM￾SIP, or both modules. 4.5 Subject to paragraph 6.1.2, an individual who passed module M1A, M1B, M2A, M3, M6, M6A or M10 under the Cancelled Notice is deemed to have passed the corresponding module of the CMFAS Exam under this Notice as set out in Table A of Annex 1.

9 PART 5: CIRCUMSTANCES UNDER WHICH THE CMFAS EXAM REQUIREMENTS DO NOT APPLY Division 1: Specified Qualifications 5.1.1 An individual is not required to pass the module CM-EIP if he or she is an individual mentioned in Annex 2. 5.1.2 An individual is not required to pass the module CM-SIP if he or she possesses any of the following qualifications: (a) a degree or higher qualification in finance, financial engineering or computational finance; (b) Chartered Financial Analyst (CFA) by the CFA Institute, USA. 5.1.3 Subject to paragraph 6.1.2, an individual who deals in any of the following capital markets products for a principal in the principal’s capacity as a member of IFSG: (a) Exchange-traded derivatives contracts; (b) Over-the-counter derivatives contracts; (c) Spot foreign exchange contracts for the purposes of leveraged foreign exchange trading, is deemed to have passed the applicable RES module under the CMFAS Exam Requirements stipulated in paragraph 4.3, if he or she had completed the applicable non-examinable course administered by IFSG on or before 7 April 2017. Division 2: Dealing in capital markets products in connection with fund management 5.2.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in any type(s) of capital markets products if – (a) the individual’s principal is a Specified Fund Management Company (“Specified FMC”); (b) the individual’s dealing in those type(s) of capital markets products is limited to dealing for the funds managed by his or her principal or by a related corporation of the principal; and

10 (c) the individual passed, or is deemed to have passed, RES3, and (i) CM-EIP, where he or she deals in capital market products that are Excluded Investment Products; and (ii) CM-SIP, where he or she deals in capital market products that are Specified Investment Products. 5.2.2 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are units in a collective investment scheme if – (a) the individual’s principal is a Specified FMC; (b) the individual’s dealing in capital markets products that are units in a collective investment scheme is limited to marketing of any collective investment scheme; and (c) the individual meets the CMFAS Exam Requirements stipulated in paragraph 4.3 for fund management. 5.2.3 Subject to paragraphs 6.1.6 and 6.2.2, an individual who, before 1 April 2024, was an appointed representative of a Specified FMC in respect of dealing in capital markets products that are units in a collective investment scheme, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are units in a collective investment scheme if – (a) the individual’s principal is a Specified FMC; (b) the individual’s dealing in capital markets products that are units in a collective investment scheme is limited to marketing of any collective investment scheme; and (c) he or she passed the following modules under the Cancelled Notice: (i) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise only Excluded Investment Products – the modules M5 and M8; (ii) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise only Specified Investment Products the modules M5 and M8A; or

11 (iii) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise both Excluded Investment Products and Specified Investment Products – the modules M5, M8 and M8A. Division 3: Dealing in capital markets products in connection with advising on corporate finance 5.3.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in any type(s) of capital markets products if – (a) the individual is appointed as an appointed representative in respect of advising on corporate finance; (b) the individual’s dealing in those type(s) of capital markets products is for the purposes of underwriting and placement of capital markets products in connection with his or her advising on corporate finance; and (c) the individual meets the CMFAS Exam Requirements stipulated in paragraph 4.3 for advising on corporate finance. Division 4: Dealing in capital markets products that are securities 5.4.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are securities if he or she is – (a) an individual who confines his or her dealing in capital markets products that are securities to Government securities only; or (b) an individual whose principal is a Specified FMC which manages funds only for one or more of the following: (i) accredited investors; (ii) institutional investors other than collective investment schemes; (iii) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (A) made only to persons outside Singapore; (B) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or

12 (C) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. Division 5: Dealing in capital markets products that are units in a collective investment scheme 5.5.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are units in a collective investment scheme if he or she is an individual whose principal is a Specified FMC which manages funds only for one or more of the following: (a) accredited investors; (b) institutional investors other than collective investment schemes; (c) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (i) made only to persons outside Singapore; (ii) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or (iii) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. 5.5.2 An individual who – (a) before 8 October 2018, was appointed to carry out the regulated activity of dealing in securities under the SFA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, is appointed to carry out the regulated activity of dealing in capital markets products that are units in a collective investment scheme, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are units in a collective investment scheme if –

13 (i) the individual deals only in units in a collective investment scheme that are Excluded Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Excluded Investment Products; (ii) the individual deals only in units in a collective investment scheme that are Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Specified Investment Products; or (iii) the individual deals in units in a collective investment scheme mentioned in sub-paragraphs (i) and (ii), and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice mentioned in both sub-paragraphs (i) and (ii). 5.5.3 An individual who – (a) before 8 October 2018, was appointed to provide the financial advisory service of marketing of any collective investment scheme under the FAA as in force immediately before 8 October 2018; and (b) on or after 8 October 2018, is appointed to carry out the regulated activity of dealing in capital markets products that are units in a collective investment scheme, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are units in a collective investment scheme if – (i) the individual’s activities are limited to marketing of any collective investment scheme which units are Excluded Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 FAA Exam Notice for marketing of any collective investment scheme which units are Excluded Investment Products; (ii) the individual’s activities are limited to marketing of any collective investment scheme which units are Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 FAA Exam Notice for marketing of any collective investment scheme which units are Specified Investment Products; or (iii) the individual’s activities are limited to marketing of any collective investment scheme mentioned in sub-paragraphs (i) and (ii), and he or she had satisfied the CMFAS Exam Requirements under the 2018 FAA Exam Notice mentioned in both sub-paragraphs (i) and (ii).

14 Division 6: Dealing in capital markets products that are exchange-traded derivatives contracts 5.6.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are exchange-traded derivatives contracts if he or she is – (a) an individual whose dealing in exchange-traded derivatives contracts is confined to the clearing of futures contracts only; or (b) an individual whose principal is a Specified FMC which manages funds only for one or more of the following: (i) accredited investors; (ii) institutional investors other than collective investment schemes; (iii) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (A) made only to persons outside Singapore; (B) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or (C) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. 5.6.2 Subject to paragraph 6.1.5, an individual is deemed to have passed the RES module under the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are exchange-traded derivatives contracts if he or she deals only in exchange-traded derivatives contracts that are futures contracts and he or she is an individual who – (a) before 27 February 2008, had at least three years of relevant and continuous working experience in Singapore in respect of trading in futures contracts, as defined in the SFA in force immediately before 8 October 2018 – (i) as a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a qualifying corporation;

15 (ii) as an associated person in relation to a qualifying corporation in accordance with the Rules and Regulations of the Singapore Commodity Exchange, and registered with the Singapore Commodity Exchange Ltd, if he or she also did not hold a commodity future broker’s representative licence under section 13 of the CTA in relation to that corporation before 27 February 2008; (iii) as a licensed commodity futures broker’s representative under section 13 of the CTA in relation to a corporation which, before 27 February 2008, was the holder of a commodity futures broker’s licence under the CTA and a CMS licence, if he or she also did not hold a representative’s licence under section 87 of the SFA in force immediately before 27 February 2008, before 27 February 2008; or (iv) if, before 27 February 2008, he or she was also exempted from holding a commodity futures broker’s representative licence under the CTA and was employed by or acting for a bank that is licensed under the Banking Act 1970 as in force at that time or a merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act 1970 as in force at that time; and (b) had not ceased trading in futures contracts, as defined in the SFA in force immediately before 8 October 2018, for a continuous period of more than six months before any of the following dates, as the case may be: (i) the date of his or her lodgement of Form 2 under Regulation 7(1)(a) of the Securities and Futures (Provisions for Persons and Matters Previously Regulated under Commodity Trading Act) Regulations 2007 in force immediately before 8 October 2018; (ii) the date of his or her application for a representative’s licence under section 84 of the SFA in force immediately before 26 November 2010; (iii) the date of his or her entry into the industry before 26 November 2010; (iv) the date of his or her principal’s lodgement with the Authority of documents under section 99H of the SFA, in relation to his or her appointment as an appointed representative. 5.6.3 Subject to paragraph 6.1.3, an individual who – (a) before 8 October 2018, was appointed to carry out the regulated activity of dealing in securities under the SFA in force immediately before 8 October 2018; and

16 (b) on or after 8 October 2018, is appointed to carry out the regulated activity of dealing in capital markets products that are exchange-traded derivatives contracts; is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are exchange-traded derivatives contracts if – (i) the individual deals only in exchange-traded derivatives contracts that are not futures contracts and that are Excluded Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Excluded Investment Products; and (ii) the individual deals only in exchange-traded derivatives contracts that are not futures contracts and that are Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Specified Investment Products; or (iii) the individual deals only in exchange-traded derivatives contracts mentioned in sub-paragraphs (i) and (ii), and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice mentioned in both sub-paragraphs (i) and (ii). 5.6.4 Subject to paragraph 6.1.3, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are exchange-traded derivatives contracts if – (a) immediately before 8 October 2018, he or she was appointed to carry out the regulated activity of trading in futures contracts under the SFA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, he or she is appointed to carry out the regulated activity of dealing in capital markets products that are exchange-traded derivatives contracts and he or she deals only in exchange-traded derivatives contracts that are futures contracts. 5.6.5 Subject to paragraph 6.1.3, an individual who – (a) before 8 October 2018, was appointed to carry out both the regulated activities of dealing in securities and trading in futures contracts under the SFA in force immediately before 8 October 2018; and

17 (b) on or after 8 October 2018, is appointed to carry out the regulated activity of dealing in capital markets products that are exchange-traded derivatives contracts, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are exchange-traded derivatives contracts if – (i) the individual deals only in – (A) exchange-traded derivatives contracts that are futures contracts; and (B) exchange-traded derivatives contracts that are not futures contracts and that are Excluded Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Excluded Investment Products; (ii) the individual deals only in – (A) exchange-traded derivatives contracts that are futures contracts; and (B) exchange-traded derivatives contracts that are not futures contracts and that are Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice for dealing in securities that are Specified Investment Products; (iii) the individual deals in exchange-traded derivatives contracts mentioned in both sub-paragraphs (i) and (ii), and he or she had satisfied the CMFAS Exam Requirements under the 2018 SFA Exam Notice mentioned in both sub-paragraphs (i) and (ii). Division 7: Dealing in capital markets products that are over-the-counter derivatives contracts 5.7.1 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are over-the-counter derivatives contracts if he or she is an individual whose principal is a Specified FMC which manages funds only for one or more of the following:

18 (a) accredited investors; (b) institutional investors other than collective investment schemes; (c) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (i) made only to persons outside Singapore; (ii) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or (iii) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. 5.7.2 Subject to paragraphs 6.1.4 and 6.2.1, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are over-the-counter derivatives contracts if – (a) at any time during the period of up to one year immediately before 8 October 2018, he or she carried out any activity which would have amounted to acting as an appointed representative in respect of dealing in specified OTC derivatives contracts; (b) he or she carries out the regulated activity of dealing in specified OTC derivatives contracts on or after 8 October 2018; (c) where he or she ceased to carry on the activity mentioned in sub-paragraph (a) (“date of cessation”) sometime during the period stipulated in sub-paragraph (a) and thereafter commenced carrying out the activity mentioned in sub￾paragraph (b) (“date of re-commencement”), the time that elapsed between the latest date of cessation and the date of re-commencement does not exceed a continuous period of one year; and (d) his or her carrying out of the regulated activity of dealing in over-the-counter derivatives contracts is confined to dealing in specified OTC derivatives contracts. 5.7.3 Subject to paragraph 6.1.3, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are over-the-counter derivatives contracts if –

19 (a) before 8 October 2018, he or she was appointed to carry out the regulated activity of leveraged foreign exchange trading under the SFA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, he or she is appointed to carry out the regulated activity of dealing in capital markets products that are over-the-counter derivatives contracts. 5.7.4 Subject to paragraph 6.1.3, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are over-the-counter derivatives contracts if – (a) before 8 October 2018, he or she was appointed to conduct the regulated activity of dealing in securities under the SFA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, he or she is appointed to conduct the regulated activity of dealing in capital markets products that are over-the-counter derivatives contracts. 5.7.5 Subject to paragraphs 6.1.4 and 6.2.1, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are over-the-counter derivatives contracts if – (a) at any time during the period of up to one year immediately before 8 October 2018, he or she carried out any activity which would have amounted to dealing in foreign exchange OTC derivatives contracts that are arranged by any bank that is licensed under the Banking Act 1970 as in force at that time or merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act 1970 as in force at that time, as a representative of such a bank or merchant bank; (b) he or she carries out the regulated activity of dealing in over-the-counter derivatives contracts on or after the 8 October 2018; and (c) where he or she ceased to carry on the activity mentioned in sub-paragraph (a) (“date of cessation”) sometime during the period stipulated in sub-paragraph (a) and thereafter commenced carrying out the activity mentioned in sub￾paragraph (b) (“date of re-commencement”), the time that elapsed between the latest date of cessation and the date of re-commencement does not exceed a continuous period of one year. 5.7.6 An individual who satisfies all the conditions in paragraph 5.7.2 or 5.7.5 is not required to satisfy the minimum academic qualification requirements set out in paragraph 3.3.

20 Division 8: Dealing in capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading 5.8.1 An individual is not required to meet the CMFAS Exam requirements stipulated in paragraph 4.3 for capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading if he or she is an individual whose principal is a Specified FMC which manages funds only for one or more of the following: (a) accredited investors; (b) institutional investors other than collective investment schemes; (c) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (i) made only to persons outside Singapore; (ii) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or (iii) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. 5.8.2 Subject to paragraph 6.1.3, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading if – (a) before 8 October 2018, he or she was appointed to carry out the regulated activity of leveraged foreign exchange trading under the SFA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, he or she is appointed to carry out the regulated activity of dealing in capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading. 5.8.3 Subject to paragraphs 6.1.4 and 6.2.1, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading if – (a) at any time during the period of one year immediately before 8 October 2018, he or she carried out any activity which would have amounted to dealing in spot foreign exchange contracts for the purposes of leveraged foreign exchange

21 trading that are arranged by any bank that is licensed under the Banking Act 1970 as in force at that time or merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act 1970 as in force at that time, as a representative of such a bank or merchant bank; (b) he or she carries out the regulated activity of dealing in spot foreign exchange contracts for the purposes of leveraged foreign exchange trading on or after the 8 October 2018; and (c) where he or she ceased to carry on the activity mentioned in sub-paragraph (a) (“date of cessation”) sometime during the period stipulated in sub-paragraph (a) and thereafter commenced carrying out the activity mentioned in sub￾paragraph (b) (“date of re-commencement”), the time that elapsed between the latest date of cessation and the date of re-commencement does not exceed a continuous period of one year. 5.8.4 An individual who satisfies all the conditions in paragraph 5.8.3 is not required to satisfy the minimum academic qualification requirement set out in paragraph 3.3. Division 9: Advising on corporate finance 5.9.1 An individual who advises solely on matters concerning raising funds and other corporate finance projects where such projects are in any country or jurisdiction other than Singapore is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for advising on corporate finance. 5.9.2 Subject to paragraph 6.1.2, an individual who passed the module M4B under the Cancelled Notice, and confines his or her advising on corporate finance to debt securities only, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for advising on corporate finance. 5.9.3 Subject to paragraph 6.1.2, an individual who passed the module M4A under the Cancelled Notice is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for advising on corporate finance, unless the individual – (a) on or after 1 April 2024, commences dealing in capital markets products for the purposes of underwriting and placement of capital markets products in connection with his or her advising on corporate finance; and (b) did not carry out such dealing in capital markets products before 1 April 2024.

22 5.9.4 Subject to paragraph 6.1.5, an individual is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for advising on corporate finance, if he or she – (a) as at 1 July 2005, was advising on matters concerning raising funds and other corporate finance projects, whether such projects were in Singapore or elsewhere; (b) before 30 June 2005, had at least three years of relevant and continuous working experience, whether in Singapore or elsewhere, in providing advice on matters in relation to corporate finance which does not require a CMS licence or a representative’s licence under the SFA as in force immediately before 26 November 2010 (“relevant advice”); (c) had not ceased providing such relevant advice for a continuous period of more than six months before any of the following dates, as the case may be: (i) the date of his or her application for a representative’s licence under section 84 of the SFA as in force immediately before 26 November 2010; (ii) the date of his or her entry into the industry before 26 November 2010; (iii) the date of his or her principal’s lodgement with the Authority of documents under section 99H of the SFA in relation to his or her appointment as an appointed representative; and (d) before 30 June 2005, had completed either of the following: (i) a non-examinable course on the rules and regulations for advising on corporate finance conducted by IBF; or (ii) an in-house non-examinable course on the rules and regulations for advising on corporate finance which – (A) was conducted by an individual who has passed the module M4A or M4B administered by IBF or otherwise possesses the relevant expertise and experience in relation to the course; and (B) covers at least the contents of the study guides of the module M4A or M4B issued by IBF.

23 Division 10: Fund management 5.10.1 An individual is not required to meet the CMFAS Exam requirements stipulated in paragraph 4.3 for fund management if he or she is an individual who manages funds only for one or more of the following: (a) accredited investors; (b) institutional investors other than collective investment schemes; (c) collective investment schemes or closed-end funds, the units of which are the subject of an offer, or invitation for subscription or purchase – (i) made only to persons outside Singapore; (ii) made only to persons in Singapore where such offer or invitation is made only to accredited investors or institutional investors or both; or (iii) made both to persons in Singapore and to persons outside Singapore, and where such offer or invitation made in Singapore is made only to accredited investors or institutional investors or both. 5.10.2 Subject to paragraph 6.1.3, an individual who – (a) before 8 October 2018, was appointed to provide the financial advisory service of marketing of any collective investment scheme under the FAA in force immediately before 8 October 2018; and (b) on or after 8 October 2018, is appointed to carry out the regulated activity of fund management, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for fund management if – (i) the individual’s activities are limited to marketing of any collective investment scheme which units are Excluded Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 FAA Exam Notice for marketing of any collective investment scheme which units are Excluded Investment Products; (ii) the individual’s activities are limited to marketing of any collective investment scheme which units are Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018

24 FAA Exam Notice for marketing of any collective investment scheme which units are Specified Investment Products; or (iii) the individual’s activities are limited to marketing of any collective investment scheme which units are Excluded Investment Products and Specified Investment Products, and he or she had satisfied the CMFAS Exam Requirements under the 2018 FAA Exam Notice mentioned in both sub-paragraphs (i) and (ii). 5.10.3 Subject to paragraph 6.1.6 and 6.2.2, an individual who, before 1 April 2024, was an appointed representative of a Specified FMC in respect of fund management, is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for fund management if – (a) the individual’s principal is a Specified FMC; (b) the individual’s fund management activities are limited to marketing of any collective investment scheme which is operated, or which property is managed by, his or her principal or principal’s related corporation; and (c) he or she passed the following modules under the Cancelled Notice: (i) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise only Excluded Investment Products – the modules M5 and M8; (ii) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise only Specified Investment Products – the modules M5 and M8A; or (iii) where the units in the collective investment schemes mentioned in sub￾paragraph (b) comprise both Excluded Investment Products and Specified Investment Products – the modules M5, M8 and M8A. Division 11: REIT management 5.11.1 Subject to paragraph 6.1.2, an individual who was carrying out REIT management as at 1 August 2008 and meets either of the following requirements is treated as having satisfied the CMFAS Exam Requirements stipulated in paragraph 4.3 for REIT management: (a) completed a non-examinable course (which was conducted by IBF) on the relevant rules and regulations applicable to REIT management, within six months from 1 August 2008; or

25 (b) attended an in-house course conducted by his or her principal which meets both of the following conditions: (i) the course was based on the contents of the IBF study guides for the module M10; and (ii) the individual conducting the course must be proficient in the subject matter i.e. he or she must have passed the module M10, or otherwise possesses the relevant expertise in relation to REIT management. Division 12: Transitional arrangements for previously exempted specialised units serving high net worth individuals 5.12.1 An individual who, – (a) on or before 28 September 2023, was appointed to carry out the regulated activity of dealing in any type of capital markets products on behalf of a specialised unit which was, before 8 January 2021, serving high net worth individuals pursuant to an exemption under section 100(2) of the FAA as in force at that time; and (b) after 1 April 2024, is appointed to carry out the same regulated activity of dealing in those type(s) of capital markets products on behalf of a covered entity, and serves only accredited investors or institutional investors or both, is not required to pass the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in those type(s) of capital markets products. 5.12.2 An individual is not required to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for dealing in any type(s) of capital markets products if – (a) he or she is appointed as an appointed representative under the FAA for providing any financial advisory service concerning those type(s) of capital markets products on behalf of a covered entity; (b) his or her dealing in those type(s) of capital markets products is only on behalf of the covered entity for any one or both of the following purposes: (i) for the purpose of passing on an order to purchase or sell those type(s) of capital markets product on behalf of an accredited investor to whom the individual provides a financial advisory service;

26 (ii) for the purpose of keying in an order into the trade system to purchase or sell those type(s) of capital markets products on behalf of an accredited investor to whom the individual provides a financial advisory service; and (c) he or she either – (i) passed the Client Advisor Competency Standards (“CACS”) under the Singapore Private Banking Code of Conduct, and that pass in CACS is recognised by the Private Banking Industry Group to be valid1 ; or (ii) is exempted from passing the CACS under the Singapore Private Banking Code of Conduct. 5.12.3 For the purposes of paragraphs 5.12.1 and 5.12.2, “covered entity” means – (a) any licensed financial adviser or exempt financial adviser as defined in section 2(1) of the FAA; or (b) any unit in a licensed financial adviser or exempt financial adviser as defined in section 2(1) of the FAA, which is in the private banking industry. 1 Private Banking Code of Conduct (PB Code) FAQs addresses the validity of the CACS qualification.

27 PART 6: VALIDITY OF CMFAS EXAM MODULES Division 1: Validity of a Pass or Deemed Pass in Rules and Regulations Modules 6.1.1 A pass in any RES module ceases to be valid if the individual who previously passed that module – (a) did not commence carrying out the applicable regulated activity as an appointed representative of a holder of a CMS licence or an exempt FI within three years of the date of passing that RES module; or (b) ceased to carry out the applicable regulated activity as an appointed representative of a holder of a CMS licence or an exempt FI and did not re￾commence carrying out the applicable regulated activity as an appointed representative of a holder of a CMS licence or exempt FI for more than three years after his or her cessation in respect of that regulated activity. 6.1.2 A deemed pass by virtue of paragraph 4.5, 5.1.3, 5.9.2, 5.9.3, or 5.11.1 ceases to be valid if the individual mentioned in that paragraph – (a) did not commence carrying out the applicable regulated activity as an appointed representative of a holder of a CMS licence or an exempt FI within three years after the date of passing the relevant rules and regulations module of the CMFAS Exam under the Cancelled Notice; (b) satisfies all of the following: (i) he or she was subject to the requirement of completing the relevant non￾examinable course or in-house course by the stipulated deadlines in the Cancelled Notice or the Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (MAS Notice SFA 04-N01) issued on 1 October 2002 and cancelled on 16 January 2004; (ii) he or she completed the relevant non-examinable course or in-house course after he ceased to carry out the applicable regulated activity in respect of which he or she was previously licensed to carry out on behalf of a holder of a CMS licence or an exempt FI; (iii) he or she did not re-commence carrying out that regulated activity, whether on behalf of the same holder of a CMS licence or exempt FI or any other holder of a CMS licence holder or exempt FI, within three years after the date of completion of the relevant non-examinable course or in-house course; or

28 (c) satisfies all of the following: (i) he or she ceased to carry out the applicable regulated activity on behalf of a holder of a CMS licence or an exempt FI after his or her passing of the relevant rules and regulations of the CMFAS Exam, or his or her completion of the relevant non-examinable course or in-house course by the stipulated deadlines in the Cancelled Notice or the Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (MAS Notice SFA 04-N01) issued on 1 October 2002 and cancelled on 16 January 2004; (ii) he or she did not re-commence carrying out the applicable regulated activity as an appointed representative of a holder of a CMS licence or an exempt FI for that regulated activity for more than three years after his or her cessation in respect of that regulated activity. 6.1.3 A deemed pass in the applicable RES module by virtue of paragraph 5.6.3, 5.6.4, 5.6.5, 5.7.3, 5.7.4, 5.8.2 or 5.10.2 ceases to be valid if the individual mentioned in that paragraph ceased to carry out the regulated activity mentioned in that paragraph and did not re-commence carrying out the regulated activity within one year after the date of cessation (other than any cessation and re-commencement which occurred before 8 October 2018). 6.1.4 A deemed pass in the applicable RES module by virtue of paragraph 5.7.2, 5.7.5 or 5.8.3 ceases to be valid if the individual mentioned in that paragraph ceased to carry out the regulated activity mentioned in that paragraph any time on or after 8 October 2018 and did not re-commence carrying out the regulated activity within one year after the date of cessation. 6.1.5 A deemed pass in the applicable RES module by virtue of paragraph 5.6.2 or 5.9.4 ceases to be valid if the individual mentioned in that paragraph ceased to carry out the regulated activity mentioned in that paragraph and did not re-commence carrying out the regulated activity within three years after the date of cessation. 6.1.6 A deemed pass in the applicable RES module by virtue of paragraph 5.2.3 or 5.10.3 ceases to be valid if the individual mentioned in that paragraph ceased to carry out the regulated activity mentioned in that paragraph any time on or after 1 April 2024 and did not re-commence carrying out the regulated activity within three years after the date of cessation. 6.1.7 Where a pass or deemed pass in any RES module ceases to be valid, the individual must re-take or take the RES module and pass that module, in order for him or her to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for the relevant regulated activity.

29 Division 2: Validity of a Deemed Pass in Product Knowledge Module 6.2.1 A deemed pass in the applicable product knowledge module by virtue of paragraph 5.7.2, 5.7.5 or 5.8.3 ceases to be valid if the individual mentioned in that paragraph – (a) ceased to carry out the regulated activity mentioned in that paragraph any time on or after 8 October 2018 and did not re-commence carrying out the regulated activity within one year after the date of cessation; and (b) does not have at least three years of continuous working experience in the regulated activity mentioned in that paragraph before his or her cessation. 6.2.2 A deemed pass in the applicable product knowledge module by virtue of paragraph 5.2.3 or 5.10.3 ceases to be valid if the individual mentioned in that paragraph ceased to carry out the regulated activity mentioned in that paragraph any time on or after 1 April 2024 and did not re-commence carrying out the regulated activity within three years after the date of cessation. 6.2.3 Where a deemed pass in any product knowledge module ceases to be valid, the individual must take and pass that module, in order for him or her to meet the CMFAS Exam Requirements stipulated in paragraph 4.3 for the relevant regulated activity.

30 PART 7: REGISTER OF REPRESENTATIVES’ CMFAS EXAM REQUIREMENTS 7.1 A holder of a CMS licence or an exempt FI is required to maintain a register stating whether its representatives are subject to the CMFAS Exam Requirements relevant to the regulated activities of the representatives. A holder of a CMS licence or exempt FI must enter in the register the type of regulated activities conducted by the representative, the date on which its representative completed the examination, and in respect of such representative who is not required to pass certain modules of the CMFAS Exam under this Notice, to state the details thereof, if any. 7.2 The holder of a CMS licence or an exempt FI must retain the register for a period of not less than five years from the end of the calendar year in which the appointed representative is appointed by the principal. 7.3 In addition, a holder of a CMS licence or exempt FI must certify and ensure that its representatives comply with the CMFAS Exam Requirements set out in this Notice. A holder of a CMS licence or exempt FI must not allow its representatives who are subject to the CMFAS Exam Requirements to commence carrying out any regulated activity unless they have passed the applicable modules of the CMFAS Exam.

31 PART 8: CONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENTS FOR APPOINTED REPRESENTATIVES 8.1 A principal must include the CPD training undertaken by its appointed representatives under paragraph 8.2 in its assessment on whether its appointed representatives remain fit and proper in the conduct of the relevant regulated activities. 8.2 Subject to paragraph 9.3, every appointed representative of a holder of a CMS licence and exempt FI must: (a) undergo CPD training which is relevant to the type of regulated activity that he conducts; and (b) obtain and retain relevant supporting evidence that he or she has completed the minimum hours of CPD training under paragraph 8.4, as applicable, within the stipulated period. 8.3 Subject to paragraph 9.3, every principal must – (a) review and follow up on each of its appointed representatives’ CPD training needs on an annual basis; and (b) obtain and retain the relevant supporting evidence that each of its appointed representatives has completed the minimum hours of CPD training under paragraph 8.4, as applicable, within the stipulated period. 8.4 Subject to paragraphs 8.5, 8.6, 9.1 and 9.3, by the end of every calendar year, an appointed representative must complete the following minimum hours of CPD training: (a) Where he or she is an appointed representative of the same principal for that entire calendar year – (i) Core CPD hours: 6 hours of courses in ethics or rules and regulations or both, as the case may be, which are relevant to the type or types of regulated activity he carries out and which are accredited by IBF; and (ii) Supplementary CPD hours: 3 hours of relevant training courses, called in this Notice collectively as the Total Annual CPD hours;

32 (b) Where he or she is an appointed representative of only one principal in that calendar year and is such appointed representative for an aggregate period of less than a year in that calendar year – (i) a pro-rated minimum number of Core CPD hours calculated in accordance with the formula Total number of days appointed as an appointed representative of the principal in the calendar year 365 × 6 hours (“Pro-rated Core CPD hours”); and (ii) a pro-rated minimum number of Supplementary CPD hours calculated in accordance with the formula Total number of days appointed as an appointed representative of the principal in the calendar year 365 × 3 hours (“Pro-rated Supplementary CPD hours”), called in this Notice collectively as the Total Pro-rated CPD hours; (c) Where he or she is an appointed representative of more than one principal in that calendar year, the Total Pro-rated CPD hours in respect only of the principal on whose behalf he or she carries on any regulated activity at the end of the calendar year. 8.5 An individual who is an appointed representative of a principal for an aggregate period of less than 183 days in a calendar year and is unable to complete his Total Pro-rated CPD hours, as stipulated in paragraph 8.4(b) or (c), by the end of that calendar year, may carry over his or her unfulfilled Total Pro-rated CPD hours to the next calendar year (“New Calendar Year”), and if so, the individual must complete his or her unfulfilled Total Pro-rated CPD hours by the end of the New Calendar Year unless he or she is exempted under paragraph 9.2 from completing it. 8.6 If an appointed representative is or will be unable to fulfil any of the requirements in paragraph 8.4 within the stipulated period due to circumstances beyond his or her control that he or she could not reasonably have foreseen, the appointed representative will not be treated as having breached the requirements under paragraph 8.4 if he or she – (a) immediately informs his or her principal upon being aware of his or her inability to fulfil the requirements; and

33 (b) completes the unfulfilled number of Total Annual CPD hours or Total Pro-rated CPD hours within 12 months of being aware of his or her inability to fulfil the requirements, or is otherwise exempted under paragraph 9.2 from completing it. 8.7 The principal of the appointed representative, who has been informed of the fact mentioned in paragraph 8.6(a), must take reasonable steps to ensure that the appointed representative completes the unfulfilled number of Total Annual CPD hours or Total Pro-rated CPD hours (as the case may be) within 12 months of the date he or she became aware of his or her inability to fulfil the requirements. 8.8 Subject to paragraph 9.3, a principal must – (a) calculate the total number of completed CPD training hours of each of its appointed representatives as at the end of each calendar year; and (b) maintain a register containing supporting evidence of each of its appointed representatives’ total number of completed CPD training hours for each calendar year, and the principal must retain the register for a period of not less than 5 years from the end of the calendar year in which the appointed representative is appointed by the principal. 8.9 For the purposes of calculating CPD hours, an individual who – (a) is an appointed representative under the SFA and the FAA for the same principal2 ; and (b) completes courses during the period he or she is an appointed representative under both the SFA and the FAA for the same principal, under his or her CPD training in compliance with the Notice on Competency Requirements for Representatives of Financial Advisers [FAA-N26] (“FAA Exam Notice”) before the end of any calendar year, may count his or her training hours – (i) in any such completed course which is accredited by IBF or SCI and counted towards Core CPD hours or Pro-rated Core CPD hours under the FAA Exam Notice, towards his or her Core CPD hours or Pro-rated Core CPD hours under this Notice for the same calendar year, if IBF or 2 To avoid doubt, a representative who is appointed under both the SFA and the FAA for the same principal, must fulfil the higher of the CPD requirements set out under paragraph 8.4 of this Notice or paragraph 5.4 of MAS Notice FAA-N26.

34 SCI has accredited that such training hours may be counted towards Core CPD hours under this Notice; (ii) in any such completed course which is conducted by the Central Provident Fund Board and counted towards Core CPD hours or Pro-rated Core CPD hours under the FAA Exam Notice, towards his or her Core CPD hours or Pro-rated Core CPD hours under this Notice for the same calendar year; and (iii) in any such completed course which is counted towards Supplementary CPD hours or Pro-rated Supplementary CPD hours under the FAA Exam Notice, towards his or her Supplementary CPD hours or Pro-rated Supplementary CPD hours under this Notice for the same calendar year, if the principal has determined that the Supplementary CPD training completed by the appointed representative is relevant to the types of regulated activities he or she is carrying out under the SFA. 8.10 In Part 8, “CPD training” includes: (a) lectures; (b) conferences; (c) workshops; (d) courses; (e) product seminars before the launch of new products; and (f) e-learning courses, which have clear learning objectives and outcomes that are clearly documented and independently verified, but excludes activities that are part of the job scope of an appointed representative.

35 PART 9: CIRCUMSTANCES UNDER WHICH THE CPD REQUIREMENTS DO NOT APPLY 9.1 An appointed representative is not required to complete the minimum hours of CPD training stipulated in paragraph 8.4 for all of the following calendar years: (a) the first calendar year in which he or she is appointed for the first time as an appointed representative of any holder of a CMS licence or exempt FI; (b) where he or she has to take or re-take one or more applicable modules under the CMFAS Exam in any calendar year so as to – (i) be able to continue carrying out the types of regulated activities for which he or she is appointed; or (ii) provide a type of regulated activity other than that in sub-paragraph (i), the calendar year in which he or she passes the applicable module or modules, as the case may be; (c) where he or she ceases to be an appointed representative of any holder of a CMS licence or exempt FI before the end of any calendar year, that calendar year. 9.2 An appointed representative who carries over his or her unfulfilled CPD hours under paragraph 8.5 or 8.6 is exempted from completing these unfulfilled CPD hours if he – (a) changes his or her principal; or (b) ceases to be an appointed representative, in the New Calendar Year or within 12 months of the date he or she became aware of his or her inability to fulfil the CPD requirements, as the case may be. 9.3 Part 8 does not apply to – (a) an appointed representative who carries on regulated activities on behalf of accredited investors, expert investors or institutional investors only; and (b) a principal of such an appointed representative in relation to that appointed representative.

36 Note: Under section 101(3) of the SFA, any person who contravenes any requirement specified in a direction issued by the Authority shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part of a day during which the offence continues after conviction.

Annex 1 Table A: CMFAS Exam Modules CMFAS Exams under the Cancelled Notice CMFAS Exam under this Notice Module Examination Exam Body Module Examination Exam Body Rules, Ethics and Skills Modules M1A Rules and Regulations for Dealing in Securities (for members of SGX-ST) IBF RES1A Rules, Ethics and Skills for Securities Exchange Dealers IBF M1B Rules and Regulations for Dealing in Securities (Non SGX-ST) RES1B Rules, Ethics and Skills for Securities Dealers of Non-Exchange Members RES1BE1 Add-on Module for Singapore Exchange – Securities Trading Limited M2A Rules and Regulations for Trading in Futures Contracts (for members of SGX￾DT) IBF RES2A Rules, Ethics and Skills for Derivatives Exchange Dealers RES2B Rules, Ethics and Skills for Derivatives Dealers of Non-Exchange Members RES2BE1 Add-on Module for Singapore Exchange – Derivatives Trading Limited RES2BE2 Add-on Module for ICE Futures Singapore RES2BE3 Add-on Module for Asia Pacific Exchange (APEX)

38 RES12B Rules, Ethics and Skills for Securities and Derivatives Dealers of Non-Exchange Members M3 Rules and Regulations for Fund Management IBF RES3 Rules, Ethics and Skills for Fund Management M4A Rules and Regulations for Advising on Corporate Finance RES4 Rules, Ethics and Skills for Corporate Finance M10 Rules and Regulations for REIT Management, with Product Knowledge and Analysis IBF RESP10 Rules, Ethics and Skills and Product Knowledge for REIT Management IBF Product Knowledge Modules M6 Securities Products and Analysis IBF CM-EIP Capital Markets – Excluded Investment Products – Securities, Collective Investment Schemes (EIP) and Foreign Exchange IBF M6A Securities and Futures Product Knowledge CM-SIP Capital Markets – Specified Investment Products – Derivatives and Collective Investment Schemes (SIP) IBF Combined Product Knowledge Modules CM-CMP (EIP + SIP) Capital Markets – Securities, Derivatives, Collective Investment Schemes and Foreign Exchange IBF

Table B: CMFAS Exam Requirements for individuals who carry out dealing in capital markets products for a principal that is a member of an approved exchange Regulated Activity Principal is a Member of the Following Approved Exchange: Rules, Ethics and Skills Module Product Knowledge Module

1. Dealing in capital markets products that are: (a) securities; and/or (b) units in a collective investment scheme SGX-ST 1. RES1A; or
2. RES1B + RES1BE1; or
3. RES12B + RES1BE1 Where the individual deals only in Excluded Investment Products, or company warrants that are traded on SGX-ST, or both, CM-EIP. Where the individual deals only in Specified Investment Products excluding company warrants that are traded on SGX-ST, but including structured warrants and daily leveraged certificates, CM￾SIP. Where the individual deals in both Excluded Investment Products and Specified Investment Products, CM-EIP and CM-SIP.
4. Dealing in capital markets products that are: (a) exchange-traded derivatives contracts (b) Over-the￾counter derivatives contracts (c) Spot foreign exchange contracts for the purposes of leveraged foreign exchange trading SGX-DT 1. RES2A; or
5. RES2B + RES2BE1; or
6. RES12B + RES2BE1 ICE Futures Singapore
7. RES2A; or
8. RES2B + RES2BE2; or
9. RES12B + RES2BE2 APEX 1. RES2A; or
10. RES2B + RES2BE3; or
11. RES12B + RES2BE3

40 Table C: CMFAS Exam Requirements for individuals who either carry out dealing in capital markets products for a principal that is not a member of an approved exchange, or carry out other regulated activities Regulated Activity Rules, Ethics and Skills Modules Product Knowledge Module

1. Dealing in capital markets products that are: (a) Securities 1. RES1B; or
2. RES12B Where the individual deals only in Excluded Investment Products, CM￾EIP. Where the individual deals only in Specified Investment Products, CM￾SIP. Where the individual deals in both Excluded Investment Products and Specified Investment Products, CM-EIP and CM-SIP. (b) Units in a collective investment scheme
3. RES1B; or
4. RES12B (c) Exchange-traded derivatives contracts
5. RES2B; or
6. RES12B (d) Over-the-counter derivatives contracts
7. RES2B; or
8. RES12B (e) Spot foreign exchange contracts for the purposes of leveraged foreign exchange trading
9. RES2B; or
10. RES12B
11. Advising on corporate finance RES4 N/A
12. Fund management RES3 CM-EIP
13. REIT management RESP10

41 Annex 2 Individuals who are not required to pass CM-EIP 1 An individual who possesses any of the following qualifications (which must be attained through passing the specific respective examination(s), except for sub-paragraphs (iv) and (x)) or working experience: (a) Degree or higher qualification with emphasis on accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning or computational finance; (b) Chartered Financial Analyst (CFA) by the CFA Institute, USA; (c) The Association of Chartered Certified Accountants (ACCA) Qualifications; (d) Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants in England and Wales3 ; (e) Associate/Fellow of the Institute of Actuaries, England; (f) Associate/Fellow of the Faculty of Actuaries, Scotland; (g) Associate/Fellow of the Society of Actuaries, USA; (h) Associate/Fellow of the Institute of Actuaries of Australia; (i) Associate/Fellow of the Casualty Actuarial Society, USA; (j) Associate/Fellow of CPA Australia4 ; (k) Investment Company Products / Variable Contracts Limited Representative Examination (Series 6) or General Securities Representative Examination (Series 7) administered by the Financial Industry Regulatory Authority (FINRA), USA; (l) Module 1 of the Investor Contact Competency Examination (ICCE Module 1) administered by the Securities and Exchange Commission, Thailand, only if the individual is also licensed by the Securities and Exchange Commission of 3 Qualification attained by membership is recognised. 4 Qualification attained by membership is recognised.

42 Thailand and submits documentary evidence certifying his or her licence or authorisation status in Thailand to his or her proposed principal; (m) Three years of relevant and continuous working experience for the type of regulated activity in respect of which he or she intends to be appointed, only if he or she had not ceased carrying out that type of regulated activity for a continuous period of more than three years immediately before any of the following dates, where applicable: (i) the date of his or her application for a representative’s licence under section 84 of the SFA as in force immediately before 26 November 2010; (ii) the date of his or her entry into the industry before 26 November 2010; (iii) the date of his or her principal’s lodgement with the Authority of documents under section 99H of the SFA, in relation to his or her appointment as an appointed representative, and he or she had not relied on the qualifications mentioned in paragraph 3.3(b)(i)(B) to satisfy the minimum academic qualifications; (n) Investment Advice Diploma (where candidate holds 3 modules including the securities module) administered by the Chartered Institute for Securities and Investment (CISI); (o) Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) administered by the Chartered Institute for Securities and Investment (CISI); (p) Masters in Wealth Management (Post 2010 examination standards) administered by the Chartered Institute for Securities and Investment (CISI). 2 An individual who – (a) satisfies any of the following conditions: (i) he or she was, immediately before 19 October 2011, carrying out as an appointed representative the same type of regulated activity (by whatever name then called) in respect of which he or she intends to be appointed, and continued to carry out such regulated activity on or after 19 October 2011 whether on behalf of the same holder of a CMS licence or exempt FI or any other holder of a CMS licence or exempt FI;

43 (ii) his or her principal lodged with the Authority documents under section 99H of the SFA, in relation to his or her appointment as an appointed representative before 1 January 2012; (iii) he or she had not ceased carrying out that type of regulated activity as a representative for a continuous period of more than six months before the date of his or her principal’s lodgement with the Authority of documents under section 99H of the SFA; and (b) possesses any of the following qualifications (which must, subject to paragraph 3, be attained through passing the specific respective examination(s)) or working experience: (i) Trading Representatives’ Examination Paper II (previously conducted by IBF); (ii) Investment Representatives’ Examination Paper II (previously conducted by IBF); (iii) Diploma in Investment (previously conducted by IBF); (iv) Diploma in Investment Analysis (previously conducted by the Singapore Securities Research Institute); (v) Diploma in Investment conducted by The Singapore Human Resources Institute (“SHRI”); (vi) Diploma in Banking and Finance (previously conducted by IBF); (vii) Diploma in Banking and Finance conducted by SHRI; (viii) Diploma in Financial Planning from IBF/SCI; (ix) Diploma in Financial Planning from the Financial Planning Association of Australia; (x) Diploma in banking, finance, accountancy, business or business administration from all polytechnics in Singapore; (xi) Diploma in Business Administration from University of Singapore; (xii) Graduate Diploma in Financial Management from Singapore Institute of Management (“SIM”);

44 (xiii) Royal Melbourne Institute of Technology’s Diploma of Financial Services conducted by SIM; (xiv) Banking or Financial Studies Diploma from ifs School of Finance (previously known as the Chartered Institute of Bankers), UK; (xv) Skills Certificate – Investment (previously awarded by IBF); (xvi) Skills Certificate – Investment awarded by SHRI; (xvii) Certificate in Private Banking awarded by Wealth Management Institute Pte Ltd, Singapore; (xviii) Certificate in Financial Needs Analysis & Plan Construction awarded by Singapore College of Insurance; (xix) Chartered Financial Analyst Level 1 Examination conducted by the CFA Institute, USA; (xx) Associate Financial Consultant awarded by Insurance and Financial Practitioners Association of Singapore (previously known as Life Underwriters Association of Singapore); (xxi) Associate Financial Planner or Associate Wealth Planner awarded by the Financial Planning Association of Singapore; (xxii) Series 6 or Series 7 of the National Association of Securities Dealers, USA; (xxiii) Investment Management Certificate of the UK Society of Investment Professionals (previously known as UK Institute of Investment Management & Research Examinations); (xxiv) Chartered Life Underwriter by the American College, USA, or Chartered Life Underwriter Singapore by the SCI; (xxv) Chartered Financial Consultant by the American College, USA, or Chartered Financial Consultant Singapore by SCI; (xxvi) Certified Financial Planner by the Certified Financial Planners Board of Standards; (xxvii) Certificate in Securities, Derivatives or Securities and Financial Derivatives by the Securities & Investment Institute, recognised by the

45 UK Financial Services Skills Council and Financial Services (previously known as the Registered Persons Examination by the Financial Services Authority, UK); (xxviii) The Chartered Accountant (ACA) Qualifications. 3 A qualification listed in paragraph 2(b) which was not attained through passing the specific respective examination(s) is recognised if the individual – (a) attained the qualification listed in paragraph 2(b) before 1 July 2005 – (i) by passing examination(s) which are recognised by the applicable tertiary institution, institute, board, association or other body listed in paragraph 2(b), to be equivalent to passing the specific examination(s) for attainment of the qualification; or (ii) by fulfilling such other criteria specified by the applicable tertiary institution, institute, board, association or other body listed in paragraph 2(b), as pre-requisites for the attainment of the qualifications; (b) was, immediately before 1 July 2005, providing as a representative the same type of financial advisory services in respect of which he or she intends to be appointed and continued to provide such financial advisory services from 1 July 2005, whether on behalf of the same holder of a CMS licence or exempt FI or any other holder of a CMS licence or exempt FI; and (c) did not cease to act as a representative of any holder of a CMS licence or exempt FI at any time after 1 July 2005.