Securities and Futures (Licensing and Conduct of Business) Regulations

Apply to all capital markets services licensees, registered fund management companies and exempt capital markets services entities.

Set out requirements relating to:

L icensing, representative notification, and key appointments

Fit and proper criteria

Custody of customers’ moneys and assets

Other conduct of business

The various Schedules of the regulations further set out the following:

Second Schedule - Exemptions applicable for registered fund management companies, exempt corporate finance advisers, exempt futures brokers, and exempt OTC derivatives brokers

Third Schedule - Table of fees payable to MAS

Fourth Schedule - Product advertisement

08 Oct 2018 Securities and Futures (Licensing and Conduct of Business) (Amendment No. 2) Regulations 2018

08 Jun 2018 Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2018 (78.2 KB)

01 Nov 2016 Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2016 (179.3 KB)

Stipulates the prohibited representations by exempt persons.

Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities.

This Compliance Toolkit aims to provide guidance on: • Applications to be submitted for approval to MAS; and • Notifications and regulatory submissions to MAS.

This Compliance Toolkit serves as a guide to capital market services licensees (other than fund managers and REIT managers), exempt financial institutions (e.g. banks and finance companies) and other exempt entities (e.g. exempt corporate finance advisers) on the various approval and reporting requirements and timelines under the SFA and its subsidiary instruments.

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.

This Compliance Toolkit aims to guide and facilitate licensed fund management companies and venture capital fund managers’ compliance with the various MAS approval and reporting requirements and timelines.

This Compliance Toolkit aims to guide and facilitate REIT managers’ compliance with the various MAS approval and reporting requirements and timelines.

Form for capital markets services licensees, other than licensed fund management companies, to apply for the appointment of a Chief Executive Officer or director; or the change in nature of director appointment from non-executive to executive.

How to qualify to be and conduct your business as a fund manager.

Form for licensed financial advisers and exempt financial advisers to notify MAS of the appointment of provisional representatives.

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.

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.

Form for fund management companies, including venture capital fund managers, to notify MAS of changes to their particulars and particulars of their directors, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.

You may refer to the following PDF specimen form to prepare your submission. This specimen form should not be submitted to MAS. All official submissions must be made online via MAS-Tx.

Form for venture capital fund managers to submit an annual declaration on venture capital funds managed, and the breakdown of Assets Under Management into ‘qualifying’ and ‘non-qualifying’ investments. This form must be submitted within one month from the end of the financial year.

Form for entities to apply for a capital markets services licence to conduct regulated activities under the Securities and Futures Act.

Form for banks, merchant banks, finance companies and insurers to provide a breakdown on the clientele type for each regulated activity and the business units involved in each activity. This form must be submitted within 14 days from the end of the financial year.

Form for banks, merchant banks, finance companies and insurers to notify MAS of changes to their particulars. This form must be submitted within 14 days after the date of change.

Form for banks, merchant banks, finance companies and insurers to notify MAS of their commencement of business or addition of regulated activity or activities. This form must be submitted at least 14 days before the commencement or addition of the regulated activity or activities.

Form for capital markets services licensees to notify MAS when there is a change of its name or a change of principal place of business within 14 days from the change.

Form for capital markets services licensees to apply for additional type(s) of regulated activity/activities.

Form for exempt futures brokers and exempt over-the-counter (OTC) derivatives brokers 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 futures brokers and exempt OTC derivatives brokers to notify MAS when they cease to carry on business in dealing in futures contracts or OTC derivatives contracts. This form must be submitted within 14 days after the cessation of business.

Form for exempt futures brokers and exempt OTC derivatives brokers to notify MAS when there are changes to their particulars. This form must be submitted within 14 days after the date of change.

Form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.

Form for exempt futures brokers and exempt over-the-counter (OTC) derivatives brokers to notify MAS of their commencement of business. This form must be submitted at least 14 days before the commencement of business.

Form for banks, merchant banks, finance companies and insurers to notify MAS when they cease any regulated activity or activities. This form must be submitted within 14 days after the cessation of the regulated activity or activities.

Form for capital markets services licensees to notify MAS when they cease any or all of their regulated activities. This form must be submitted within 14 days after the cessation of regulated activities.

How to qualify to be a CMS licensee (other than a fund manager or REIT manager).

Form for auditors to provide their opinion on the audited accounts of exempt futures brokers and exempt exempt over-the-counter (OTC) derivatives brokers. This form must be submitted within five months from the end of the financial year.

This consultation paper sets out a proposed framework for Single Family Offices (“SFOs”) operating in Singapore, under which there will be qualifying criteria for class exemption from licensing under the Securities and Futures Act (“SFA”), as well as notification and annual reporting requirements.

Consultation number:

P009 - 2023

Start date:

31 July 2023

Closing date:

30 September 2023

MAS response date:

06 November 2024

This consultation paper seeks feedback on the proposed transitional arrangements for existing Registered Fund Management Companies (“RFMCs”) that intend to continue operating fund management businesses following the repeal of the regulatory regime for RFMCs.

Consultation number:

P015 - 2023

Start date:

24 October 2023

Closing date:

31 December 2023

MAS response date:

28 March 2024

Form for registered fund management companies to notify MAS prior to their cessation of business in fund management.

This consultation paper seeks feedback on our proposals to enhance safeguards for proper conduct of digital prospecting and marketing activities, and address conduct risks and issues associated with these activities. Two consultation responses were published: Response to Guidelines on Standards of Conduct for Digital...

Consultation number:

P003-2023

Start date:

25 April 2023

Closing date:

30 June 2023

MAS response date:

22 May 2026

Form for auditors to provide their opinion on the audited accounts of registered fund management companies (RFMCs); RFMCs must submit this form within five months from the end of the financial year. View the user guide.

How to qualify to be a REIT manager and what ongoing governance and compliance arrangements are expected.

Prescribes additional persons as accredited investors (e.g. partnership where each partner is an accredited investor) and institutional investors (e.g., designated market-maker and registered fund management company) for the purpose of the SFA.

Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.

Provides guidance on the risk mitigation measures for dealing in Over-the-Counter (OTC) derivatives that are not centrally cleared.

Provides guidance to financial institutions on the submission of representative notifications using the bulk filing function of the CoRe system

Form for capital markets services (CMS) licensees, banks, merchant banks, finance companies and insurers to notify MAS when there are changes to a representative's particulars such as changes in identification and contact details, within 14 days after the date of the change.

Risk disclosure statement to be provided by capital markets services licensees, banks, merchant banks and finance companies to retail customers when opening trading accounts to trade in: (i) Futures contracts; (ii) Over-the-counter derivatives contracts of which the underlying is a currency or currency index; and (iii) Spot foreign exchange contracts for the purposes of leveraged foreign exchange trading.

Risk disclosure statement to be provided by licensed fund management companies (other than venture capital fund managers) to prospective retail customers, prior to soliciting or entering into an agreement with customers to manage or guide their trading accounts by means of a systematic programme that recommends specific transactions, to trade in: (i) Futures contracts; (ii) Spot foreign exchange contracts for the purposes of leveraged foreign exchange trading; or (iii) Over-the-counter derivatives contracts of which an underlying thing is a currency or currency index. This requirement does not apply to collective investment schemes.

Form for capital markets services (CMS) licensees, banks, merchant banks, finance companies and insurers to notify MAS before an appointed representative adds other type(s) of regulated activity or activities.

Form for capital markets services (CMS) licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of temporary representatives who reside outside Singapore but plan to conduct activities in Singapore for a limited period of time.

Form for capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the cessation of a representative in any or all regulated activities, by the next business day.

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 the saving and transitional provisions for certain applications, notifications, arrangements and exemptions in relation to the amendments made to the SFA.

Sets out the margin requirements in respect of contracts for differences and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading for banks, merchant banks and finance companies.

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the completion of the examination requirements by a provisional representative.

How to identify and mitigate conflicts of interest that may arise when a related corporation issues research reports.

Sets out exemption for Citibank Aktiengesellschaft and other persons (e.g. remote clearing members) from the requirement to hold a capital markets services licence for dealing in capital markets products, subject to conditions.

Provides guidance to financial institutions on the submission of representative notifications though the CoRe system.

Sets out the offences which may be compounded by MAS and the acceptance of the offer of composition by a person reasonably suspected to have committed an offence.

Form for a person who has committed an offence to accept an offer of composition by MAS.

Provides guidance to financial institutions on how they should classify their products arising from the change in product definitions under the amended SFA and FAA.

Proposed legislative amendments to introduce certain licensing exemptions, and business conduct requirements for dealing in OTC derivatives contracts, and to enhance requirements on protection of customers’ moneys and assets; and the Securities and Futures (Offers of Investments) (Shares & Debentures) Regulations 2005 for purposes of implementing changes to Part XIII of the Securities and Futures Act.

Consultation number:

P010 - 2017

Start date:

26 May 2017

Closing date:

23 June 2017

MAS response date:

01 October 2018

Guidelines for financial institutions on conducting marketing and distribution activities at retailers and public places targeting retailers.

Proposals to the REIT regime to foster stronger governance practices and greater alignment of interests, while providing REITs with more operational flexibility to enhance their portfolio to deliver stronger performance.

Consultation number:

P023-2014

Start date:

09 October 2014

Closing date:

10 November 2014

MAS response date:

02 July 2015

Proposed (i) revisions to the regulatory regime for fund management companies, and (ii) removal of the licensing exemption for exempt leveraged foreign exchange traders, with clarification on the exemption regime for exempt corporate finance advisers and exempt financial advisers.

Consultation number:

P008 - 2010

Start date:

27 April 2010

Closing date:

31 May 2010

MAS response date:

28 September 2010

Notice for persons who have suffered pecuniary losses in relation to any entrusted money or property to inform MAS of their claims against the security deposit of certain capital markets services licensees dealing in capital markets products. Certain licensees are required to lodge a deposit of $100,000 under Regulation 7 of the Securities and Futures (Licensing and Conduct of Business) Regulations.

Sets out the exemptions for Trans-Pacific Credit Ptd Ltd and UOB Kay Hian Pte Ltd in relation to the ESOS Financing Scheme.

Sets out the exemptions for Phillip Financial Pte Ltd and Phillip Securities Ptd Ltd in relation to the ESOS Financing Scheme.

Provides for a person to be given an opportunity to be heard by MAS and to be given at least 10 days to submit any written supporting documents as to why MAS should reconsider the decision it intends to make.