At least 2 Directors with a relevant experience of 5 years are required to be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC). The duties of a director are spelled out in the SF(LCB)R. Nominee directors such as legal advisers or corporate secretaries will not count towards meeting this requirement. A director should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.

Product financing is a regulated activity under the SFA. Any company carrying out business in product financing is required to hold a capital markets services (CMS) license in respect of product financing. A company which holds a CMS license in product financing is exempted from the requirement to hold a Moneylender’s license. However, it will be required to obtain the Monetary Authority of Singapore’s (MAS’s) prior approval to conduct any other moneylending activities.

The Public Register on Monetary Authority of Singapore (MAS) website lists the status of a representative (as appointed, provisional or temporary representative) of a CMS license holder or exempt financial institution and the type of regulated activities and the types of capital markets products under the regulated activity of dealing in capital markets products each representative is authorized to conduct. The public can access such information on their representative from the Public Register by keying in the representative’s name or representative number, which can be requested from the representative or the representative’s principal company.

The Public Register on Monetary Authority of Singapore (MAS)website lists the status of a representative (as appointed, provisional or temporary representative) of a CMS license holder or exempt financial institution and the type of regulated activities and the types of capital markets products under the regulated activity of dealing in capital markets products each representative is authorized to conduct. The public can access such information on their representative from the Public Register by keying in the representative’s name or representative number, which can be requested from the representative or the representative’s principal company.

An appointed representative will cease to be one in respect of any type of regulated activity where:-

(a) The principal notifies MAS of such cessation. Such notification should be made in Form 8 via the CoRe system to MAS no later than the next business day.
(b) The appointed representative has ceased to act as such representative for a continuous period of one month and his principal has not notified MAS of his cessation as such representative.
(c) MAS has revoked the status of the appointed representative.
(d) The principal ceases to carry on business in that type of regulated activity. The principal needs to notify MAS of its cessation via Form 7.
(e) The license of his principal lapses, the license is revoked by MAS or prohibition order is issued by MAS against his principal prohibiting it from carrying out that type of regulated activity.

At least 2 Directors with a relevant experience of 5 years are required to be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC). The duties of a director are spelled out in the SF(LCB)R. Nominee directors such as legal advisers or corporate secretaries will not count towards meeting this requirement. A director should have managerial experience or experience in a supervisory capacity as part of the individual’s relevant experience.

Appointed or provisional representatives need to pay annual fees, while temporary representatives need to pay temporary representative fees to the Monetary Authority of Singapore (MAS).

At least 2 Executive Directors are required to be appointed under a Registered Fund Management Company (RFMC), A/I Licensed Fund Management Company (A/I LFMC) and Retail Licensed Fund Management Company (Retail LFMC). Executive Directors are employed full-time in the day-to-day operations of the company and should be resident in Singapore. There should be at least one Executive Director who has 5 years of experience in portfolio management in areas similar to what the FMC intends to do.

At least 2 relevant professionals that are residing in Singapore with a minimum relevant experience of 5 years are required to be appointed under a Registered Fund Management Company (RFMC) and A/I Licensed Fund Management Company (A/I LFMC). Relevant professionals are employed full-time in the day-to-day operations of the company. They may include the executive directors, CEO and representatives of the FMC.

An appointed representative, provisional representative or temporary representative is required to inform his principal company of any change in his particulars specified in Form 16 within 7 days after the date of the change of the particulars. The principal company is required to notify the Monetary Authority of Singapore (MAS)of its representative’s change of particulars by lodging Form 16 through the CoRe system not later than 14 days after the date of the change of the particulars.

At least 2 relevant professionals that are residing in Singapore with a minimum relevant experience of 5 years are required to be appointed under a Registered Fund Management Company (RFMC) and A/I Licensed Fund Management Company (A/I LFMC). Relevant professionals are employed full-time in the day-to-day operations of the company. They may include the executive directors, CEO and representatives of the FMC.

An appointed representative, provisional representative or temporary representative is required to inform his principal company of any change in his particulars specified in Form 16 within 7 days after the date of the change of the particulars. The principal company is required to notify the Monetary Authority of Singapore (MAS) of its representative’s change of particulars by lodging Form 16 through the CoRe system not later than 14 days after the date of the change of the particulars.

The Monetary Authority of Singapore’ (MAS’) policy is to not allow individuals listed on the Public Register to concurrently act for more than one principal company, except for appointed representatives who act for principal companies which are related corporations.

Entities trading in futures contracts solely for their own account are exempted from the requirement to hold a capital markets services (CMS) license.

A capital markets services (CMS) license holder is required to deposit the customer’s money and assets into a trust account maintained with a bank, merchant bank or finance company in Singapore.

According to the Monetary Authority of Singapore (MAS), a capital markets services (CMS) license holder should maintain a trust account with an overseas institution on the following condition:-

(a) The money is not received from the CMS license holder’s retail customers in respect of their transactions in OTCD contracts.
(b) The money and assets are denominated in non-S$ and are kept with an institution that is licensed, registered or authorized to conduct banking business or in the case of customers’ assets, to act as a custodian in the country where the account is maintained.
(c) The CMS license holder has obtained the customer’s prior written consent.

Capital Markets Services (CMS) license holders are required to deposit customers’ money and assets into a trust account by the next business day upon receipt of the money/assets or upon notification of the receipt of money/assets, whichever is later. The term “next business day” refers to the next business day of the CMS license holder.

Capital Markets Services (CMS) Licensees are required to maintain their books and records for at least 5 years.

Where an order is transmitted to another person for execution, the time of execution of the order should be based on the time of notification given by that person that the order has been executed.

The following mediums should be used by the Monetary Authority of Singapore (MAS) to publish a list of the recognized market operators for the purpose of complying with the SFA:-

(a) The list of recognized market operators is also published on the MAS website.
(b) MAS should publish a list in the Gazette of any recognized market operator.

According to the Securities and Futures (Clearing of Derivatives Contracts) Regulations, the following statement describes the “aggregate outstanding notional amount” in relation to a bank that is licensed under the Banking Act (Cap. 19):-

(a) The aggregate of the notional amounts of every derivatives contract which is not an exchange-traded derivatives contract.
(b) The aggregate of the notional amounts of every derivatives contract to which the bank is a party.
(c) The aggregate of the notional amounts of every derivatives contract that is booked in Singapore.
(d) The aggregate of the notional amounts of every derivatives contract which is outstanding.

According to the Securities and Futures (Clearing of Derivatives Contracts) Regulations, a “business day” means any day other than a Saturday, Sunday or public holiday.

According to the Financial Advisers (Remuneration) Regulations 2015, a “financial adviser” means a licensed financial adviser or an exempt financial adviser.

According to the Financial Advisers (Remuneration) Regulations 2015, the following statements best describes the term “pure protection policy”:-

(a) A “pure protection policy” means a life policy that has no surrender value.
(b) A “pure protection policy” means a life policy the policy money of which is payable only on death.
(c) A “pure protection policy” means a life policy the policy money of which is payable only for incapacity due to injury, sickness or infirmity.

According to the Financial Advisers (Remuneration) Regulations 2015, the following statements best describes the meaning of “relevant person”:-

(a) A “relevant person” means a representative of a financial adviser.
(b) A “relevant person” means a supervisor of a financial adviser.
(c) A “relevant person” means a financial adviser.

According to the Financial Advisers (Remuneration) Regulations 2015, the following statement best describes the meaning of “single premium life policy”:-

(a) All premiums of which are payable within a period of no more than 12 months starting from the date of commencement of coverage under the policy.
(b) The premium of which is payable as a lump sum on or before the date of commencement of coverage under the policy.

According to the Financial Advisers (Remuneration) Regulations 2015, the following statement best describes the meaning of “specified life policy”:-

(a) The policy owner is not an individual unless the individual holds the policy in the individual’s capacity as a sole proprietor.
(b) A life policy in respect of which there are 2 or more insured persons.

The notice on the distribution of Direct Purchase Insurance Products (DPI) issued pursuant to section 58 of the Financial Advisers Act (Cap. 110) is applies to the following authorities:-

(a) The Notice applies to a licensed financial adviser.
(b) The Notice applies to an exempt financial adviser.
(c) The Notice applies to a representative of a financial adviser.

A relevant person may request /demand payment or accept remuneration if the financial advisory service is provided or the sale of investment product is made to the following investors:-

(a) The financial advisory service is provided to an expert investor.
(b) The financial advisory service is provided to an accredited investor.
(c) The financial advisory service is provided to an institutional investor.

A relevant person may request/demand payment or accept remuneration if the payment or remuneration is not dependent whether directly or indirectly on the following conditions:-

(a) The number of contracts entered into for the sale of any type of investment product.
(c) The value of contracts entered into for the sale of any type of investment product.