Under the Financial Advisers Regulations (FAR), a financial adviser which is exempt from holding a financial adviser’s license under section 23(1)(a) to (e) of the FAA has to lodge with MAS a notice of commencement of business in any financial advisory service or any additional financial advisory service in Form 26 not later than 14 days prior to the commencement of business in that financial advisory service.

Form 22 (Notice of Cessation of Business by Persons Exempt from Holding a Financial Adviser’s License) should be used by exempt financial advisors serving not more than 30 accredited investors to notify the Monetary Authority of Singapore (MAS) when they cease their financial advisory services. The form is to be submitted no later than 14 days after the cessation of the business.

Form 22 (Notice of Cessation of Business by Persons Exempt from Holding a Financial Adviser’s License) should be used by exempt financial advisors serving not more than 30 accredited investors to notify the Monetary Authority of Singapore (MAS) when they cease their financial advisory services. The form is to be submitted no later than 14 days after the cessation of the business.

Under the Financial Advisers Regulations (FAR), a financial adviser which is exempt from holding a financial adviser’s license under section 23(1)(a) to (e) of the FAA has to lodge with MAS a notice of cessation of business in any or all the financial advisory services in Form 28 not later than 14 days after the cessation of business in the financial advisory service.

Form 20 (Notice of Commencement of Business by Persons Exempt from Holding a Financial Adviser’s License) should be used by persons to notify the Monetary Authority of Singapore (MAS) of their commencement of financial advisory services as an exempt financial adviser serving not more than 30 accredited investors. The form is to be submitted no later than 14 days after the commencement of the business.

The amount of annual fees payable by an appointed or provisional representative is $100 as stated in the Second Schedule to the Financial Advisers Regulations (FAR).

The Public Register on the Monetary Authority of Singapore (MAS)’ website lists the status of a representative (as appointed or provisional representative), and the type of financial advisory service each representative is allowed to provide.

Form 24 (Audited Statement of Insurance Broking Premium Account of Exempt Financial Adviser) should be used by the exempt financial advisers to submit their audited statement of insurance broking premium accounts. This form is to be submitted within 5 months from the end of each financial year.

Provisional representatives are given a grace period of three months to pass the requisite examinations applicable to appointed representatives stipulated in MAS Notice FAA-N13. During the three months grace period they are allowed to provide financial advisory services. The appointment of a provisional representative is valid for a period of up to three months after his name is entered into the Public Register as a provisional representative. The provisional representative can continue to provide financial advisory services as an appointed representative after following conditions:-

(a) His principal has notified MAS (within the three-month grace period) of the representative’s fulfillment of the relevant examination requirements via a one-time lodgment of Form 3D.
(b) His name has been entered in the Public Register as an appointed representative.

Form 21 (Notice of Change of Particulars by Persons Exempt from Holding a Financial Adviser’s License) should be used by the exempt financial advisers to notify the Monetary Authority of Singapore (MAS) when there are changes to their particulars. This form is to be submitted no later than 14 days after the date of the change.

Provisional representatives are given a grace period of three months to pass the requisite examinations applicable to appointed representatives stipulated in MAS Notice FAA-N13. During the three months grace period they are allowed to provide financial advisory services. The appointment of a provisional representative is valid for a period of up to three months after his name is entered into the Public Register as a provisional representative. The provisional representative can continue to provide financial advisory services as an appointed representative after following conditions:-

(a) His principal has notified MAS (within the three-month grace period) of the representative’s fulfillment of the relevant examination requirements via a one-time lodgment of Form 3D.
(b) His name has been entered in the Public Register as an appointed representative.

Form 23 (Declaration by Persons Exempt from Holding a Financial Adviser’s License) should be used by the exempt financial advisers serving not more than 30 accredited investors to confirm their compliance with all exemption conditions and restrictions. This form is to be submitted within 14 days after the end of each financial year.

Provisional representatives are given a grace period of three months to pass the requisite examinations applicable to appointed representatives stipulated in MAS Notice FAA-N13. During the three months grace period they are allowed to provide financial advisory services. The appointment of a provisional representative is valid for a period of up to three months after his name is entered into the Public Register as a provisional representative. The provisional representative can continue to provide financial advisory services as an appointed representative after following conditions:-

(a) His principal has notified MAS (within the three-month grace period) of the representative’s fulfillment of the relevant examination requirements via a one-time lodgment of Form 3D.
(b) His name has been entered in the Public Register as an appointed representative.

Form 5 (Notice of Cessation of Provision of Financial Advisory Service by a Licensed Financial Adviser) should be used by the licensed financial advisers to notify the Monetary Authority of Singapore (MAS) when they cease any or all of their financial advisory service. This form is to be submitted within 14 days from the date of cessation.

The Representative Notification Framework (RNF) shall apply to individuals who conduct regulated activities under the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) on behalf of holders of capital markets services license or licensed financial advisers.

The Monetary Authority of Singapore (MAS) should be informed by a licensed financial adviser about the resignation of its Chief Executive Officer (CEO) or director.

A licensed financial adviser should seek prior approval from the Monetary Authority of Singapore (MAS) for the change in the nature of appointment from a non-executive director to an executive director.

A licensed financial adviser should seek prior approval from the Monetary Authority of Singapore (MAS) for the appointment of a director of a licensed financial adviser that operates in Singapore as a branch office of a foreign company, who resides or is to reside in Singapore and is directly responsible for the business of the licensed financial adviser in Singapore.

Form 14 (Statement of Profit and Loss) should be used by licensed financial advisers to submit their audited annual profit and loss statement to notify the Monetary Authority of Singapore (MAS). This form is to be submitted within 5 months from the end of each financial year.

A licensed financial adviser should seek prior approval from the Monetary Authority of Singapore (MAS) for the appointment of a director of a licensed financial adviser which is incorporated in Singapore.

A licensed financial adviser should seek prior approval from the Monetary Authority of Singapore (MAS) for the appointment of a Chief Executive Officer (CEO) who is principally responsible for the licensed financial adviser’s business operations in Singapore, regardless of the place of his residence.

Form 10 should be used by licensed financial advisers and exempt financial advisers to notify the Monetary Authority of Singapore (MAS) of the cessation of a representative in any or all of the financial advisory services. This form is to be submitted no later than the next business day.

The financial adviser’s license will be lapse on the following conditions:-

(a) Financial adviser’s license will lapse if the financial adviser is wound up or otherwise dissolved, whether in Singapore or elsewhere.
(b) Financial adviser’s license will lapse if the financial adviser has not commenced business in any financial advisory service within 6 months of being granted a license.
(c) Financial adviser’s license will lapse if the financial adviser has ceased to provide all of the types of financial advisory services to which the license relates for a continuous period of 2 months and has not notified MAS of its cessation of business.

The financial adviser should destroy any downloaded or printed copy/copies of the e-license when the license lapses.

Form 18 should be used by licensed financial advisers and exempt financial advisers to notify the Monetary Authority of Singapore (MAS) when there are changes to a representative’s particulars such as changes in identification, business interests and contact details or address. This form is to be submitted no later than 14 days after the date of the change.

The financial adviser’s license will be lapse on the following conditions:-

(a) Financial adviser’s license will lapse if the financial adviser is wound up or otherwise dissolved, whether in Singapore or elsewhere.
(b) Financial adviser’s license will lapse if the financial adviser has not commenced business in any financial advisory service within 6 months of being granted a license.
(c) Financial adviser’s license will lapse if the financial adviser has ceased to provide all of the types of financial advisory services to which the license relates for a continuous period of 2 months and has not notified MAS of its cessation of business.

The financial adviser should destroy any downloaded or printed copy/copies of the e-license when the license lapses.

Form 17 (Auditor’s Report) should be used by auditors to provide their opinion on the accounts of the licensed financial advisers (LFAs). This form is to be submitted by the LFAs to MAS within 5 months from the end of each financial year.

Under the Financial Advisers Regulations (FAR), a financial adviser which is exempt from holding a financial adviser’s license under section 23(1)(a) to (e) of the FAA has to lodge with MAS a notice of change of particulars not later than 14 days after the date of change.

Form 15 (Statement of Assets and Liabilities) should be used by licensed financial advisers to submit their audited annual statements on assets and liabilities, ongoing financial resources and insurance broking premium account statements to the Monetary Authority of Singapore (MAS). This form is to be submitted within 5 months from the end of each financial year.

Under the Financial Advisers Regulations (FAR), a financial adviser which is exempt from holding a financial adviser’s license under regulation 27(1)(d) of the FAR has to lodge with MAS a declaration in Form 23 within 14 days after the end of its financial year, confirming that he acted as a financial adviser to not more than 30 accredited investors.

Form 16 (Statement of Placement of Direct Life Insurance Business Handled) should be used by licensed financial advisers and exempt financial advisers to submit information on their direct life insurance business. This form is to be submitted within 5 months from the end of each financial year.