The types of misconduct committed by a Financial Adviser’s Representative (FAR) needs to be reported to the Monetary Authority of Singapore are:
Failure to satisfy the “Guidelines On Fit And Proper Criteria”
Failure to disclose all material information relating to any designated investment product recommended by the FAR.
Failure to give due consideration to a client’s investment objectives, financial situation or particular needs relating to any designated investment product recommended by the FAR.

The MAS Notice No: FAA-N15 on the cancellation period for unlisted debentures applies to:
i. exempt financial advisers
ii. holders of a financial adviser’s license
iii. persons who are exempted under Regulation 29 of the FAR

A financial adviser is required to perform CDD measures when it establishes business relations with a customer, has doubts about the veracity of the information previously obtained from the customer & has suspicions about the customer’s business activities, even though due diligence measures are dispensed with.

“Customer” under this Notice refers to a company, partnership and body corporate.

A financial adviser is required to inquire whether there exists a beneficial owner in relation to a customer whose holder of a money changer’s license.

Providing factual information to any client on investment products, including (where applicable) information on the name of the investment product, the product provider,the date on which the product is launched,the minimum subscription amount, and any fee or charge which may be imposed.

Where a financial adviser appoints a person as an introducer, it should take reasonable steps not to appoint an introducer whose carrying out of introducing activities is:
(a) if the introducer is a corporation, its sole business activity; and
(b) if the introducer is an individual, his full-time occupation;as the case may be.
(c)A financial adviser shall ensure that none of its employees or representatives enters into any arrangement with an introducer to carry out introducing activities.
(d)A financial adviser which engages the services of an introducer shall institute adequate control systems and procedures to ensure the proper conduct of the introducer.

Following are the stages of money laundering:
I.Placement
II.Layering
III.Integration

The board ML/TF risk that the financial adviser should consider includes;
I.Target clients markets and segments
II.the profile and number of customers distinguished as a higher risk
III.the volume sizes of customers exchanges
IV.the volume and sizes of its customer’s finances move

An insurer should make payment as redemption proceeds to policyholders in respect of ILP sub finds which invest in another collective investment scheme within T + 7 Days.

For the purposes of ongoing monitoring, a financial adviser shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the financial adviser, to:
(a) before making a distribution to that beneficiary; or
(b) when that beneficiary intends to exercise vested rights
(c) an entity listed on a stock exchange outside of Singapore that is subject to:
(i) regulatory disclosure requirements; and
(ii) requirements relating to adequate transparency in respect of its beneficial owners (imposed through stock exchange rules, law or other enforceable means);
(d) a financial institution set out in Appendix 6A of this chapter;
(e) a financial institution incorporated or established outside Singapore that is subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF; or
(f) an investment vehicle where the managers are financial institutions

Notice No: FAA-N13 shall apply to all licensed financial advisers, persons who are exempt from holding a financial adviser’s licence under Section 23(1)(a), (b), (c),(d) or (e) of the FAA, and their appointed representatives. It sets out the following:
(a) minimum entry requirements for appointed representatives;
(b) application of the Capital Markets and Financial Advisory Services Examination (“CMFAS Examination”) requirements to persons intending to provide financial advisory services as appointed representatives under the FAA;
(c) circumstances under which the CMFAS Examination requirements do not apply;
(d) obligations of licensed financial advisers and exempt financial advisers

The Financial Advisers Act gives that the Monetary Authority of Singapore has the intensity of power to issue composed bearings, for example, notices which will have a lawful impact.

The objective(s) of prohibition orders under the Financial Advisers Act (FAA) is/are to keep unfit persons from:
Participating in management positions of the financial adviser
Engaging in any or all of the financial advisory services regulated under the FAA
Acting as a director or substantial shareholder of a licensed or exempt financial adviser

The Notice is applicable for any recommendations made on simple life policies sold as ancillary products to mortgage reducing term assurance loans for the insurance cover.

A financial adviser is required to monitor, on an ongoing basis, it’s business relations with its customers review the adequacy of customer identification information and to update it accordingly, observe and scrutinize business or transactions of customers for consistency with its business and risk profile & pay attention to and inquire into the background and purpose of complex or unusual patterns of transactions of customers.

No financial adviser shall perform simplified CDD measures for a remittance company.

The financial advisor is unable to complete customer due diligence (CDD) measures for the purpose of preventing money laundering and countering the financing of terrorism consider if circumstances are suspicious, so as to warrant the filing of a suspicious transaction report.

Under the revised Code on Collective Investment Schemes, the manager is expected to notify the Monetary Authority of Singapore and existing participants of a scheme NOT later than one month(s) before any significant change is to take effect.

The global exposure of a Collective Investment Scheme to financial derivatives should not exceed 100 percent of the scheme’s Net Asset Value at all times.

The CPF Retirement Account used to participate in the CPF LIFE scheme.

The total of the Core CPD hours and Supplementary CPD hours is referred to as the Total Annual CPD hours.

The total of the Pro-rated Core CPD hours and Pro-rated Supplementary CPD hours is referred to in this Notice as the Total Pro-rated CPD hours.

Notice No: FAA-N11 applies to any licensed or exempt financial adviser or its representative, who advises on any dual currency investment, except:
(a) where advice is given to an accredited investor, expert investor or institutional investor
(b) where advice is given to a high net worth individual as defined in the Guidelines on Exemption for Specialised
Units Serving High Net Worth Individuals
(c) where advice is given to any person outside Singapore

In case of a dual currency investment, what all information should be provided by a financial adviser?
A description of the nature and mechanics of the dual currency investment.
Any minimum investment amount in relation to the dual currency investment.
The currencies from which the client can select at the time of investment.
The investment duration offered by the deposit-taking institution in relation to the dual currency investment.

In addition to the Notice On Information To Clients And Product Information Disclosure [Notice No: FAA–N03], every financial adviser and its representative providing any financial advisory service to a client concerning a dual currency investment shall provide the client with a fair and adequate description of all material information, including the following:
(a) a description of the nature and mechanics of the dual currency investment
(b) any minimum investment amount in relation to the dual currency investment;
(c) the currencies from which the client can select at the time of investment;
(d) the investment duration offered by the deposit-taking institution in relation to the dual currency investment

“Introducing activity” means:
(a) introducing any client to an introducee in relation to the provision of any type or types of financial advisory service by the introducee; or
(b) the activity as referred and either or both of the following:
(i) recording the particulars of any client and forwarding such particulars to an introducee with the client’s consent;
(ii) providing factual information to any client on investment products.

For purposes of calculating Supplementary CPD hours or Pro-rated Supplementary CPD hours, as applicable, an appointed representative who completes at least 2 hours of structured CPD training10 on:
(a) Medishield Life Scheme content;
(b) shield plan content; or
(c) a combination of MediShield Life Scheme content and shield plan content

Circumstances Under Which The CPD Requirements Do Not Apply
i)do not apply to an individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year.
ii)Where an appointed representative (a) is required to take or re-take 1 or more applicable modules under the CMFAS Exams in any calendar year.
(b) passes the applicable module or applicable modules under the CMFAS Exams
iii) do not apply to the appointed representative for the period of the entire calendar year in which he passes the applicable module or applicable module.

Module 6 in the CMFAS Examinations will NOT apply to an individual who wishes to advise on and/or arrange life policies, including Investment-linked policies.