- Legal Update
Singapore | MAS consults on draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act
The Monetary Authority of Singapore (“MAS”) has issued a consultation paper to seek interested parties’ feedback on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act. Currently, appointed representatives under the FAA and the SFA are required to meet minimum academic qualifications, pass relevant modules of the Capital Markets and Financial Advisory Services examinations (“CMFAS Examination”), and fulfil Continuing Professional Development requirements, depending on the regulated activities they undertake. On 12 December 2016, MAS published a consultation paper on “Review of Competency Requirements for Representatives Conducting Regulated Activities under the Securities and Futures Act and Financial Advisers Act” which proposed changes to the CMFAS Examination. The changes are intended to raise the competency level of appointed representatives, build a culture of high ethical standards in the financial industry, and offer greater customisation and flexibility to appointed representatives to fulfil the competency requirements. MAS is now consulting on the legal amendments to the FAA Notice and SFA Notice to implement the changes to the CMFAS Examination.
This update provides an overview of the public consult including the proposed timeline for the implementation on the changes to the CMFAS Examination.
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