Securities and Futures Act 2001 (SFA) -- Key Sections¶

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Full title: Securities and Futures Act 2001
Edition: 2020 Revised Edition (incorporates amendments up to 1 December 2021)
Status: Current version as at 19 March 2026
Publisher: Singapore Statutes Online
Reference: Cap. 289

Overview¶

The Securities and Futures Act 2001 (SFA) is the principal legislation governing the regulation of activities and institutions in the securities and derivatives industry in Singapore, including leveraged foreign exchange trading, financial benchmarks, and clearing facilities. It is administered by the Monetary Authority of Singapore (MAS).

Key Definitions (Section 2)¶

"Authority": The Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970.
"appointed representative": In respect of a type of regulated activity, has the meaning given by section 99D. Broadly means an appointed representative in respect of any type of regulated activity.
"capital markets products": Securities, units in a collective investment scheme, derivatives contracts, spot foreign exchange contracts for leveraged foreign exchange trading, and other products prescribed by MAS.
"capital markets services licence" (CMS licence): A licence granted by MAS under section 86 to a person to carry on a business in any regulated activity.

Structure (Key Parts for Representative Licensing)¶

Part 1 -- Preliminary¶

Section 1: Short title
Section 2: Interpretation (definitions of key terms including representative types)
Section 3: Associated person
Section 4: Interest in securities, securities-based derivatives contracts, or units in collective investment scheme
Section 4A: Specific classes of investors (accredited, institutional, expert)
Section 4B: Application

Part 2 -- Organised Markets¶

Establishment and regulation of approved exchanges, recognised market operators

Part 4 -- Licensing and Representative Notification (Critical for Regnify)¶

This part (referenced via amendments effective 26 November 2010) establishes the representative notification framework: - Section 86: Grant of CMS licence - Section 99: Representative licensing and notification provisions - Section 99D: Appointed representative definition and requirements - Section 99E: Provisional representative provisions - Section 99F: Temporary representative provisions - Section 99M: Notification requirements for appointment of representatives - Section 101: Authority's power to issue notices (basis for MAS Notices SFA 04-N09, SFA 04-N10, SFA 04-N22)

Representative Types Defined in SFA¶

Type	SFA Section	Form	Key Feature
Appointed Representative	s99D	Form 3A	Ongoing appointment; CMFAS exams must be passed before appointment
Provisional Representative	s99E	Form 3B	3-month grace period to pass exams; relocating to Singapore
Temporary Representative	s99F	Form 3C	Max 6 months (extendable to 24 months); overseas employee

Relevance to Regnify¶

The SFA provides the statutory foundation for: 1. CMS licensing -- Financial institutions must hold CMS licences to conduct regulated activities 2. Representative notification framework -- Principals must notify MAS of representative appointments (Forms 3A/3B/3C) 3. Fit and proper requirements -- Representatives must be fit and proper persons 4. Competency requirements -- MAS may prescribe minimum entry, examination, and CPD requirements (delegated to MAS Notices) 5. Regulated activities -- Dealing in securities, trading in futures, advising on corporate finance, fund management, REIT management, providing credit rating services, etc.