Compliance Toolkit for Financial Advisers¶
Source¶
- Issuer: Monetary Authority of Singapore (MAS)
- Act: Financial Advisers Act 2001 (FAA)
- Version: 3.9 issued on 10 February 2026
- Document type: Compliance Toolkit
Overview¶
This toolkit provides guidance to financial advisers (FAs) on applications requiring MAS approval, notifications to be submitted, and regulatory submissions (e.g. financial returns) under the FAA and its subsidiary legislation.
It covers common submissions required under the FAA, applicable Notices and Guidelines. It excludes approvals, notifications, or submissions imposed bilaterally on specific FAs, and reporting obligations outside the FAA.
Applicability¶
- Licensed Financial Advisers (LFAs) under Section 10 of the FAA
- Exempt Financial Advisers under Section 20(1)(a), (b), (c), (d) and (e) of the FAA
- Exempt Financial Advisers under Section 20(1)(g) of the FAA
Key Legislative and Regulatory Requirements¶
- Financial Advisers Act (FAA)
- Financial Advisers Regulations (FAR)
- Financial Advisers (Complaints Handling And Resolution) Regulations 2021 (FA(CHR)R)
- FA(ECBA)(FRC)R -- Cross-Border Arrangements (Foreign Related Corporations)
- FA(ECBA)(FO)R -- Cross-Border Arrangements (Foreign Offices)
- Licence Conditions imposed on Licensed Financial Advisers
- CMG-G01 Guidelines on Licence Applications, Representative Notification and Payment of Fees
- Notice FAA-N14 Reporting of Misconduct of Representatives
- Notice FAA-N20 Balanced Scorecard Framework for Representatives and Supervisors
- Notices FAA-N22 and FAA-N23 -- Cross-Border Arrangements requirements
Mode of Submission¶
- Refer to the relevant form on the MAS website
- Email submissions: encrypt using AES 256 or higher (min 12-char password); communicate password separately
- Submissions via FormSG and MAS-Tx: do not encrypt uploaded attachments
- Entities without an assigned MAS review officer: submit via www.mas.gov.sg/contact-us
- Use MAS-Tx for due dates, email reminders, and submission copies
Section A: Licensed Financial Advisers (LFAs)¶
A1: Applications for Approval from MAS¶
| S/N | Requirement | Form | Deadline | Reference |
|---|---|---|---|---|
| 1 | Grant of FA licence | Form 1 -- Application for FA Licence | Prior to conducting regulated activities | Section 7(1) FAA, Reg 7 FAR |
| 2 | Conduct additional regulated activity | Form 2 -- Application for Variation of FA Licence | Prior to conducting additional activity | Section 12(1) FAA, Reg 9 FAR |
| 3 | Appointment of CEO or Director | Form 11 | Prior to appointment / change | Section 63(1) FAA, Reg 13(1) FAR |
| 4 | Obtain effective control of LFA | Application form under Section 65(2) FAA | Prior to obtaining effective control | Section 65(2) FAA |
| 5 | Change of members/shareholdings (20%+) | No prescribed form | Prior to change | Licence condition |
| 6 | Acquire 20%+ interest in corporation / establish branch | No prescribed form | Prior to acquisition/establishment | Licence condition |
| 7 | Reduce paid-up capital | No prescribed form | Prior to reduction | Licence condition |
| 8 | Disclose inspection reports | No prescribed form | Prior to disclosure | Sections 81 and 85 FAA |
| 9 | Disclose investigation reports (MAS investigation) | No prescribed form | Prior to disclosure | Section 87 FAA |
| 10 | Negotiate contract of insurance with unlicensed insurer | Approval to place risks with overseas insurers | Prior to negotiation | Section 42(4) FAA |
A2: Notifications to MAS¶
| S/N | Requirement | Form | Deadline | Reference |
|---|---|---|---|---|
| 11 | Change of name / address / principal place of business | Form 4 | Within 14 days from date of change | Section 14(1)(b) FAA |
| 12 | Cessation of business | Form 5 | (a) Within 14 days of cessation; (b) Immediately for non-commencement | Section 14 FAA, Reg 12 FAR |
| 13 | Material adverse change to financial position | No prescribed form | Immediately | Licence condition |
| 14 | Resignation of CEO/Director; changes in director particulars | No prescribed form | Immediately | Licence condition |
| 15 | Fitness & propriety concerns (offences, disciplinary actions, breach of laws by officers/reps) | No prescribed form | Immediately | Licence condition |
| 16 | Claims against professional indemnity insurance | No prescribed form | Immediately | Licence condition |
| 17 | Cross-border arrangements commencement | Form FN | Within 14 days of commencement | FAA-N22, FAA-N23 |
| 18 | Changes to cross-border arrangements | Form FC | Within 14 days from date of change | FAA-N22, FAA-N23 |
| 19 | IT security incident (severe/widespread impact) | Per Circular on FI Incident Reporting | Within 1 hour of discovery (call/email) | Section 29(1) FSM Act (FSM-N23) |
| 20 | IT incident root cause and impact analysis report | Incident Reporting Template | Initial: ASAP (max 24 hours); Final: within 14 days | Section 29(1) FSM Act |
A3: Regulatory Submissions to MAS¶
| S/N | Requirement | Form | Deadline | Mode |
|---|---|---|---|---|
| 21 | Annual financial returns | Forms 14, 15, 17 | Within 5 months from FY end | CoRe (MAS-Tx) |
| 22 | Statement of Placement of Direct Life Insurance Business | Form 16 | Within 5 months from FY end | CoRe (MAS-Tx) |
| 23 | Semi-annual Balanced Scorecard Framework reports | Per Annex 2 of FAA-N20 | (a) Q1 ending 31 Mar: by 30 Sep same year; (b) Q2-Q3: by 31 Mar following year; (c) Q4: by 30 Sep following year | MAS-Tx |
| 24 | Cross-border arrangements annual declaration | Form FR | Within 5 months from FY end | MAS-Tx |
| 25 | Biannual complaints handling and resolution report | Form CHR | Within 3 months of each half-year ending 30 Jun or 31 Dec | CoRe (MAS-Tx) |
| 26 | Annual attestation for placement of risk with unlicensed insurer | Annual attestation form | By 31 March each calendar year | MAS-Tx |
Section B: Exempt Financial Advisers under Section 20(1)(a)-(e)¶
Similar structure to LFAs with specific forms for exempt entities: - Approvals: Disclosure of inspection/investigation reports, insurance placement with overseas insurers - Notifications: Commencement (Form 26), change of particulars (Form 27), cessation (Form 28), cross-border arrangements (Forms FN/FC), financial concerns, F&P concerns, IT incidents - Regulatory submissions: Direct Life Insurance placement (Form 16), auditor's report (Form 24), Balanced Scorecard reports, cross-border annual declarations
Section C: Exempt Financial Advisers under Section 20(1)(g)¶
Limited set of requirements focused on notifications and basic regulatory submissions.
Section D: Representative Notifications (LFAs and Exempt FAs)¶
Applies to representatives of both Licensed Financial Advisers and Exempt Financial Advisers.
| S/N | Requirement | Form | Deadline |
|---|---|---|---|
| - | Appointment of appointed representative | Form 3A | Prior to appointment |
| - | Appointment of provisional representative | Form 3B | Prior to appointment |
| - | Cessation of representative | Form 8 | No later than next business day after cessation |
| - | Change of representative's particulars | Form 16 | Within 14 days of change |
| - | Addition of regulated activities for appointed rep | Form 6 | Prior to carrying out additional activity |
| - | Completion of examination requirements (provisional rep) | Form 3D | Prior to expiry of specified period |
| - | Misconduct reporting | Report on misconduct | Upon discovery; update for significant developments |
| - | Annual declaration of nil misconduct | Declaration of Nil Return | Within 14 days after calendar year end |