Activity-Exam-Form Cross-Reference Mapping¶

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This document provides a consolidated mapping between regulated activities under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA), their required CMFAS examination modules, the applicable appointment form, and the key regulatory notice reference. It is intended as a quick-reference guide for compliance officers processing representative appointments.

Regime change effective 1 April 2024: MAS Notice SFA 04-N09 was superseded by SFA 04-N22 on 1 April 2024. The CMFAS examination series was simultaneously restructured — old M-series modules (M1A, M2, M3, M4, M5, M6, M6A, M8, M8A, M9, M9A, M10) were retired and replaced by new RES, CM, and RESP module codes. Representatives who passed old M-series modules before 1 April 2024 are grandfathered — those passes remain valid for their corresponding activities. New appointees from 1 April 2024 onward must pass the corresponding new-regime modules. Both columns are shown below for reference.

SFA Regulated Activities (CMS Licensees)¶

#	SFA Activity	New Module (from 1 Apr 2024)	Old Module (retired, grandfathered)	Form Type	Key Notice Reference
1	Dealing in Securities (exchange-traded)	RES-1A + CM-EIP	M1A + (M6 or M6A)	Form 3A (appointed), 3B (provisional), 3C (temporary)	SFA04-N22 (superseded SFA04-N09 on 1 April 2024)
2	Dealing in Securities (non-exchange-traded derivatives)	RES-1B + CM-EIP	M1A + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
3	Trading in Futures Contracts	RES-2A + CM-EIP	M2 + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
4	Leveraged Foreign Exchange Trading	RES-2B + CM-EIP	M3 + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
5	Advising on Corporate Finance	RES-4 + CM-EIP	M4 + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
6	Fund Management	RES-3 + CM-EIP	M5 + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
7	REIT Management	RESP-10	(M6 or M6A) + (M8 or M8A)	Form 3A / 3B / 3C	SFA04-N22
8	Securities Financing	RES-1A + CM-EIP	M1A + (M6 or M6A)	Form 3A / 3B / 3C	SFA04-N22
9	Providing Custodial Services	No CMFAS exam required	M1A (old regime, no longer required)	Form 3A / 3B / 3C	SFA04-N22 (custodial services not listed in para 4.2 applicable activities)

FAA Regulated Activities (Licensed Financial Advisers)¶

#	FAA Activity	New Module (from 1 Apr 2024)	Old Module (retired, grandfathered)	Form Type	Key Notice Reference
1	Advising on Securities (Excluded Investment Products)	RES-5 + CM-EIP	M5 + M6	Form 3A / 3B / 3C	FAA-N26 (superseded FAA-N13 on 1 April 2024)
2a	Advising on Securities (Specified Investment Products)	RES-5 + CM-SIP	M5 + M6A	Form 3A / 3B / 3C	FAA-N26
2	Advising on Life Insurance	RES-5 + CM-LIP	M5 + (M9 or M9A)	Form 3A / 3B / 3C	FAA-N26
3	Advising on Collective Investment Schemes	RES-5 + CM-CIS	M5 + (M8 or M8A)	Form 3A / 3B / 3C	FAA-N26
4	Marketing Collective Investment Schemes	RES-5 + CM-CIS	M5 + (M8 or M8A)	Form 3A / 3B / 3C	FAA-N26
5	Arranging Insurance	RES-5 + CM-LIC	M5 + (M9 or M9A) + (M8 or M8A)	Form 3A / 3B / 3C	FAA-N26

Form Selection Guide¶

Form	When to Use	CMFAS Timing	Experience Requirement
Form 3A	Standard appointment -- representative has passed all required CMFAS modules	Before appointment	None (exams suffice)
Form 3B	Provisional -- representative relocating to Singapore, needs time to sit exams	Within 3 months of appointment	3 years in home jurisdiction
Form 3C	Temporary -- overseas employee conducting activities in Singapore temporarily	May be waived (equivalent overseas qualifications)	5 years relevant experience

CMFAS Module Quick Reference¶

Current Modules (effective 1 April 2024, per SFA04-N22 / FAA-N26)¶

Module	Full Name	Replaces
RES-1A	Regulations for Dealing in Securities (Exchange-Traded)	M1A
RES-1B	Regulations for Dealing in Securities (Non-Exchange-Traded Derivatives)	— (new)
RES-2A	Regulations for Trading in Futures Contracts	M2
RES-2B	Regulations for Leveraged Foreign Exchange Trading	M3
RES-3	Regulations for Fund Management	M5 (partial)
RES-4	Regulations for Advising on Corporate Finance	M4
RES-5	Regulations for Financial Advisory Services	M5
CM-EIP	Capital Markets Products — Excluded Investment Products	M6 / M6A
CM-SIP	Capital Markets Products — Specified Investment Products	M6A (partial)
CM-CIS	Capital Markets Products — Collective Investment Schemes	M8 / M8A
CM-LIP	Capital Markets Products — Life Insurance Products	M9
CM-LIC	Capital Markets Products — Life Insurance, ILPs and Collective Investment Schemes (combined M8+M8A+M9+M9A)	M8+M8A+M9+M9A
RESP-10	REIT Management with Product Knowledge	M10 / M6A + M8A
PGI	Principles of General Insurance	— (insurance sector)

Retired Modules (pre-1 April 2024 — passes remain valid for grandfathered appointees)¶

Module	Full Name	Succeeded By
M1A	Rules and Regulations for Dealing in Securities	RES-1A
M2	Rules and Regulations for Trading in Futures Contracts	RES-2A
M3	Rules and Regulations for Leveraged Foreign Exchange Trading	RES-2B
M4	Rules and Regulations for Advising on Corporate Finance	RES-4
M5	Rules and Regulations for Financial Advisory Services	RES-5
M6	Securities Products Knowledge (Basic)	CM-EIP
M6A	Securities and Futures Product Knowledge	CM-EIP / CM-SIP
M8	Collective Investment Schemes	CM-CIS
M8A	Product Knowledge for CIS	CM-CIS
M9	Life Insurance and Investment-Linked Policies	CM-LIP
M9A	Product Knowledge for Life Insurance and ILPs	CM-LIC
M10	Securities and Futures Compliance	RESP-10

Common Multi-Activity Combinations¶

Representatives often conduct multiple regulated activities. The combined exam requirements are:

Combination	New Modules (from 1 Apr 2024)	Old Modules (grandfathered)
Dealing in Securities + Futures Trading	RES-1A + RES-2A + CM-EIP	M1A + M2 + (M6 or M6A)
Dealing in Securities + Leveraged FX	RES-1A + RES-2B + CM-EIP	M1A + M3 + (M6 or M6A)
Fund Management + Advising on CIS (FAA)	RES-3 + CM-EIP + CM-CIS	M5 + (M6 or M6A) + (M8 or M8A)
FA advising on Securities + Life Insurance	RES-5 + CM-SIP + CM-LIP	M5 + (M6 or M6A) + (M9 or M9A)
Full FA scope (Securities + Insurance + CIS)	RES-5 + CM-SIP + CM-CIS + CM-LIP	M5 + (M6 or M6A) + (M8 or M8A) + (M9 or M9A)

Exemptions and Special Cases¶

Existing representatives continuously appointed before SFA04-N09 effective date (8 Oct 2010) are exempt from additional exams for the same activity
April 2024 grandfathering: Representatives who passed M-series modules before 1 April 2024 are grandfathered — those passes remain valid for their corresponding regulated activities under SFA04-N22
Equivalent qualifications may be accepted by MAS on application (SFA04-N22, Para 6; previously SFA04-N09, Para 6)
Form 3B provisional reps must pass all required modules within 3 months; failure results in automatic cessation
Form 3C temporary reps may have CMFAS waived entirely based on overseas qualifications and 5+ years experience
EFI representatives (banks, merchant banks, insurers) follow the same exam requirements but submit via the EFI notification channel

Source Documents¶

MAS Notice SFA04-N22 (Minimum Entry and Examination Requirements for Representatives of Holders of CMS Licences and Exempt FIs), effective 1 April 2024 — superseded SFA04-N09
MAS Notice FAA-N26 (Competency Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers), effective 1 April 2024 — superseded FAA-N13
Securities and Futures Act 2001, Second Schedule (Regulated Activities)
Financial Advisers Act, Chapter 110, Part III
Last updated: 2026-05-02