Securities and Futures (Licensing and Conduct of Business) Regulations (SFR)¶

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Source¶

Full title: Securities and Futures (Licensing and Conduct of Business) Regulations
Commonly cited as: SFR (Rg 10)
Version: Current as at 20 March 2026
Publisher: Singapore Statutes Online
Parent Act: Securities and Futures Act 2001

Overview¶

The Securities and Futures (Licensing and Conduct of Business) Regulations (SFR) are subsidiary legislation under the SFA that prescribe detailed rules for licensing, representative notification, conduct of business, customer money/asset handling, and operational requirements for holders of capital markets services (CMS) licences and their representatives.

Structure¶

Part I -- Preliminary¶

Regulation 1: Citation
Regulation 2: Definitions

This is the most relevant part for Regnify's representative onboarding workflow:

Regulation 3: Forms -- Prescribes the official forms for representative-related submissions
Regulation 3A: Lodgment of documents and undertaking of responsibilities for representative -- Requirements for appointing an appointed representative (Form 3A)
Regulation 3B: Provisional representative -- Requirements and conditions for provisional representatives (Form 3B)
Regulation 3C: Temporary representative -- Requirements and conditions for temporary representatives (Form 3C)
Regulation 3D: (Deleted)
Regulation 4: Register of interests in listed specified products
Regulation 4A: Place at which register is kept
Regulation 5: Change of particulars and additional regulated activity of representative
Regulation 6: Fees
Regulation 7: Deposit for CMS licence to deal in specified products
Regulation 8: Return of deposit
Regulation 9: Lapsing of CMS licence
Regulation 9A: Cessation of status of appointed representative
Regulation 11: Cessation of business by holder
Regulation 11A: Variation of CMS licence
Regulation 11B: Lodgment of particulars of cessation
Regulation 11C: Obligation to notify Authority of certain matters
Regulation 12: Application for appointment of chief executive officer and director
Regulation 13: Duties of holder of CMS licence
Regulation 13A-13H: Criteria for CEO/director duties, fund management, REIT-specific rules
Regulation 14: Exemptions
Regulation 14A: Holders of CMS licences and representatives to be fit and proper persons

Part III -- Customer's Moneys and Assets¶

Division 1: Definitions (Reg 15)
Division 2: Customer's Moneys (Regs 16-24) -- Trust accounts, notification, investment, withdrawal
Division 3: Customer's Assets (Regs 25-36) -- Custody, lending, mortgage
Division 4: Miscellaneous (Regs 37-38)

Part IV -- Conduct of Business¶

Regulation 39: Books of CMS licence holder
Regulation 40: Statement of account to customers
Regulation 41: Documentation required by Authority
Regulation 42: Contract notes
Regulation 43: Limits for unsecured credit and credit facilities
Regulation 44: Priority of customers' orders
Regulation 45: Specified products borrowing and lending
Regulation 46-46AD: Product advertisements and approvals
Regulation 46A: Certain representations prohibited
Regulation 47: Trading standards
Regulation 47A-47B: Disclosure of interests, dealing as principal

Key Regulations for Representative Onboarding¶

Regulation 3A -- Appointed Representative (Form 3A)¶

Prescribes the lodgment requirements when a principal appoints a representative to carry out regulated activities. The principal must lodge documents with MAS and undertake responsibility for the representative's fitness and propriety.

Regulation 3B -- Provisional Representative (Form 3B)¶

Sets conditions for appointing a provisional representative: - Individual must be relocating to Singapore - Must have at least 3 years of relevant experience - Given a 3-month grace period to pass CMFAS examinations - Must satisfy requirements in section 99M(1)(t) of the SFA

Regulation 3C -- Temporary Representative (Form 3C)¶

Sets conditions for appointing a temporary representative: - For overseas employees conducting regulated activities in Singapore - Maximum initial appointment of 6 months - Can be extended up to a total of 24 months - Must have at least 5 years of relevant experience

Regulation 14A -- Fit and Proper Requirement¶

CMS licence holders and their representatives must be fit and proper persons. This ties to the Guidelines on Fit and Proper Criteria (Guideline No. FSG-G01).

Relevance to Regnify¶

The SFR provides the operational rules that Regnify must implement: 1. Form submission requirements -- Exact form types (3A, 3B, 3C) and required fields 2. Representative classification -- Conditions distinguishing appointed, provisional, and temporary representatives 3. Notification obligations -- Timelines and procedures for notifying MAS 4. Change of particulars -- Procedures when representative details change (Reg 5) 5. Cessation procedures -- Steps when a representative ceases (Reg 9A, 11B) 6. Fit and proper assessment -- Ongoing requirement for all representatives (Reg 14A)