Continuing Professional Development (CPD) Framework — Detailed Requirements¶

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Overview¶

Continuing Professional Development (CPD) is mandatory for all appointed representatives of Capital Markets Services (CMS) licensees and Licensed Financial Advisers (LFAs) in Singapore. The CPD framework is jointly administered by MAS and the Institute of Banking and Finance (IBF) to ensure that representatives maintain and enhance their competencies throughout their careers. The requirements are set out in MAS Notice SFA 04-N22 (for CMS representatives) and MAS Notice FAA-N26 (for FA representatives).

Regulatory Basis¶

Regulation	Applicable To	Key Provision
MAS Notice SFA 04-N22	Representatives of CMS licensees	9 CPD hours per year for SFA-regulated activities (effective 1 April 2024, replaces SFA 04-N09)
MAS Notice FAA-N26	Representatives of LFAs	30 CPD hours per year for full-scope FA activities; 16 hours for limited-scope (effective 1 April 2024)
IBF CPD Framework	All financial practitioners	Detailed implementation guidelines and accredited activities list

Minimum CPD Hour Requirements¶

Annual CPD Requirements — CMS Representatives (SFA 04-N22)¶

9 hours per calendar year for representatives of CMS licensees conducting any SFA-regulated activity.

Representative Type	Total CPD Hours Per Year	Core CPD Hours (ethics/rules, IBF-accredited)	Supplementary CPD Hours
Dealing in Capital Markets Products	9 hours	6 hours	3 hours
Fund Management	9 hours	6 hours	3 hours
REIT Management	9 hours	6 hours	3 hours
Advising on Corporate Finance	9 hours	6 hours	3 hours
Multiple SFA activities	9 hours total (not per activity)	6 hours	3 hours

Annual CPD Requirements — FA Representatives (FAA-N26)¶

30 hours per calendar year for representatives of LFAs conducting full-scope FA activities. 16 hours per calendar year for representatives conducting limited-scope FA activities.

Representative Type	Total CPD Hours Per Year	Core CPD Hours (ethics/rules, accredited by IBF or SCI)	Supplementary CPD Hours
Full-scope FA (advising on investment products; arranging life policies other than MRTA/group term)	30 hours	6 hours	24 hours
Limited-scope FA (advising on or arranging MRTA/group term life insurance only)	16 hours	6 hours	10 hours

CPD Year¶

The CPD year runs from 1 January to 31 December of each calendar year
Representatives appointed mid-year have prorated CPD requirements, calculated on a per-day basis
Proration is annual requirement × (days_appointed / 365), applied separately to the Core and Supplementary components — e.g. FA full-scope Core = 6 × (days_appointed / 365), Supplementary = 24 × (days_appointed / 365); CMS Core = 6 × (days_appointed / 365), Supplementary = 3 × (days_appointed / 365)
Carry-over of hours completed before appointment is only allowed where the representative was appointed for fewer than 183 days in the calendar year

Carry-Forward Policy¶

Excess CPD hours cannot be carried forward to the next CPD year
Each year's requirement must be independently fulfilled
Representatives who fail to meet CPD requirements may face suspension of their appointment

Types of CPD Activities¶

Core CPD Hours¶

Core CPD hours (per FAA-N26 §5.4(a)(i) and SFA04-N22 §8.4(a)(i)) must comprise courses in ethics or rules and regulations or both, which are relevant to the type(s) of regulated activity or financial advisory service the representative carries out, and which are accredited by IBF (for CMS reps) or IBF or SCI (for FA reps). For FA reps, courses conducted by the Central Provident Fund Board in any matter relating to the CPF may also count as Core CPD hours.

Supplementary CPD Hours¶

Supplementary CPD hours (per FAA-N26 §5.4(a)(ii) and SFA04-N22 §8.4(a)(ii)) comprise relevant training courses other than those counted as Core CPD hours. The principal is responsible for determining whether Supplementary CPD training completed by an appointed representative is relevant.

Eligible CPD Training¶

CPD training counting toward Core CPD hours or Supplementary CPD hours must be accredited by IBF (or SCI for FA reps' Core hours). IBF maintains a registry of accredited training courses and providers. An IBF-accredited course may count toward both MAS CPD requirements under this framework and IBF's own certification CPD requirements in the same calendar year, provided the relevant accreditation criteria are met.

Eligible CPD Topic Areas¶

Core CPD — Ethics, Rules, and Regulations (Minimum 6 Hours)¶

The following topics qualify for Core CPD hours (ethics/rules/regulations, 6 hours minimum, must be IBF- or SCI-accredited):

MAS regulations and notices (SFA, FAA, and related subsidiary legislation)
SGX rules and practice notes
Anti-money laundering and counter-financing of terrorism (AML/CFT)
Market conduct and fair dealing
Professional ethics and code of conduct
Compliance and risk management frameworks
Personal data protection (PDPA requirements for financial institutions)
Sanctions and embargo regulations

Supplementary CPD — Technical and Product Knowledge (Remaining Hours)¶

The following topics qualify for Supplementary CPD hours (relevant training courses, must be determined by principal as relevant to representative's activities):

Securities, futures, and derivatives product knowledge
Investment analysis and portfolio management
Financial planning and advisory skills
Collective investment schemes
Insurance products and advisory
Wealth management and estate planning
Corporate finance and capital markets
Risk assessment and management techniques
Digital finance and fintech developments
Sustainable finance and ESG integration
Cybersecurity awareness for financial professionals

CPD Record-Keeping Requirements¶

Representative Obligations¶

Representatives must maintain records of their CPD activities including:

Activity details — Date, title, provider, topic area, duration
Evidence of completion — Certificate of attendance, completion certificate, or equivalent
Classification — Whether the activity counts as Core CPD hours (ethics/rules/regulations, IBF- or SCI-accredited) or Supplementary CPD hours
Hours claimed — Actual hours of learning (excluding breaks and non-learning time)

Retention Period¶

CPD records must be retained for a minimum of 5 years from the end of the relevant CPD year
Records must be made available to MAS and/or the principal (CMS licensee or LFA) upon request

Principal (Firm) Obligations¶

CMS licensees and LFAs are responsible for:

Monitoring — Tracking CPD completion status of all appointed representatives
Reporting — Submitting CPD compliance reports to MAS as required
Remediation — Taking corrective action for representatives who fail to meet CPD requirements
Record maintenance — Maintaining a per-representative CPD register (retained ≥5 years) and producing it on MAS inspection
Fit-and-proper assessment — Including each representative's CPD compliance in the annual fit-and-proper assessment. There is no routine standing annual CPD declaration to MAS; the register and assessment are produced when MAS inspects.

Verification and Audit¶

MAS Oversight¶

MAS may conduct inspections to verify CPD compliance. During an inspection, the following may be examined:

CPD records of individual representatives
Firm-level CPD tracking systems and processes
Evidence of Core CPD and Supplementary CPD training completion
Compliance with the ethics/rules mandatory component
The principal's per-representative CPD register and its inclusion in the annual fit-and-proper assessment (produced on inspection — there is no routine standing annual CPD declaration to MAS)

Consequences of Non-Compliance¶

Illustrative good-practice only — NOT specified in FAA-N26 / SFA 04-N22. The notices provide only the 12-month make-up window (for CPD not completed due to circumstances beyond the representative's control) and the statutory penalty. The specific hour thresholds, timeframes, and graduated tiers below are illustrative supervisory practice, not regulatory requirements.

Severity	Consequence
Minor shortfall (1–2 hours)	Warning letter, requirement to make up hours within 3 months
Significant shortfall (3+ hours)	Possible suspension of representative status
Repeated non-compliance	Revocation of representative appointment
Fraudulent CPD claims	Disciplinary action, potential criminal referral
Firm-level systemic failure	MAS supervisory action against the principal

Severity Tiers (Conceptual)¶

Illustrative good-practice only — NOT specified in FAA-N26 / SFA 04-N22. The notices provide only the 12-month make-up window and the statutory penalty. The tiers, timeframes (e.g. "3 months", "30 days", "12 months") and thresholds below are illustrative supervisory practice, not regulatory requirements.

Beyond the immediate consequences above, principals typically apply graduated supervisory responses calibrated to the nature of the shortfall:

Tier	Situation	Typical Action
Minor	First-time, modest shortfall identified pre-year-end	Written warning; remediation plan within 3 months
Moderate	Larger shortfall, or shortfall identified post-year-end	Formal reprimand; remediation within 3 months; enhanced monitoring for the next CPD year
Serious	Persistent or substantial shortfall; repeat non-compliance	Suspension of representative status pending remediation; mandated retraining
Severe	Falsification of CPD records or evidence	Revocation of representative status; referral to MAS for regulatory action

The remediation process typically follows: (i) principal identifies the shortfall, (ii) representative is notified and given 30 days to submit a remediation plan, (iii) remediation completed within 3 months of identification, (iv) remediation hours apply to the deficit year only and not the current year, (v) enhanced monitoring for 12 months following remediation.

IBF CPD Portal¶

Online Tracking System¶

IBF provides an online CPD tracking portal for representatives and firms:

Activity logging — Representatives can log CPD activities and upload evidence
Hour calculation — Automatic calculation of Core CPD hours and Supplementary CPD hours against annual requirement
Status dashboard — Real-time view of CPD progress against annual requirements
Firm dashboard — Principals can view aggregate CPD status of all representatives
Reminder notifications — Automated reminders for approaching deadlines

IBF-Accredited CPD Providers¶

IBF maintains a registry of accredited CPD providers. Activities from accredited providers are automatically pre-approved for CPD credit. Major accredited providers include:

Institute of Banking and Finance (IBF)
Singapore Exchange (SGX) Academy
CFA Society Singapore
Financial Planning Association of Singapore (FPAS)
Life Insurance Association (LIA)
General Insurance Association (GIA)
Singapore Actuarial Society (SAS)
Investment Management Association of Singapore (IMAS)

IBF Certification Overlap with MAS CPD¶

IBF-certified professionals have separate CPD obligations under the IBF certification framework. Where IBF CPD requirements overlap with the MAS CPD requirements, the same activity may count toward both — but representatives should coordinate with their principal to avoid double-counting hours across the two frameworks. The principal's CPD tracking system should record the MAS-eligible portion of each activity separately from any IBF-only credit.

Special Provisions¶

New Representatives¶

Representatives are fully exempt from CPD for the first calendar year of their first appointment as an appointed representative (FAA-N26 §5.12(a) / SFA 04-N22 equivalent)
For any other mid-year appointment, the requirement is prorated on a per-day basis: annual requirement × (days_appointed / 365), applied separately to the Core and Supplementary components (see "CPD Year" above)
Where the representative was appointed for fewer than 183 days in the calendar year, hours completed before the appointment date may be carried over toward that year's requirement

Provenance caveat (Loop 130): this specific "<183-day carry-over" clause traces to the consolidated CMI 02/2012 circular file noted at the foot of this document, whose circular ID does not appear in the MAS register, and it could not be re-confirmed against a primary MAS source. It is not implemented in the compliance calculator (only the per-day pro-ration is coded), so there is no correctness impact — but the clause should be verified against the FAA-N26 / SFA 04-N22 primary text (or retracted) before it is relied on.
Full (un-prorated) CPD requirements apply from the first full calendar year of appointment

Representatives on Leave¶

Representatives on extended leave (maternity, medical, etc.) may apply for CPD exemption
Application must be made by the principal to IBF with supporting documentation
Partial exemptions may be granted on a case-by-case basis

Eligible deferral / exemption circumstances typically include extended medical leave (more than 3 months), maternity or paternity leave, secondment to a non-regulated role, and other exceptional circumstances assessed by MAS or IBF on a case-by-case basis. The principal is responsible for raising the application and providing supporting documentation; partial deferrals (rather than full exemptions) are common.

Cessation and Reappointment¶

CPD obligations cease upon cessation of representative appointment
Upon reappointment, CPD obligations recommence from the date of new appointment
If reappointed within the same calendar year, CPD hours already earned are counted

Relevance to Regnify¶

Regnify's platform tracks CPD compliance as part of the Fit and Proper assessment:

CPD Status Tracking — Monitor each representative's CPD completion status against annual requirements
Automated Reminders — Alert compliance officers and representatives of approaching CPD deadlines
Gap Analysis — Identify representatives at risk of CPD non-compliance
Audit Readiness — Maintain CPD records in a format suitable for MAS inspection
Reporting — Generate CPD compliance reports for firm-level declarations to MAS
Representative Profile Linkage — CMFAS modules passed and IBF certification status are captured against the representative profile, supporting CPD eligibility scoping
Fit-and-Proper Continuity — Annual CPD compliance flags feed the ongoing fit-and-proper assessment and surface during Form 3A processing or transfer between principals
Document Retention — Completion certificates and supporting evidence are stored against the representative profile in line with the 5-year retention requirement

Source Documents¶

MAS Notice SFA04-N22 (Minimum Entry and Examination Requirements for Representatives; superseded SFA04-N09 on 1 April 2024)
MAS Notice FAA-N26 (Competency Requirements for Representatives)
IBF Continuing Professional Development Framework Guidelines
MAS Guidelines on Fair Dealing — Board and Senior Management Responsibilities
Last verified: 2026-03-15

Some non-compliance, exemption, IBF overlap, and Regnify-relevance material was consolidated from a former CMI 02/2012 circular file (Loop 101 audit: circular ID does not appear in the MAS register; underlying authorities are FAA-N26 §6 and SFA 04-N22 §5).

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