Appointing a Representative for CMS Licensees or Exempt Financial Institutions¶
Source¶
- MAS website: mas.gov.sg/regulation/capital-markets/appointing-a-representative-for-cms-licensees-or-exempt-financial-institutions
- Also available as: data/mas.gov.sg-Appointing a Representative for CMS Licensees or Exempt Financial Institutions.pdf
Overview¶
CMS licence holders and exempt financial institutions must notify MAS before appointing individuals to conduct regulated activities on their behalf. Three representative types exist: appointed, provisional, and temporary.
Representative Types¶
| Type | Description | Form | Duration |
|---|---|---|---|
| Appointed | Employee or agent carrying out regulated activities | Form 3A | Ongoing |
| Provisional | Experienced individual relocating to Singapore, given grace period for exams | Form 3B | Up to 3 months |
| Temporary | Related company's overseas employee conducting regulated activity for limited period | Form 3C | 3-month blocks |
Eligibility Criteria (All Types)¶
- Be at least 21 years old
- Satisfy minimum academic qualification and examination requirements per Notice SFA 04-N22 (superseded SFA 04-N09 on 1 April 2024)
- Satisfy fit and proper criteria per FSG-G01 Guidelines on Fit and Proper Criteria
Provisional Representative Entry Requirements¶
In addition to the general eligibility criteria:
- Be in the process of relocating or have already relocated to Singapore
- Possess at least 3 years of relevant working experience
- Comply with relevant examination requirements within 3 months of appointment
Validity and Conversion¶
The appointment is valid for up to 3 months. The provisional representative can continue as an appointed representative after:
- The company has notified MAS (within the 3-month grace period) of examination fulfilment via a one-time lodgement of Form 3D
- The representative's name has been entered in the Public Financial Institution Representatives Register (FIRR) as an appointed representative
Temporary Representative Entry Requirements¶
In addition to the general eligibility criteria:
- Currently not residing in Singapore
- Be an employee of a related company of the CMS licence holder or exempt CMS entity
- Possess at least 5 years of relevant working experience
Renewal¶
The CMS licence holder or exempt CMS entity shall notify MAS for a further 3-month period only after the representative has commenced the 1st 3-month block. Refer to Notice SFA 04-N10 for details.
Application Process¶
- Submit the applicable form (3A, 3B, or 3C) via the Corporations and Representatives System (CoRe system)
- Certify that the individual is fit and proper via the CoRe system
- Conduct due diligence checks per CMI 01/2011
Representative Fees¶
| Component | Lodgement Fee | Fixed Annual Fee |
|---|---|---|
| Representative | $200 per new lodgement | $700 or $200, depending on CMS regulated activities conducted |
- Annual fee is charged on a "highest of" basis, regardless of the number of regulated activities
- For the first calendar year, a provisional representative's annual fee is pro-rated from the date of appointment on FIRR to 31 December
- Refer to CMG-G01 Guidelines on Licence Applications, Representative Notification and Payment of Fees for full details