Appointing a Representative for Licensed Financial Advisers or Exempt Financial Advisers¶
Source¶
- MAS website guidance for financial adviser representative appointments
- Financial Advisers Act (Cap. 110)
Overview¶
Licensed financial advisers and exempt financial advisers must notify MAS before appointing individuals to conduct financial advisory services on their behalf. Two representative types exist under the FAA: appointed and provisional. (There is no temporary representative category under the FAA, unlike the SFA for CMS licensees.)
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 |
Eligibility Criteria (All Types)¶
- Be at least 21 years old
- Satisfy minimum academic qualification and examination requirements per Notice FAA-N26 (Competency Requirements for Representatives of Financial Advisers; superseded FAA-N13 on 1 April 2024) — note this differs from Notice SFA 04-N22 (superseded SFA 04-N09 on 1 April 2024) used for CMS representatives
- 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 working experience relevant to the type of financial advisory service
- 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 to provide financial advisory services 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 Register as an appointed representative
Refer to Notice FAA-N12 for full entry requirements of a provisional representative.
Application Process¶
- Submit the applicable form (3A or 3B) via the Corporation and Representatives System (CoRe system)
- Certify that the individual is fit and proper via the CoRe system
- Conduct due diligence checks per CM1 01/2011
Representative Fees¶
| Component | Lodgement Fee | Fixed Annual Fee |
|---|---|---|
| Representative | $200 per new lodgement | $100, regardless of number of FA activities conducted |
- For the first calendar year, the 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
Key Differences from CMS Representative Appointment¶
| Aspect | CMS (SFA) | FA (FAA) |
|---|---|---|
| Representative types | Appointed, Provisional, Temporary | Appointed, Provisional only |
| Exam notice | SFA 04-N22 (superseded SFA 04-N09 on 1 April 2024) | FAA-N26 (superseded FAA-N13 on 1 April 2024) |
| Provisional entry notice | SFA 04-N10 | FAA-N12 |
| Annual fee | $700 or $200 | $100 |
| Temporary rep available | Yes (Form 3C) | No |