MAS Form 3D -- Notification of Exam Completion by Provisional Representative¶
Source: FAA/FAR Form 3D (Revised 8 October 2018) Legislation: Securities and Futures Act (Cap. 289) s99E(5) / Financial Advisers Act (Cap. 110) s23D(5) Regulations: SF(LCB)R Reg 3B(2) / FAR Reg 4B(2)
Overview¶
Form 3D is filed by the principal to notify MAS that a provisional representative has completed all required examination requirements. This converts the provisional representative to an active (appointed) representative for the notified activities.
Key Rules¶
- Must be submitted by an authorised person of the principal.
- Provisional status is valid for 3 months only. If the principal does not submit Form 3D within 3 months, the provisional status automatically ceases and the system will not allow conversion to active representative via this form.
- If the provisional representative was notified for multiple activities and the principal only notifies exam completion for some of them, the provisional status ceases for the non-notified activities.
- Mandatory fields are denoted with asterisk
*.
Form Sections¶
1. General Information¶
| Field | Required | Notes |
|---|---|---|
| Full name of company (The Principal) | Yes* | Must match the principal from the original Form 3B |
| Representative number | Yes* | Existing provisional rep number |
| Name as reflected in NRIC/FIN/Passport | Yes* | Must match identity document |
2. SFA Activities -- Exam Completion Notification¶
The principal certifies the provisional representative has completed all examination requirements relevant to the regulated activities, as specified in Notice SFA 04-N22 (Minimum Entry and Examination Requirements for Representatives of CMS Licence Holders and Exempt FIs; superseded SFA 04-N09 on 1 April 2024).
Regulated Activities under the SFA (tick to notify completion): - Dealing in capital markets products: - Securities - Units in a collective investment scheme - Exchange-traded derivatives contracts - Over-the-counter derivatives contracts - Spot FX contracts (leveraged FX trading) - Fund management - Real estate investment trust management - Providing credit rating services - Advising on corporate finance
3. FAA Activities -- Exam Completion Notification¶
The principal certifies completion per Notice FAA-N26 (Competency Requirements for Representatives of Licensed/Exempt Financial Advisers; superseded FAA-N13 on 1 April 2024).
Financial Advisory Services under the FAA (tick to notify completion): - Advising on investment products: - Securities - Exchange-traded derivatives contracts - Over-the-counter derivatives contracts - Collective investment schemes - Spot FX contracts (leveraged / non-leveraged) - Life policies - Structured deposits - Issuing or promulgating analyses/reports on investment products (same sub-categories) - Arranging contracts of insurance (life policies, excluding reinsurance)
4. Fit and Proper Certification¶
The principal certifies, based on due diligence (including reference checks with past employers), that it: - Is satisfied the individual is not subject to bankruptcy petition or undischarged bankrupt - Is satisfied there is no conflict of interest from the individual's shareholdings/directorships - (Choose one): - Is not aware of any adverse information on the individual, OR - Is aware of adverse information but has assessed and considers the individual still meets Fit and Proper Criteria under Guideline FSG-G01, and undertakes close supervision - Is satisfied the individual meets all other requirements under Guidelines on Fit and Proper Criteria (FSG-G01) - Is aware that due diligence records must be documented and properly kept per SFA s99H(4) / FAA s23F(4)
5. Declaration and Confirmation¶
Submitted by a Director / Chief Executive / CEO of the Principal, certifying: - (a) The individual is believed to be fit and proper to perform the function of a representative - (b) The information is true and correct to the best of the Principal's knowledge
Legal warning: Under SFA s99O(1) / FAA s23L(1), any principal who makes a false/misleading statement or omits material information in connection with lodgment under s99H/s23F shall be guilty of an offence and liable to a fine not exceeding $50,000.
Regnify Implementation Notes¶
- Form 3D is a follow-up form to Form 3B, triggered when provisional status needs to convert to appointed status.
- The 3-month deadline should be tracked as an automated alert in the system.
- Activity checkboxes must be pre-populated from the original Form 3B submission and only allow ticking activities that were provisionally registered.
- The Fit and Proper certification section mirrors the checks in Form 3A but is specific to the provisional-to-appointed conversion.