Financial Adviser's Licence
The Financial Adviser's Licence is required by the Monetary Authority of Singapore (MAS) for companies wishing to conduct regulated activities under the Financial Advisers Act 2001 (FAA). The validity period is confirmed by the agency, and processing time details can be found on the MAS website.
- Processing time
- available on the agency's website
- Issuing authority
- MONETARY AUTHORITY OF SINGAPORE (MAS)
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Who needs the Financial Adviser's Licence
This licence applies to Singapore businesses registered under the following SSIC industry codes:
- Required to operateDivision 64 — FINANCIAL SERVICE ACTIVITIES (EXCEPT INSURANCE AND PENSION FUNDING)
Includes: 64110 Central bank, 64120 Full banks, 64130 Wholesale banks, 64140 Merchant banks
Includes: 66110 Securities and commodities exchange, 66121 Stock, share and bond brokers and dealers, 66122 Foreign exchange brokers and dealers, 66123 Gold bullion brokers and dealers
What's involved in getting the Financial Adviser's Licence
The scope of the application — what must be in place, how the agency reviews, and where applications typically stall.
What this licence allows the business to do
The Financial Adviser's Licence enables a company to conduct regulated financial advisory activities in Singapore, providing essential services such as investment advice, portfolio management, and financial planning to clients.
What must be in place before the licence can be granted
Before the licence can be granted, the business must meet several conditions. These include having a qualified team of financial advisers, appropriate internal controls, compliance frameworks, and risk management processes in place. Additionally, the company must demonstrate that it has the necessary resources and infrastructure to operate effectively in the financial advisory sector.
How the agency reviews and decides
The Monetary Authority of Singapore (MAS) conducts a thorough review of the application, assessing the business's compliance with regulatory requirements. This includes evaluating the qualifications of key personnel, the adequacy of the business's operational framework, and its adherence to the Financial Advisers Act. The agency may also conduct interviews or request additional information to ensure that the applicant meets all necessary criteria.
Common reasons applications stall
Applications for the Financial Adviser's Licence can stall for several reasons. Common issues include incomplete documentation, lack of clarity regarding the business model, or insufficient qualifications of the appointed representatives. Additionally, if the business fails to demonstrate adequate risk management practices or compliance with regulatory standards, this can lead to delays or rejections. Engaging with experts familiar with the MAS requirements can help mitigate these risks.
Financial Adviser's Licence FAQ
Do I need this licence to start operating?
Yes, a Financial Adviser's Licence is essential for any company intending to conduct regulated financial advisory activities in Singapore. Operating without this licence may lead to legal repercussions and penalties.
What can my business do once licensed?
Once licensed, your business can provide a range of financial advisory services, including investment advice, financial planning, and portfolio management, thereby enabling you to serve clients effectively in the financial sector.
What happens if I operate without it?
Operating without a Financial Adviser's Licence can result in severe penalties, including fines and legal action from the Monetary Authority of Singapore. It can also damage your business's reputation and hinder future operations.
How does this fit relative to incorporating my company?
Obtaining a Financial Adviser's Licence is a separate process from incorporating your company. It is advisable to consider the licensing requirements early in your business planning to ensure compliance once your company is established.
What's the most common reason applications get rejected?
The most common reason for rejection is the failure to meet the regulatory requirements set by the Monetary Authority of Singapore, particularly regarding the qualifications of key personnel and the adequacy of the business's operational framework.
Can a foreign-owned company hold this licence?
Yes, a foreign-owned company can hold a Financial Adviser's Licence in Singapore, provided it meets all the necessary regulatory requirements and has appointed qualified representatives.
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Other MAS licences
Application for Bank Representative Office
The Application for Bank Representative Office is required by the Monetary Authority of Singapore (MAS) for foreign banks wishing to establish a liaison office in Singapore. This office can conduct market research and feasibility studies but cannot engage in any business transactions. Validity is agency-confirmed, with processing times available on the MAS website.
Approved Clearing House (ACH) or Recognised Clearing House (RCH)
The Approved Clearing House (ACH) or Recognised Clearing House (RCH) licence is issued by the Monetary Authority of Singapore (MAS) for companies wishing to operate a clearing facility under the Securities and Futures Act 2001. Validity is confirmed by the agency, with processing times available on the MAS website.
Approved Exchange (AE) or Recognised Market Operator (RMO)
The Approved Exchange (AE) or Recognised Market Operator (RMO) licence is issued by the Monetary Authority of Singapore (MAS) for entities operating as exchanges or market operators. The validity is confirmed by the agency, and processing times can be found on the MAS website.
Capital Markets Services Licence
The Capital Markets Services Licence is issued by the Monetary Authority of Singapore (MAS) for businesses engaging in regulated activities such as dealing in securities, fund management, and providing custodial services. Validity is agency-confirmed, with processing times available on the MAS website.
Insurer and Insurance Broker Licence
The Insurer and Insurance Broker Licence is required by the Monetary Authority of Singapore (MAS) for entities engaging in insurance activities, including insurers and insurance brokers. The validity period is confirmed by the agency, and processing times can be found on the MAS website.
Licensing and Authorisation for Banking Business
The Licensing and Authorisation for Banking Business is required by the Monetary Authority of Singapore (MAS) for financial institutions wishing to conduct banking business in Singapore, including setting up wholesale or merchant banks. Validity is agency-confirmed, with processing time available on the MAS website.