Amateur Rocket Activities are not regulated under 14 CFR Chapter III; they are regulated under 14 CFR Chapter I, by the FAA Air Traffic Organization. Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements. “leveraged foreign exchange trading” has the same meaning as in section 2(1) of the Securities and Futures Act; “net asset value”, in relation to a corporation, means the excess of the value of the assets owned by the corporation over its liabilities; “net head office funds”, in relation to a foreign company, means the net liability of the Singapore branch of that foreign company to its head office and any other branch outside of Singapore; “on a margin basis”, in relation to a contract, means the entering of a contract by 2 parties where one party provides to the other party (whether directly or indirectly through such party’s agent) with money, securities, property or other collateral which represents only a part of the value of the contract; “over-the-counter derivatives contract” or “OTC derivatives contract” means a derivatives contract other than an exchange-traded derivatives contract; “overseas exchange” has the same meaning as in section 2(1) of the Securities and Futures Act; “paid-up capital” means ordinary shares and non-redeemable preference shares that have been fully paid for; “product advertisement” means an advertisement in respect of any investment product; in the case of regulation 39, has the meaning as in regulation 40B; and, in any other case, means a licensed financial adviser or an exempt financial adviser mentioned in section 23(1)(, any foreign exchange OTC derivatives contract arranged by any bank that is licensed under the Banking Act (Cap. “foreign company” has the same meaning as in section 4(1) of the Companies Act (Cap. There are three ways to … Further, Singapore-incorporated banks that are listed on the Singapore Exchange are required to adhere to the Code of Corporate Governance 2018 on a “comply-or-explain” basis. S 462/2002; S 83/2003; S 537/2003]. Guidelines on the assessment criteria for exemption applications, in respect of any financial advisory service provided by a specialised unit that serves high net worth individuals. Licensing, Authorisation and Registration Applies to: Licensed Financial Adviser, Exempt Financial Adviser, Exempt Financial Adviser … The regulations implement statutory requirements. 163A)) in which each partner was an accredited investor under section 4A(1)(, a corporation (the sole business of which is to hold investments) the entire share capital of which is owned by one or more accredited investors under section 4A(1)(. such other securities or class of securities as the Authority may from time to time, by a guideline issued by the Authority, determine; “capital markets products” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); “capital markets services licence” has the same meaning as in section 2(1) of the Securities and Futures Act; “client’s money or property” has the same meaning as in section 28(4) of the Act; “consent provision” and “counterparty” have the same meanings as in regulation 3(9) of the Securities and Futures (Classes of Investors) Regulations 2018; “derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “entity” includes a corporation, an unincorporated association, a partnership and the government of any state, but does not include a trust; “ex-accredited investor” means any of the following: an individual who was an accredited investor under section 4A(1)(, a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act (Cap. Exercise normal precautions in Singapore. fluctuations in the values or amounts of any currency or currency index; “futures contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “Government securities” means securities issued or proposed to be issued by the Government, and includes —. No. 167); “guideline issued by the Authority” means a guideline or other document issued by the Authority under section 64 of the Act; “institutional investor” has the same meaning as in section 4A(1)(. 289) who does not carry on business in any regulated activity (as defined in that Act) other than the management of portfolios of specified products on behalf of venture capital funds. General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives. Allen & Gledhill is one of the largest and leading law firms in Singapore, with a notable and increasing presence in the South-east Asian region. Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers, Licensing, Authorisation and Registration, Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit, Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers, Guidelines on Criteria for the Grant of a Financial Adviser's Licence [FAA-G01], MAS bans four individuals for engaging in fraudulent and dishonest conduct, Notice FAA-N19 Distribution of Direct Purchase Insurance Products, Guidelines on Applications for Approval of Arrangements under Regulation 32CB of the Financial Advisers Regulations (Rg 2) [FAA-G16], FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines, Notice FAA-N16 Recommendations on Investment Products, Practice Note on Recommendations on Investment Products [FAA PN-02], Guidelines on Applications for Approval of Arrangements under Paragraph 11 of the First Schedule to the Financial Advisers Act [FAA-G06], Financial Advisers Act (Amendment of Second Schedule) Order 2018, Guidelines on Provision of Digital Advisory Services [CMG-G02], Practice Note on the Disclosure of Remuneration by Financial Advisers [FAA PN-01], Guidelines on Switching of Designated Investment Products [FAA-G10], Guidelines on Addressing Conflicts of Interest arising from Issuing or Promulgating Research Analyses or Research Reports [FAA-G13], Guidelines for Conduct of Business for Execution-Related Advice [FAA-G08], Notice FAA-N03 Information to Clients and Product Information Disclosure, Guidelines on the Online Distribution of Life Policies With No Advice [FAA-G15], Consultation Paper on Review of Competency Requirements for Representatives Conducting Regulated Activities under the Securities and Futures Act and Financial Advisers Act, Guidelines on the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework"), Reference Checks and Pre-Transaction Checks [FAA-G14], Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism - Financial Advisers, Guidelines to Notice FAA-N06 on Prevention of Money Laundering and Countering the Financing of Terrorism, Public Consultation on Proposed Amendments to the Securities and Futures Act, Financial Advisers Act and Trust Companies Act, Consultation Paper on Regulatory Framework for Intermediaries Dealing in OTC Derivative Contracts, Execution-Related Advice, and Marketing of Collective Investment Scheme, Notice FAA-N18 Technology Risk Management, Notice FAA-N17 Reporting of Suspicious Activities and Incidents of Fraud, Consultation Paper On Proposed Amendments to the Securities and Futures Act and the Financial Advisers Act, Offers of Securities or Securities-Based Derivatives Contracts, FAQs on Section 6 of the Insurance Act and Section 33 of the Financial Advisers Act, Notice FAA-N15 Cancellation Period of Unlisted Debentures, Notice FAA-N12 Entry Requirements of a Provisional Representative, Notice FAA-N10 Prohibited Representations Made by Persons Exempted under Regulation 27(1)(d) of the Financial Advisers Regulations (Rg 2), Notice FAA-N14 Reporting of Misconduct of Representatives by Financial Advisers, Notice FAA-N02 Appointment and Use of Introducers by Financial Advisers, Guidelines for Exemption for Specialised Units Serving High Net Worth Individuals under Section 100(2) of the Financial Advisers Act [FAA-G07], ​Guidelines on Structured Deposits [FAA-G09], Guidelines on Standards of Conduct for Financial Advisers and Representatives [FAA-G04], Consultation Paper on Draft Regulations Pursuant to the SFA and the FAA, Policy Consultation Paper on Amendments to the Securities and Futures Act and the Financial Advisers Act, Consultation Paper on Policy Amendments to the SFA and the FAA, Guidelines on the Use of the Term "Independent" by Financial Advisers [FAA-G05], Policy Consultation on Amendments to the SFA and FAA, Consultation Paper on Amendments to Securities and Futures Act and Financial Advisers Act, Consultation Papers on Proposed Securities and Futures Act and Financial Advisers Act, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, Interest Rates of Banks and Finance Companies, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, Exempt Financial Adviser Serving up to 30 Accredited Investors. Covered three proposals: (i) Regulatory framework for capital markets services licensees, banks, merchant banks and finance companies dealing in OTC derivative contracts under the SFA, including capital, business conduct and other requirements; (ii) exemption for execution-related advice on listed excluded investment products under the FAA; and (iii) transferring the regulation of marketing of CIS from the FAA to SFA. 81A) or section 2 of the Government Securities Act (Cap. Requirements on technology risk management for financial advisers. Governs the regulation of financial advisers in Singapore, including their representatives and supervisors. Many countries have passed drone laws and regulations similar to the FAA’s which detail best practices for flying and steps users … any spot foreign exchange contract for the purposes of leveraged foreign exchange trading arranged by any bank that is licensed under the Banking Act or any merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act; “specified OTC derivatives contract” means an OTC derivatives contract the value of which is determined by reference to, is derived from, or varies by reference to —, the value or amount of any item other than any —, fluctuations in the values or amounts of one or more items other than any —, in the case of regulation 40F, has the meaning under that provision; and. The agreement allows for mutual surveillance conducted on certified repair stations located abroad for each of the agreement partners. MAS has issued prohibition orders against three former insurance agents and a former bank employee for fraudulent and dishonest conduct. Guidelines on conduct requirements for financial advisers and their representatives. Requirements for financial advisers and their representatives with respect to recommendations made on investment products. The FAA on December 12 determined that pilots can receive the Covid-19 vaccine under the conditions of their FAA-issued airman medical certification. According to Singapore’s national aviation authority, the Civil Aviation Authority of Singapore (CAAS), flying a drone is legal in Singapore, but we recommend being aware of and compliant with the drone regulations listed below before doing so.. SINGAPORE —The Federal Aviation Administration (FAA) signed a milestone Maintenance Agreement Guidance (MAG) yesterday with the Civil Aviation Authority of Singapore (CAAS). The approval will give Amazon broad privileges to "safely and efficiently deliver packages to customers," the agency said. Proposed enhancements to the examination framework for appointed representatives under the SFA and FAA, e.g. The FAA builds on earlier drone regulations Recognizing the economic potential of commercial drones, the FAA began regulating the sector several years ago. Guidelines on the standards dealers and their representatives are required to adhere to when providing execution-related advice to clients. In exercise of the powers conferred by section 104 of the Financial Advisers Act, the Monetary Authority of Singapore makes the following Regulations: Citation and commencement 1. “exchange-traded derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “existing customer”, in relation to a person (, “expert investor” has the same meaning as in section 4A(1)(. The FAA has offices in Singapore, where our Asia Pacific Director is located, as well as Tokyo, Japan; Beijing, China; and New Delhi, India. Guidelines on the licensing admission criteria for persons applying for a financial adviser’s licence under the Financial Advisers Act. Guidelines on safeguards to guard against representatives advising clients to switch from one designated investment product to another in a manner detrimental to the client. Guidelines on the standards of conduct expected of financial advisers and their representatives when advising on structured deposits. 40G Conditions for appointment of appointed representative or provisional representative despite section 23B(3A) of Act, —(1)  In these Regulations, unless the context otherwise requires —, Revised Editions of Subsidiary Legislation. Singapore law is commonly used as the governing law in cryptocurrency related contracts because of its advanced dispute resolution laws, and a reputation for being an arbitral friendly and neutral regime. 32C Exemption for foreign research houses, 32CA Exemption for foreign companies providing financial advisory service in respect of specified investment products, 32CB Exemption for certain entities providing financial advisory service under approved arrangements, 32D Exemption for, and application of Regulations to, venture capital fund manager and its representatives, 33 Exemption from section 25 of Act for advising accredited investor or expert investor, 33A Exemption from section 27 for dealers and related exemptions, 34 Exemption from section 27 of Act in certain circumstances, 34A Non‑application of sections 38 and 39 of Act for certain persons, 37 Reporting requirements for exempt financial advisers, 38 Exemption of licensed financial advisers for distribution of direct purchase insurance products, 39 Exemption of specified financial advisers for distribution of direct purchase insurance products, 40 Exemption of appointed or provisional representative of exempt adviser for distribution of direct purchase insurance products, 40A Exemption of customer service officers of exempt adviser for distribution of direct purchase insurance products, 40B Definitions of terms in regulations 38 to 40B, 40BB Exemption of licensed financial adviser in relation to providing financial advisory service in respect of specified OTC derivatives contracts, 40BC Exemption of exempt financial adviser in relation to providing financial advisory service in respect of specified investment products, 40BD Exemption of person other than licensed or exempt financial advisers in relation to providing financial advisory service in respect of specified OTC derivatives contracts, 40BE Exemption of appointed representative in relation to providing financial advisory service in respect of specified investment products, 40BF Exemption of person (other than appointed representative) acting as representative in relation to any financial advisory service in respect of specified investment products, 40BG Exemption of person performing any financial advisory service in respect of specified OTC derivatives contracts for person other than licensed or exempt financial adviser, 40BH Exemption from section 23B(3) of Act, 40D Permitted businesses under section 55A(1)(iii) of Act, 40E Prescribed criteria for consent under section 55C(2) of Act. The Centers for Disease Control and Prevention has issued a level 1 Travel Health Notice for Singapore due to COVID-19.While the COVID-19 environment has improved, some restrictions may still be in place. any amount on account of any liability related to the share capital of the corporation shall not be taken into account. Accordingly, an act done entirely outside of Singapore but which has a “substantial and reasonably foreseeable effect” in Singapore may still contravene the FAA or the SFA. 40F Conditions for acting as representative despite other employment, business, etc. MIAMI – The US FAA announced in a December 28 press release two highly anticipated new regulations governing Unmanned Aircraft Systems (UAS), commonly referred to as drones.. Changes to SFA and FAA regulations relating to capital markets products, product highlights sheets, fair and balanced advertisements and overseas investors exemption. Of course once in a while there also need to be audits to ensure that countries are doing their jobs in that regard. “accredited investor” means any of the following persons in relation to a counterparty, if the person has opted to be treated by the counterparty as an accredited investor for all the consent provisions, under regulation 3(2) of the Securities and Futures (Classes of Investors) Regulations 2018 (G.N. Requirements for financial advisers and their representatives when selling unlisted debentures to clients. minimum academic qualifications under the Capital Markets and Financial Advisory Services Examination (CMFAS) and Continuing Professional Development (CPD) requirements. Guidelines on licensing and other pertinent requirements applicable to digital advisers. The FAA conducts the International Aviation Safety Assessment Program (IASA). Requirements for financial advisers to lodge a report to the Monetary Authority of Singapore (MAS), upon discovery of misconduct committed by their representatives. Requirements for financial advisers on anti-money laundering (AML) and countering the financing of terrorism (CFT). The Federal Aviation Administration last month rescinded its grounding order for the plane. Requirements, procedures and timelines for financial advisers to report suspicious activities or incidents of fraud. The FAA released a rule clarifying the process for flight authorizations for flight testing beyond Mach 1, a step toward the return of supersonic flight. Copyright © 2021 Government of Singapore. Guidelines on the circumstances under which a financial adviser may use the term “independent”. 4A Lodgment of documents and undertaking of responsibilities for representative, 7 Manner of application for financial adviser’s licence, 8A Cessation of status of appointed representative, 9 Variation of financial adviser’s licence, 10 Change in particulars and additional financial advisory service of representative, 12 Cessation of financial advisory service by financial adviser, 13 Application for appointment of chief executive officer or director, 14AA Criteria for determining if chief executive officer or director of licensed financial adviser has breached duties, 14A Financial advisers and representatives, etc., to be fit and proper persons, 18 Unsecured advances, unsecured loans and unsecured credit facilities, 20A Register of interests in listed specified products, 22D Advertisement other than product advertisement, 25 Books to be kept by licensed financial adviser, 27 Exemption from requirement to hold financial adviser’s licence for certain persons in respect of certain activities, 27A Exemption of banks and merchant banks, 28 Exemption for giving advice or analysis on bonds, 32A Exemption for persons exempt under Second Schedule to Securities and Futures (Licensing and Conduct of Business) Regulations. 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