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Changes to the Notification Requirement in Relation to Representatives Serving Only Non-Retail Customers

 

Changes to the Notification Requirement in Relation to Representatives Serving Only Non-Retail Customers

09 Oct 2017

Introduction

The MAS has released a consultation paper proposing changes to the notification requirements for appointed representatives under the Securities Futures Act (the “SFA”) and the Financial Advisers Act (the “FAA”). We set out the key points of the consultation below.

Current Position

  • Under the Representative Notification Framework (“RNF”), Financial Institutions (“FIs”) must appoint all individuals conducting regulated activities as appointed representatives.

  • The public can view all appointed representatives on the MAS website.

  • Currently FIs must ensure individuals meet the fit and proper criteria and experience,

    competency and examination requirements before appointing them as representatives.

 

For more information about Changes to the Notification Requirement in Relation to Representatives Serving Only Non-Retail Customers, please email marketing@complianceasia.com for the full alert.

 
 

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