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.
- 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.