Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers

The Monetary Authority of Singapore (MAS) has published an updated version of its „Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers“ which is basically a guidance for financial advisers on filing and reporting requirements in connection with their business. The guidance applies to both exempt and non-exempt financial advisors and to foreign and local firms. The toolkit contains – among other things – information on
(1) filing requirements pertaining to the licensing of financial advisers,
(2) filing obligations in connection with the appointment of diverse officers,
(3) acquisition or taking control filing,
(4) necessary filings if changes in particulars occur (i.e. address change),
(5) filing due for the commencement or cessation of business, and
(6) regular financial report submissions and filings.
This latest revised version contains one key modification in the due date of Form 26 which has to be submitted by financial advisers to notify the commencement of business. Specifically, the notification period has been modified to no longer permit notification within 14 days following commencement, but to require filing AT LEAST 14 days PRIOR to commencement.