FAQs on Exempt Persons

The Monetary Authority of Singapore (MAS) has published a revised version of its frequently asked questions (FAQs) „on exempt persons“. The FAQs are meant to provide guidance on the regulatory requirements that an exempt person or entity providing financial or corporate advisory services is expected to comply with under the Securities and Futures Act and/or the Financial Advisers Act and the relevant Regulations“. The FAQs thereby cover various issues ranging from the criteria that must be met in order to be exempt under the corresponding regulations (i.e. fit and proper criteria), to the forms that shall be submitted to apply for exemption, to the notification and other on-going obligations of exempt persons or entities.
In this revised version, several FAQs were deleted. These are: FAQ 3 pertaining to „Criteria for exemption“, FAQ 7 pertaining to „Lodgement for commencement of business as an exempt person“, and FAQ 21 in the „Other“ section of the document.
Several FAQs were modified, including the following. For the answers, please refer to the original document.
– Question 2 What are the pre-requisites that must be met by an exempt person? (page 3)
– Question 5 For the purpose of operating as an exempt person, what forms do I need to lodge and where can I obtain these forms? (page 4)
– Question 6 Where should I send the completed form(s) to? (page 5)
– Question 7A When can I commence business? (page 5)
– Question 8 Can I get a certification from MAS that I am an exempt person or have submitted a notification to MAS to be an exempt persons? (page 5)
– Question 8A In addition to the notice of commencement of business, are there any obligations that an exempt person must comply with? (page 5)
– Question 9A Where should I send the completed forms to? (page 6)
– Question 10 In addition to the ongoing reporting requirements, are there any ongoing obligations that an exempt person must comply with? (page 7)
– Question 11 Under the Notice on “Prevention of Money Laundering and Countering the Financing of Terrorism” [SFA 04-N02 or FAA-N06], what are the relevant filing requirements applicable to an exempt person? (page 8)
– Question 12 Being an exempt person, can I represent myself or my business as being ‘registered’ or ‘regulated’ by MAS? (page 8)
– Question 13 One of my key officers is under an investigation but has not been convicted of a wrongdoing. Do I need to notify MAS? (page 9)
– Question 22 What are the procedures for cessation of business by an exempt person? (page 10)