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What is the Compliance of CMS?

What is the Compliance of CMS?

The compliance of CMS applies to a company that intends to carry out activities regulated by the Security and Futures Act (SFA). If that’s the case, the firm needs to be a capital market services (CMS) license, holder. If you are the person serving as the CMS licensees’ representative, you need an appointment to be representatives. The same case applies to those representing banks and other exempt CMS financial institutions. This article focuses on what the compliance of CMS is all about.

Who needs the compliance of CMS?

People who carry out these SFA-regulated activities need to apply for a CMS license.

  • If you deal with capital markets products
  • Those who offer advice on corporate finance
  • Management of fund
  • Trust management of real estate investment
  • Financing product
  • Provision of credit rating services
  • Provision of securities’ custodial services

In short, the following companies need it:

  • Securities-based crowdfunding (SCF)
  • Fund managers
  • Real Estate Investment Trust managers
  • Credit rating agencies
  • Corporate Finance Advisers
  • Broker-dealers


Things that MAS look at when assessing a CMS license application

Here are the admission criteria for the compliance of CMS

  • The applicant, directors, and shareholders should exhibit propriety and fitness
  • Major shareholders or parent companies and the applicant should be management experts. MAS will consider its track record as it assesses the application.
  • SFA has laid out the minimum financial requirements, and MAS will analyze if the applicants can meet them.
  • How strong is the company’s system for compliance and risk management?
  • Projections and plans or models the business has and the risks of these strategies

Company Requirements for the compliance of CMS

The company need to appoint the following

  • At least two directors and at least one of them must be a resident of Singapore
  • The Chief Executive Officer and the appointee should also be a Singapore resident. Equally important, he should have an experience of not less than ten years in that particular field
  • Except for the Real Estate Investment Trust management, all other activities demand at least two people for each. They should be based in Singapore full-time and qualified to be the representatives as per the SFA.

How to apply for the compliance of CMS

If the company is applying for this license for the first time, it should submit Form 1. That’s under (SF (LCB) R) abbreviation for Securities and Futures (Licensing and Conduct of Business) Regulations. However, if the company already has one but just needs to add an extra activity, it should apply using Form 5, which is also under the (SF (LCB) R).

Final Words

The compliance of CMS is crucial for companies operating in various sectors. As long as you are conducting activities that SFA regulates, acquiring a CMS license is mandatory. Keep in mind the factors that MAS will consider during the assessments of your application. Don’t forget to appoint the necessary appointees and, above all, ensure that they meet the qualification. Fill out Form 1 or Form 5, depending on your current situation as well.


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