FTT MAS Licensing Requirements

Question 1

What is the minimum age to be registered as a CMS Representative in Singapore?

Accepted Answer

21 years old

Answer

18 years old

Answer

25 years old

Answer

There is no minimum age requirement

Question 2

Which examination is typically required to be registered as a CMS Representative for dealing in securities?

Accepted Answer

CMFAS Module 6 (Securities and Futures Product Knowledge)

Answer

Singapore Bar Examination

Answer

CFA Level 1

Answer

MAS Certified Trader Examination

Question 3

What is a 'provisional representative' under MAS's framework?

Accepted Answer

A person appointed by a CMS licence holder who is still completing licensing examinations and may only conduct regulated activities under direct supervision

Answer

A representative on a 3-month probationary period before full licensing

Answer

A foreign representative temporarily authorised to work in Singapore

Answer

A retired representative re-joining the industry on a part-time basis

Question 4

What is the purpose of Continuing Professional Development (CPD) for licensed representatives?

Accepted Answer

To ensure representatives keep their knowledge and skills current through ongoing training throughout their career

Answer

To allow representatives to upgrade their licence to a higher category

Answer

To meet a renewal requirement every 5 years

Answer

To qualify representatives to deal in additional product types

Question 5

Which of the following would cause MAS to revoke a CMS licence?

Accepted Answer

The licence holder is convicted of a serious financial crime

Answer

The licence holder has fewer than 10 clients

Answer

The licence holder charges higher fees than competitors

Answer

The licence holder only deals in one type of product

Question 6

When a CMS Representative moves to a new firm, what must the new firm do?

Accepted Answer

Notify MAS of the appointment through the MAS representative notification system (MASNET)

Answer

Wait for the old firm to cancel registration first, then apply for a new licence

Answer

Apply to SGX directly for approval

Answer

Inform all existing clients of the representative before the appointment