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

Under the SFA, a person must be at least 21 years of age to be appointed and registered as a CMS Representative, ensuring a minimum level of maturity and professional development.

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

The CMFAS Module 6 examination, administered by the Institute of Banking and Finance (IBF) Singapore, is typically required for individuals seeking registration as a CMS Representative for dealing in securities.

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 provisional representative is appointed by a CMS licence holder and registered with MAS but has not yet passed all required CMFAS examinations. During this period, they may conduct regulated activities only under the direct supervision of a fully qualified representative.

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

CPD requirements ensure that licensed representatives maintain and update their professional knowledge, skills, and competence throughout their career, keeping pace with regulatory changes, new products, and evolving industry practices.

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

MAS may revoke a CMS licence if the licence holder ceases to be fit and proper, which includes being convicted of offences involving dishonesty, financial crimes, or other serious offences that undermine the integrity required of licence holders.

Singapore FTT Practice Test

Singapore FTT Practice Test

FTT MAS Licensing Requirements