The financial services industry in Singapore is regulated by the Monetary Authority of Singapore (MAS) which operates under a legal framework governed by the Securities and Futures Act and the Financial Advisers Act.
The MAS provides for a single licensing regime, which means an intermediary needs to only hold a single license, either a Capital Markets Services or Financial Advisers License (MAS Licenses), in order to conduct one or more financial services regulated activities.
Duff & Phelps’ expert team understands the rules, guidelines and processes involved in obtaining an MAS license. We provide assistance from the initial corporate structuring stage through to the grant of a license to engage in regulated activities, as defined under the Securities and Futures Act.
Our comprehensive licensing service offers full project management therefore ensuring a corporation’s internal resources can be focused on other areas of the business.
As part of our service, we assist financial institutions and individuals by:
- Advising on the relevant license
- Assisting with the completion and review of all necessary MAS license application forms (for trust companies, banks, insurers, exchanges)
- Supporting the preparation of all compliance and application documentation, including documented procedures needed to meet regulatory compliance and risk management obligations under MAS guidelines, such as, organizational charts, and business plans
- Advising on regulatory capital requirements
- Liaising with the MAS regarding the application including responding to requisitions in a timely manner
During the licensing process our team works closely with third party advisors and service providers to ensure a seamless delivery of service.