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CMFASPrepStudyingRES5
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Financial advisory
RES5Financial Advisory Services✓An overseas-based remote trading member of a Singapore exchange is exempted from holding a CMS licence if it: (a) is incorporated outside Singapore. (b) does not serve any customer resident in Singapore. (c) is regulated in respect of the activity by its home regulator, which has an information-exchange arrangement with MAS. (d) has no financial institution affiliate regulated by MAS. Which of the following are CORRECT?
Guide 1.2.2.4 and SF (Exemption from Requirement to Hold CMS Licence) Regulations reg 4: the six conditions include foreign incorporation, membership of the approved or recognised exchange or clearing house, no Singapore-resident customers, not being a Singapore-regulated FI, home regulator co-operation with MAS, and home regulation. The no-MAS-regulated-affiliate criterion applies only to a remote clearing member.
The FI-affiliate bar is a clearing-member criterion, not a trading-member one.
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