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Financial advisory
RES5Financial Advisory Services✓A representative at a bank (an exempt financial institution) deals in OTC derivatives with clients. Which statement is CORRECT?
SFA s.99 exempts banks from holding a CMS licence, but the representative-notification regime and MAS Notice SFA 04-N22 competency requirements (e.g. RES 2B for derivatives dealing at a non-exchange member) apply to their representatives all the same.
Exemption for the firm ≠ exemption for the individual.
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