What is the application process and conduct requirements for capital markets services licensees other than fund managers and REIT managers (e.g. broker-dealers, corporate finance advisors, securities financiers, custodians and credit rating agencies) in Singapore?

Under the Securities and Futures Act 2001  (“SFA”), any person carrying on business in any regulated activity, including dealing in capital markets products and advising on corporate finance, in Singapore is required to hold a capital markets services (“CMS”) licence, unless an exemption applies. The list of regulated activities under the SFA, including their definitions, can be found in the Second Schedule to the SFA. The exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations . 

Learn more about the application process, timeline and fees for Capital Markets Services Licensees. 

The admission criteria for a CMS licence are set out in MAS’ Guidelines on Criteria for the Grant of a Capital Markets Services Licence (Other than for Fund Management and Real Estate Investment Trust Management).

In addition, answers to frequently asked questions on the licensing and business conduct requirements for a capital markets services licensee (other than fund managers and REIT managers) can be found in FAQs on Licensing and Business Conduct (Other than for Fund Management Companies).