Of course once in a while there also need to be audits to ensure that countries are doing their jobs in that regard. The FATCA Regulations 2020 will come into operation on 1 January 2021. With the International Convention of Civil Aviation, every country is responsible for the oversight of their own air carriers. 186); or. The Centers for Disease Control and Prevention has issued a level 1 Travel Health Notice for Singapore due to COVID-19.While the COVID-19 environment has improved, some restrictions may still be in place. Exercise normal precautions in Singapore. Guidelines on safeguards to guard against representatives advising clients to switch from one designated investment product to another in a manner detrimental to the client. Financial Advisers Act/Financial Advisers Regulations Monetary Authority of Singapore FINANCIAL ADVISERS ACT (CHAPTER 110) FREQUENTLY ASKED QUESTIONS (Updated on 7 June 2019) Disclaimer: The FAQs are meant to provide guidance to the industry on MAS' policy and administration of the FAA regime.They do not constitute legal advice. U.S. Department of Transportation Federal Aviation Administration 800 Independence Avenue, SW Washington, DC 20591 (866) tell-FAA ((866) 835-5322) Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions, The GTCN is a cross-border DLT project to digitalise trade and trade finance, Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. The Remote ID rule mainly applies to all operators of drones that require FAA registration and weighing more than 0.55 pounds. an appointed representative or a provisional representative of a specified financial adviser; “specified products” has the same meaning as in section 2(1) of the Securities and Futures Act; “spot foreign exchange contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “venture capital fund” has the same meaning as in regulation 14(8) of the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. MIAMI – Last Friday, NASA and the Federal Aviation Administration (FAA) signed an MOU to collaborate and support commercial space activities. Guidelines on conflicts of interest that may arise from issuing or promulgating research analyses or research reports that contain opinions or recommendations about a specific investment product. Under the BA and the CG Regulations, MAS’ approval is required for the appointment of KAH and directors of banks incorporated in Singapore. (2)  For the purposes of the definition of “net asset value” in paragraph (1) —, in determining the value of the assets owned by a corporation, any amount on account of goodwill or of any other intangible assets shall be disregarded; and, in determining the amount of the liabilities of a corporation —, all contingent or prospective liabilities shall be taken into account; and. Provides guidance to financial advisers and their representatives on when they must disclose the remuneration they receive for recommending, buying or selling an investment product to clients; and how they should disclose such remuneration. Licensing, Authorisation and Registration Applies to: Licensed Financial Adviser, Exempt Financial Adviser, Exempt Financial Adviser … Requirements on the balanced scorecard framework for representatives and supervisors of financial advisers, and the independent sales audit unit. Governs the regulation of financial advisers in Singapore, including their representatives and supervisors. publication in a newspaper, magazine, journal or other periodical; circulars, handbills, brochures, pamphlets, books or other documents; letters addressed to individuals or bodies; sound broadcasting, television, the Internet or other media; “approved exchange” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. ... View data on Singapore’s financial sector, reserves statistics, exchange rates and others. 4A Lodgment of documents and undertaking of responsibilities for representative, 7 Manner of application for financial adviser’s licence, 8A Cessation of status of appointed representative, 9 Variation of financial adviser’s licence, 10 Change in particulars and additional financial advisory service of representative, 12 Cessation of financial advisory service by financial adviser, 13 Application for appointment of chief executive officer or director, 14AA Criteria for determining if chief executive officer or director of licensed financial adviser has breached duties, 14A Financial advisers and representatives, etc., to be fit and proper persons, 18 Unsecured advances, unsecured loans and unsecured credit facilities, 20A Register of interests in listed specified products, 22D Advertisement other than product advertisement, 25 Books to be kept by licensed financial adviser, 27 Exemption from requirement to hold financial adviser’s licence for certain persons in respect of certain activities, 27A Exemption of banks and merchant banks, 28 Exemption for giving advice or analysis on bonds, 32A Exemption for persons exempt under Second Schedule to Securities and Futures (Licensing and Conduct of Business) Regulations. The FAA conducts the International Aviation Safety Assessment Program (IASA). Guidelines on the standards dealers and their representatives are required to adhere to when providing execution-related advice to clients. Please check the legislation timeline to ensure that you are viewing the correct legislation version. 81A) or section 2 of the Government Securities Act (Cap. SINGAPORE —The Federal Aviation Administration (FAA) signed a milestone Maintenance Agreement Guidance (MAG) yesterday with the Civil Aviation Authority of Singapore (CAAS). MIAMI – The US FAA announced in a December 28 press release two highly anticipated new regulations governing Unmanned Aircraft Systems (UAS), commonly referred to as drones.. Further, Singapore-incorporated banks that are listed on the Singapore Exchange are required to adhere to the Code of Corporate Governance 2018 on a “comply-or-explain” basis. The MOU paves the way for Suborbital flights, which would let you travel halfway around the world in less than an hour. “exchange-traded derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “existing customer”, in relation to a person (, “expert investor” has the same meaning as in section 4A(1)(. Provides guidance on the circumstances under which a financial adviser can provide marketing materials and advice on life products offered by unlicensed insurers, as well as placing risks with unlicensed insurers. Read the Department of State’s COVID-19 page before you plan any international travel.. minimum academic qualifications under the Capital Markets and Financial Advisory Services Examination (CMFAS) and Continuing Professional Development (CPD) requirements. EASA & FAA Agreements with Singapore Maintains Safety, Stimulates Jobs & Reduces Surveillance The Civil Aviation Authority of Singapore and European Aviation Safety Agency have signed a working arrangement that will reduce regulatory compliance cost and facilitate more business opportunities for companies in Singapore and Europe. The FAA released a rule clarifying the process for flight authorizations for flight testing beyond Mach 1, a step toward the return of supersonic flight. Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements. Guidelines for financial advisers to safeguard the interest of clients when distributing life policies online without the provision of advice. Guidelines on the assessment criteria for exemption applications, in respect of any financial advisory service provided by a specialised unit that serves high net worth individuals. Get notified whenever news and updates are posted on this website. MAS has issued prohibition orders against three former insurance agents and a former bank employee for fraudulent and dishonest conduct. Guidelines on how to qualify for and apply to have foreign related corporations to carry out regulated activities under the Financial Advisers Act. Amateur Rocket Activities are not regulated under 14 CFR Chapter III; they are regulated under 14 CFR Chapter I, by the FAA Air Traffic Organization. Proposed amendments to enhance and harmonise MAS authorisation and supervisory powers across the SFA, FAA and TCA. [Updated in Nov 10] 9 Under section 2 of the FAA, “financial adviser” means a person who Provides guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements. Guidelines for financial advisers on the requirements in Notice FAA-N20, which sets out measures for the design and operation of the balanced scorecard framework and independent sales unit. 50); “foreign exchange OTC derivatives contract” means an OTC derivatives contract entered into on a margin basis the value of which is determined by reference to, is derived from, or varies by reference to —, the value or amount of any currency or currency index; or. 289); “capital markets services licence” has the same meaning as in section 2(1) of the Securities and Futures Act; “client’s money or property” has the same meaning as in section 28(4) of the Act; “consent provision” and “counterparty” have the same meanings as in regulation 3(9) of the Securities and Futures (Classes of Investors) Regulations 2018; “derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act; “entity” includes a corporation, an unincorporated association, a partnership and the government of any state, but does not include a trust; “ex-accredited investor” means any of the following: an individual who was an accredited investor under section 4A(1)(, a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act (Cap. such other securities or class of securities as the Authority may from time to time, by a guideline issued by the Authority, determine; “capital markets products” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. Singapore Airworthiness Requirements (SAR) (PDF, 642 KB) 29: 1 Nov 2018: Singapore Airworthiness Requirements (SAR) Part 21 - Certification of Products and Articles and of Design and Production Organisations (PDF, 701 KB) 9: 5 Nov 2020: Singapore Airworthiness Requirements Part 39 - Airworthiness Directives (PDF, 46 KB) 2: 8 Aug 2017 See also, (CHAPTER 110, Sections 6(3), 8, 9, 14, 16(2), 18, 19(1), 23, 24, 28, 32, 36(7), 39, 45, 48(1), 56, 57, 63, 94, 100 and 104), [G.N. Singapore law is commonly used as the governing law in cryptocurrency related contracts because of its advanced dispute resolution laws, and a reputation for being an arbitral friendly and neutral regime. Requirements for financial advisers and their representatives with respect to recommendations made on investment products. Regulations, guidance and licensing for payment service providers and systems. For example, financial advisory services aimed at foreigners may fall within section 6(1) of the FAA if all or part of the marketing activity is carried out in Singapore such as making telephone calls or sending emails from Singapore to … Financial Advisers Act (Cap. 167); “guideline issued by the Authority” means a guideline or other document issued by the Authority under section 64 of the Act; “institutional investor” has the same meaning as in section 4A(1)(. Guidance on the assessment criteria and application procedures for approval of arrangements under Regulation 32CB and the MAS’ supervisory expectations in relation to approved arrangements under the ACMF Professional Mobility Framework. Proposed enhancements to the examination framework for appointed representatives under the SFA and FAA, e.g. Requirements for financial advisers when advising on dual currency investments. Copyright © 2021 Government of Singapore. Requirements for financial advisers to lodge a report to the Monetary Authority of Singapore (MAS), upon discovery of misconduct committed by their representatives. Covered three proposals: (i) Regulatory framework for capital markets services licensees, banks, merchant banks and finance companies dealing in OTC derivative contracts under the SFA, including capital, business conduct and other requirements; (ii) exemption for execution-related advice on listed excluded investment products under the FAA; and (iii) transferring the regulation of marketing of CIS from the FAA to SFA. Nonetheless, exempt financial advisers and their appointed and provisional representatives are required to comply with the business conduct requirements stipulated in the FAA. Singapore, if the requisite nexus with Singapore exists. Singapore Drone Regulations. 289); an option in respect of any note, bond or Treasury Bill; and. Additionally, the FAA participates in ICAO regional meetings as well as Asia-Pacific Economic Cooperation (APEC) and Association of Southeast Asian Nations (ASEAN) aviation initiatives. any amount on account of any liability related to the share capital of the corporation shall not be taken into account. “accredited investor” means any of the following persons in relation to a counterparty, if the person has opted to be treated by the counterparty as an accredited investor for all the consent provisions, under regulation 3(2) of the Securities and Futures (Classes of Investors) Regulations 2018 (G.N. The regulations implement statutory requirements. Many countries have passed drone laws and regulations similar to the FAA’s which detail best practices for flying and steps users … The FAA on December 12 determined that pilots can receive the Covid-19 vaccine under the conditions of their FAA-issued airman medical certification. The UAS sector is the fastest growing in the entire transportation network, with over 203,000 remote Pilots certified by the FAA and 1.7m registered drones. Requirements for financial advisers and their representatives when selling unlisted debentures to clients. This Compliance Toolkit is to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines. “leveraged foreign exchange trading” has the same meaning as in section 2(1) of the Securities and Futures Act; “net asset value”, in relation to a corporation, means the excess of the value of the assets owned by the corporation over its liabilities; “net head office funds”, in relation to a foreign company, means the net liability of the Singapore branch of that foreign company to its head office and any other branch outside of Singapore; “on a margin basis”, in relation to a contract, means the entering of a contract by 2 parties where one party provides to the other party (whether directly or indirectly through such party’s agent) with money, securities, property or other collateral which represents only a part of the value of the contract; “over-the-counter derivatives contract” or “OTC derivatives contract” means a derivatives contract other than an exchange-traded derivatives contract; “overseas exchange” has the same meaning as in section 2(1) of the Securities and Futures Act; “paid-up capital” means ordinary shares and non-redeemable preference shares that have been fully paid for; “product advertisement” means an advertisement in respect of any investment product; in the case of regulation 39, has the meaning as in regulation 40B; and, in any other case, means a licensed financial adviser or an exempt financial adviser mentioned in section 23(1)(, any foreign exchange OTC derivatives contract arranged by any bank that is licensed under the Banking Act (Cap. The Federal Aviation Administration last month rescinded its grounding order for the plane. Allen & Gledhill is one of the largest and leading law firms in Singapore, with a notable and increasing presence in the South-east Asian region. Singapore in respect of any financial advisory services. 40F Conditions for acting as representative despite other employment, business, etc. “foreign company” has the same meaning as in section 4(1) of the Companies Act (Cap. Requirements on technology risk management for financial advisers. Therefore, the offering of FinTech products and services from entities based in foreign jurisdictions to persons in Singapore may have potential regulatory implications in Singapore on the part of the offeror. MAS also sought comments on allowing the pledging of securities held in CDP direct accounts for collateralised trading. Requirements for exempt persons regarding representations of their exempt status. The assessment is intended to determine if the relevant civil aviation authority provides oversight to carriers that are in l… 110) Governs the regulation of financial advisers in Singapore, including their representatives and supervisors. U.S. Department of Transportation Federal Aviation Administration 800 Independence Avenue, SW Washington, DC 20591 (866) tell-FAA ((866) 835-5322) All rights reserved. FAA commercial space transportation regulations are located in Chapter III, Parts 400 to 460, of Title 14 Code of Federal Regulations (CFR). FAA FAR 145 International Hazardous Materials (DG) Training Date(s): *In-house training available* Register: Email to training@aais.org.sg Time: 9am – 5pm Closing Date: One week before course date. 32C Exemption for foreign research houses, 32CA Exemption for foreign companies providing financial advisory service in respect of specified investment products, 32CB Exemption for certain entities providing financial advisory service under approved arrangements, 32D Exemption for, and application of Regulations to, venture capital fund manager and its representatives, 33 Exemption from section 25 of Act for advising accredited investor or expert investor, 33A Exemption from section 27 for dealers and related exemptions, 34 Exemption from section 27 of Act in certain circumstances, 34A Non‑application of sections 38 and 39 of Act for certain persons, 37 Reporting requirements for exempt financial advisers, 38 Exemption of licensed financial advisers for distribution of direct purchase insurance products, 39 Exemption of specified financial advisers for distribution of direct purchase insurance products, 40 Exemption of appointed or provisional representative of exempt adviser for distribution of direct purchase insurance products, 40A Exemption of customer service officers of exempt adviser for distribution of direct purchase insurance products, 40B Definitions of terms in regulations 38 to 40B, 40BB Exemption of licensed financial adviser in relation to providing financial advisory service in respect of specified OTC derivatives contracts, 40BC Exemption of exempt financial adviser in relation to providing financial advisory service in respect of specified investment products, 40BD Exemption of person other than licensed or exempt financial advisers in relation to providing financial advisory service in respect of specified OTC derivatives contracts, 40BE Exemption of appointed representative in relation to providing financial advisory service in respect of specified investment products, 40BF Exemption of person (other than appointed representative) acting as representative in relation to any financial advisory service in respect of specified investment products, 40BG Exemption of person performing any financial advisory service in respect of specified OTC derivatives contracts for person other than licensed or exempt financial adviser, 40BH Exemption from section 23B(3) of Act, 40D Permitted businesses under section 55A(1)(iii) of Act, 40E Prescribed criteria for consent under section 55C(2) of Act. According to Singapore’s national aviation authority, the Civil Aviation Authority of Singapore (CAAS), flying a drone is legal in Singapore, but we recommend being aware of and compliant with the drone regulations listed below before doing so.. S 665/2018): an individual mentioned in section 4A(1)(, a corporation mentioned in section 4A(1)(, “advertisement” means any dissemination or conveyance of information in connection with a promotion of, or an invitation or a solicitation in respect of, any product or service, by any means or in any form, including by means of —. Requirements, procedures and timelines for financial advisers to report suspicious activities or incidents of fraud. Provides guidance to financial advisers and their representatives on the assessment they must conduct on a client before recommending any complex investment product to their clients. 289, Rg 10); “venture capital fund manager” means a holder of a capital markets services licence for fund management under the Securities and Futures Act (Cap. (a) an individual who was an accredited investor under section 4A(1)(a)(i) of the Securities and Futures Act (Cap. 32B Exemption for advising institutional investor, related corporation, etc. 40G Conditions for appointment of appointed representative or provisional representative despite section 23B(3A) of Act, —(1)  In these Regulations, unless the context otherwise requires —, Revised Editions of Subsidiary Legislation. any debenture, stock or bond issued or proposed to be issued by the Government; any right or option in respect of any debenture, stock or bond referred to in paragraph (, any book-entry Government securities as defined in section 2 of the Development Loan (1987) Act (Cap. 289) who does not carry on business in any regulated activity (as defined in that Act) other than the management of portfolios of specified products on behalf of venture capital funds. Requirements for financial advisers and their representatives with respect to the distribution of direct purchase insurance products. Changes to SFA and FAA regulations relating to capital markets products, product highlights sheets, fair and balanced advertisements and overseas investors exemption. The approval will give Amazon broad privileges to "safely and efficiently deliver packages to customers," the agency said. any spot foreign exchange contract for the purposes of leveraged foreign exchange trading arranged by any bank that is licensed under the Banking Act or any merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act; “specified OTC derivatives contract” means an OTC derivatives contract the value of which is determined by reference to, is derived from, or varies by reference to —, the value or amount of any item other than any —, fluctuations in the values or amounts of one or more items other than any —, in the case of regulation 40F, has the meaning under that provision; and. Provides guidance to financial institutions on how they should classify their products arising from the change in product definitions under the amended SFA and FAA. Entry requirements in respect of the appointment of provisional representatives by financial advisers, and the validity period of such appointments. 19) or any merchant bank that is approved as a financial institution under the Monetary Authority of Singapore Act (Cap. The FAA builds on earlier drone regulations Recognizing the economic potential of commercial drones, the FAA began regulating the sector several years ago. Requirements for financial advisers when appointing and using introducers. Requirements for financial advisers on anti-money laundering (AML) and countering the financing of terrorism (CFT). Accordingly, an act done entirely outside of Singapore but which has a “substantial and reasonably foreseeable effect” in Singapore may still contravene the FAA or the SFA. There are three ways to … Guidelines on the circumstances under which a financial adviser may use the term “independent”. 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Distributing life policies online without the provision of advice drone regulations Recognizing the economic of.