SFA CPD

CPD Requirements for Appointed Representatives of Capital Markets Services (CMS) Licence Holders and Exempt FIs

As set out in the Guidelines on Fit and Proper Criteria (Guideline No.FSG-G01), competence and capability are criteria which are taken into account in considering whether a person is fit and proper.

Appointed representatives of financial advisers are therefore expected to undergo continuing education so as to keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services which they provide.

In this regard, every appointed representative of a financial adviser must:

a) undergo structured CPD training which is relevant to the type of financial advisory services that he provides; and

b) obtain and retain relevant supporting evidence that he has completed the minimum hours of structured CPD training within the stipulated period.

Effective Date

The minimum hours of structured CPD training required for appointed representatives of CMS licence holders and exempt FIs would take effect from 1 January 2019.

Who is Covered?

Appointed representatives of Capital Markets Services (CMS) licence holders and exempt Financial Institutions (FIs).

Who is Exempted?

An individual who has been appointed as an appointed representative of any CMS licence holder or exempt FI for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year.

For other circumstances under which the CPD requirements do not apply, please refer to MAS Notice SFA 04-N09 Para 38J and K.

CPD Requirements

The following is a summary of core and supplementary CPD hours required for the Capital Markets Services industry. For details, please refer to MAS Notice SFA 04-N09

Continuing Professional Development (CPD)	Core CPD Hours	Supplementary CPD Hours
Appointed representatives of Capital Markets Services (CMS) licence holders and exempt Financial Institutions (FIs).	6 hours in Ethics or Rules and Regulations or both, as the case may be, which is relevant to the type or types of regulated activity he carries out.	3 hours of relevant training courses.

Accreditation of Core CPD Courses

Only training hours of courses in Ethics or Rules and Regulations or both, as the case may be, which are accredited by IBF will be counted towards the Core SFA CPD hours.
Please click here for details on how you can apply for your Ethics or Rules and Regulation courses to be accredited.

CPD Reporting

With effect from 1 January 2019, a principal entity must:

a) calculate the total number of completed structured CPD training hours of each of its appointed representatives as at the end of each calendar year; and

b) maintain a register containing records of each of its appointed representatives’ total number of completed structured CPD training hours for each calendar year, and the principal must retain the register for a period of not less than 5 years from the end of the calendar year in which the appointed representative is appointed by the principal.

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