Singapore: Regulatory Waivers

The Regulators

The Monetary Authority of Singapore (MAS) is the nation's central bank. The MAS Act of 1970 authorized the central bank to regulate the financial system. The Institute of Banking & Finance (IBF) is a non-profit organization dedicated to the training of the Singapore financial sector workforce.

Requirements to Practice

Administered by the Institute of Banking and Finance, the Capital Markets and Financial Advisory Services (CMFAS) is composed of a series of examinations that test candidates on subjects related to the investment profession. The CMFAS brochure (PDF) outlines key information about these exams.

The Waivers

  • Financial Advisor Representative: MAS exempts those who are CFA charterholders seeking to apply for a license as Financial Advisor Representatives (advising others concerning securities excluding collective investment schemes) from modules 6, 7, and 8 of the CMFAS Exam.
  • Capital Markets Services (CMS) Representative: MAS exempts those who are CFA charterholders and are seeking to apply for a license as CMS Representatives in Fund Management from modules 6 and 7 of the CMFAS Exam.

Note

IBF/MAS recently raised the bar — previously they accorded exemptions to CFA Level I candidates. The exemptions are now given only to CFA charterholders.