Capital Markets Services Licence Solutions | Pre-licensing CMSL Application Assessment | CMSL Licensing Process Management | Post-licensing Risk and Compliance Support for CMSL Licensees

CMSL Licensing Preparation

Pre-licensing Compliance Assurance

Our capital markets services licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a capital markets services licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the CMSL licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your capital markets services licence, tailored to suit your:

• business objectives,
• operational capacity,
• client base,
• markets of operations,
• and other relevant factors
• Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
• CMSL Application Plan: We help you establish a roadmap to effectively meet the CMSL requirements for Singaporean financial institutions .

Capital Markets Services Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our Singaporean CMSL licensing solution covers:

• Compliance Model Selection: To help you best comply with the CMSL licensing regime and related risk and compliance obligations.
• Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
• Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for MAS regulated financial institutions and other applicable CMSL licensees' obligations, keeping in mind your specific circumstances, available resources and business goals.

Entering The MAS Regulated Licensing Environment

We help businesses transition from an unregulated environment to operating under the CMSL licensing regime, helping them meet their obligations as a CMSL holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the CMSL licensing regime requirements. Our focus areas for this service include:

• New businesses
• Existing Singaporean financial institutions operating in unregulated markets
• Singaporean financial institutions expanding into foreign jurisdictions
• Financial institutions and/or service providers with established risk and compliance frameworks, seeking to introduce MAS regulated products or services as a new product.

Capital Markets Services Licence and Wholesale Markets

Obtaining a Singaporean Capital Markets Services Licence (CMSL) may not always be necessary or commercially viable, particularly where retail market expansion is not part of your strategy. Operating in the wholesale environment may offer a more suitable alternative. We offer a range of risk and compliance management solutions tailored for financial institutions that:

• Operate in the wholesale markets
• Offer services to accredited, institutional, or expert investors
• Operate under exemptions from the Singaporean CMSL regime (e.g. serving only accredited investors or institutional investors under available licensing exemptions)

For the latter category, we help them comply with the regulatory compliance obligations that are not captured under the Singaporean licensing requirements, but that still must be addressed, including:

• Advertisement Rules
• Fair Dealing Guidelines (under MAS Notice and Guidelines on Fair Dealing)
• Risk Management
• Oversight of Outsourced Providers
• Restrictions on offering services to retail investors (an integral part of the CMSL regime)
• Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws and regulations
• Data Protection and Management obligations (including PDPA requirements)

CMSL Application

We assist with your CMSL application through ongoing engagement in the CMSL licensing process:

• Document Compilation and Review: We compile and review all required supporting documents to support your CMSL application.
• Application Form Completion: We help you complete the forms so that all material information is accurate and complete.
• Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
• Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the CMSL licensing.
• Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

Resolving Singaporean CMSL Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our capital markets services licence solutions include a range of services to address and resolve these issues effectively:

• Remediation Solutions for Capital Markets Services Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with CMSL licensing regime requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your capital markets services licence, developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.
• Licensing Issues Handling: We address common licensing issues encountered during the CMSL licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
• Further Information: You can visit our Compliance Remediation Solutions page for more information.

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for CMSL licensees. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• CMSL Licensee Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the CMSL licensing regime and other regulatory compliance obligations. You can visit our Compliance Advisory page for more information.
• Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page.
• Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
• Compliance Assurance Program (CAP) development and testing options
• Internal Controls Design option
• Internal Controls Testing option
• Internal AML/CFT Review option
• Statutory AML/CFT Audit option
• Compliance Training Solutions: We offer training programs to different teams on complying with:
• CMSL licensees’ obligations for risk management, regulatory compliance regulations. You can visit our Compliance Training page for more information.
• CMSL licensees’ AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
• Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
• Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for Singaporean financial institutions. For more information, visit our Specialised AML/CFT Solutions page.
• Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
• Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
• new business goals
• regulatory changes
• changes in your operations
• evolving market conditions
• changes in stakeholders’ risk appetites (e.g., your banking partners, insurance companies, and liquidity providers).

Related Solutions

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with the financial licensing obligations globally. We assist in obtaining CMSL licence equivalents in the following jurisdictions:

• Australia: For more information on the Australian CMSL equivalent – AFS Licence, you can visit our AFSL Solutions page.
• United Kingdom: For more information on the United Kingdom CMSL equivalent – FCA Authorisation, you can visit our FCA Authorisation page.
• New Zealand: For more information on the New Zealand equivalent of the CMSL licence– FMA Licence, as well as Financial Service Provider (FSP) registration for non-retail offerings, you can visit our FMA Licensing Page or our FSP registration page.
• Other Jurisdictions: We also offer licensing solutions for prominent financial centres and offshore tax havens, including but not limited to:

• British Virgin Islands
• Cayman Islands:
• Seychelles
• Mauritius
  
• Gibraltar
• Belize
• Malta
• Vanuatu