Singaporean Forex Brokers' Licence | Pre-licensing Assessment | CMSL Application Management | Post-licensing Risk and Compliance Support

We offer a comprehensive set of solutions to help you obtain and maintain a Singaporean broker's licence, tailored to:

• Your business goals and objectives
• Your client demographics
• Your countries of operation
• The size of your business
• The available human and technology resources
• Your risk appetite
• Your governance structure
• The products that you offer
• Monetary Authority Of Singapore (MAS) Regulated Brokers' obligations covering risk and compliance management under Securities and Futures Act (SFA), Capital Markets Services (CMS) Licence requirements, AML/CFT laws, privacy laws, consumer protection laws, and more

We have designed our regulatory licensing solutions to help you navigate the complexities of the Singaporean brokers’ licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the brokers’ licensing process, including but not limited to the following aspects:

• Singaporean Brokers' Licensing Guidance: Advising on a wide range of aspects associated with brokers' licensing as it relates to your specific situation
• Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
• Pre-licensing support:

• Drafting the necessary policies and procedures to help you comply with the Singaporean broker’s licence conditions and the local financial markets' regulations
• Developing internal controls to help you meet your obligations under the Singaporean brokers' licensing regime

• Broker’s CMSL Application Support: Covering the entire licensing process
• Post-licensing Support: Covering

• Ongoing compliance advice
• Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
• AML/CFT advice
• AML/CFT compliance management
• Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing.

 

Service Coverage

This page is about the Singaporean Capital Markets Services Licence (CMSL) for Broking. In Singapore, entities conducting regulated activities involving broking, are generally required to hold a CMSL issued by the Monetary Authority of Singapore (MAS). This licence authorises them to carry out regulated broking activities, including dealing in capital market products such as shares, debentures, units in collective investment schemes, or exchange-traded and OTC derivatives, for accredited, institutional, and (with additional obligations) retail investors.

We offer comprehensive support for a wide range of Singaporean brokers' licence applications tailored to meet the specific needs of the following businesses:

• Finance Brokers
• Stock Brokers
• Mortgage Brokers
• Insurance Brokers
• Forex Brokers- please visit our Singaporean Forex Broker Licensing Page for more.

You can find more information about our Singaporean brokers’ licensing solutions below:

 

Singaporean Broker’s Licensing Preparation

Pre-licensing Compliance Assurance

Our Singaporean broker's licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a Singaporean broker's licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the Singaporean broker's licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singaporean broker’s 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
• Singaporean Broker's Licence Application Plan: We help you establish a roadmap to effectively meet the CMSL requirements for brokers.

 

 

 

 

 

Singaporean Broker’s 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 brokers’ licensing solution covers:

• Compliance Model Selection: To help you best comply with the Singaporean brokers' 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 Singaporean brokers and other applicable brokers' obligations, keeping in mind your specific circumstances, available resources and business goals.

 

 

Entering MAS Regulated Licensing Environment

We help businesses transition from an unregulated environment to operating under the Singaporean brokers’ 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 Singaporean brokers' licensing regime requirements. Our focus areas for this service include:

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

 

Multi-Jurisdictional Compliance

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 brokers’ obligations globally.

 

Broker’s Licence and Wholesale Markets

Obtaining a Singaporean Capital Markets Services Licence (CMSL) for broking activities 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 brokers 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)

 

Broker’s CMSL Application

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

• Document Compilation and Review: We compile and review all required supporting documents to support your Singaporean broker's licence 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 Singaporean brokers' 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 Broker’s Licence Issues

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

• Remediation Solutions for Singaporean Broker’s Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with Singaporean brokers' regime requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your broker's 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 brokers' 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 MAS regulated brokers. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• Singaporean Brokers' Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the Singaporean brokers' licensing regime and other regulatory compliance obligations. You can visit our Compliance Consultancy Service 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 for Brokers.
• 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:
• Brokers’ obligations for risk, regulatory compliance management, and broking regulations. You can visit our Compliance Training page for more information.
• Brokers’ 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 brokers. For more information, visit our Specialised AML/CFT Solutions page for Brokers.
• 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 (your banking partners, insurance companies, liquidity providers, etc.).

 

Further Information

Please visit our specialised CMSL page for further information about our services and CMSL holders' obligations.

 

Related Licensing Solutions

We can help you apply for the broker's CMSL equivalents in the following jurisdictions:

• Australia: For more information on the United Kingdom's brokers' CMSL equivalent – AFSL for Brokers, you can visit our AFSL page for Australian Brokers.
• New Zealand: For more information on the New Zealand equivalent of the brokers' CMSL–  Financial Service Provider (FSP) registration, you can visit FSP Registration page for New Zealand Brokers.
• United Kingdom: For more information on the United Kingdom's brokers' CMSL equivalent – FCA Authorisation, you can visit our FCA Authorisation page for the UK brokers.
• United States: For more information on the US brokers' CMSL equivalent, the broker-dealer registration, you can visit our US Broker-Dealer Registration page.
• Other Jurisdictions: We also offer licensing solutions for brokers in prominent financial centres and offshore tax havens, including but not limited to:

• Cyprus
• Belize
• Mauritius
• Seychelles
• Other offshore and low-tax jurisdictions