Age

CPFIS & SRS – min 18yrs old

A CPF member can apply to join CPF LIFE anytime between the time he wishes to start his monthly
payout and before he attains the age of 80 years.

Durations and dates

Need to obtain a written approval from MAS no later than 1 month before proposed date of new
product launch

An insurer to notify the relevant Authority 1 month before the change of the Manager is to
take effect

The Retirement Sum Scheme provides the CPF member with a monthly income
to support a basic standard of living during retirement for about 20 years.

As a rule of thumb, financial adviser helps their clients to answer the question on “Years to support”
for their dependants by adding 8 years of the life expectancy to arrive at the years needed to support
them.

A Financial Adviser must submit to MAS a “Misconduct Report” not later than 14 days from
the date of discovery of misconduct committed by its representatives.

The insurer shall send, to all policyholders, the Semi-Annual Report and the Relevant Audit Report on
each of the policyholders’ ILP sub-funds within 2 months and 3 months respectively from the last date
of the period to which the report relates.

Misconduct report should be submitted to MAS no later than 14 days after the discovery of the
misconduct.

Insurer should inform MAS within 3 business days after insurer becomes aware of any breach of the
requirements and standards set out in the Notice in MAS 307 Investment linked Life Insurance
Policies.

A licensee shall notify the Authority as soon as possible, but not later than 1 hour, upon the discovery
of a relevant incident (hacking of critical system)

a financial institution should maintain proper records and supporting documents of its analysts’
research recommendations for a period of not less than 5 years from the date of publication of the
research recommendation.

An insurer should notify the MAS in writing of any product launched that does not require the
approval of the MAS with 7 working days after the official launch date of the product.

To be the Chief Executive Officer of a licensed financial adviser, the following criteria needs to be
fulfilled:
A. having the relevant academic and professional qualifications
B. having a minimum of 5 years; relevant working experience
C. performing in a relevant managerial capacity for at least 3 years
D. meeting the fit and proper criteria as set out on MAS Guideline No:FSG-G01
Under MAS Notice No: FAA-N06 on the prevention of money laundering and countering the financing
of terrorism, a financial adviser shall retain all relevant documentation for a period of at least 5 years
following the termination of such business relation.

The Retirement Sum Scheme provides the CPF member with a monthly income
to support a basic standard of living during retirement for about 20 years.

a financial adviser is required to submit an annual report to the MAS, even though there is no
misconduct committed by its representative not later than 14 days after 31 December of that
calendar year.

The free-look period for Direct Purchase Insurance Products is 14 days.

Notice No: FAA-N18 is the Notice on Technology Risk Management, and a licensed financial
adviser (the “FA”) is required to submit a root cause and impact analysis report (the “report”)
from the date of discovery of any incident relating to any breach of the provisions (the
“incident”) to the relevant Authority.
Within what time period shall the FA submit the report to the relevant Authority? 14 days

Interest or income received under the Insurance Broking Premium Accounts shall after the credit
period (90 days) not be retained by the financial adviser (FA) and shall immediately be paid over to
the insurer.

If an appointed representative’s status has been revoked by MAS, he may appeal this decision within
30 days to the Minister, whose decision shall be final.

Where the audit is carried out on the internal control and processes of the ILP sub-funds, the period
under review of shall be for a period of Not less than 12 months.

The time period between the date of cessation to be so licensed and the date of the proposed
appointment for which he may be refused entry in the Public Register (the “Time Period”) is 13
Months

Cessation to be a representative of FA must be done within the next business day after the day of
cessation

An insurer shall notify the Authority of the insurer’s intention to launch any ILP sub-fund at least 21
days before the ILP sub-fund is established

The suspension of dealings in units should cease as soon as practicable when the exceptional
circumstances cease to exist, and in any event, within 21 days of the
commencement of the suspension.

in the product summary. An insurer should pay out, or cause to be paid out,
redemption proceeds to policyholders:
(a) in respect of bond and money market ILP sub-funds, within T+4 business
days;
(b) in respect of property ILP sub-funds, within the period allowed under the
guidelines in Appendix 6 on Property Funds as contained in the Code;
(c) in respect of hedge ILP sub-funds, according to what is stated in the
product summary as required under Annex Ab of this Notice;
(d) in respect of ILP sub-funds which invest all or significantly all of the assets
in another collective investment scheme, within T+7 business days; and
(e) in respect of other types of ILP sub-funds not listed above, within T+6
business days.

The timeframe which the insurer should notify the Monetary Authority of Singapore 1 month
before changing the focus and investment objective that is stated in the product summary of
an investment-linked policy sub-fund (the “sub-fund”)

Single Hedge Fund Redemption proceeds should be paid to the participant (who is the
beneficial owner
of the units) within 90 days from the dealing day the redemption request is
accepted.

The BHS is adjusted annually until the CPF member reaches age 65

A Term policy having a duration of 7 years require the prior approval of the Monetary Authority of
Singapore before it can be launched

Validity period of the ACMF Pass is 2 years

Money and dollars

Any person who contravenes any specified written direction under the Notice on Recommendation
on Investment Products shall be guilty of a fine not exceeding $25,000 and a further fine not
exceeding $2,500 for every day which offence continues after conviction.

a licensed financial adviser who contravenes “conflict of interests” shall be fine not exceeding
S$25,000, or to imprisonment for a term not exceeding 12 months or to both.

Penalty for hiring someone with Prohibition Order is S$50,000

Any representative who holds himself out as a representative of a financial adviser when his
name is not entered in the Public Register of the FAA, will be liable for fine not exceeding $25,000 or
imprisonment not exceeding 12 months or both.

CPFIS – 20000 for Ordinary Acct, 40000 for Special Acct

The CPF member will be placed on CPF LIFE if he is a Singapore Citizen or

Permanent Resident born in 1958 or after, and have at least:
1. S$40,000 in his Retirement Account upon reaching the age of 55 years; or
2. S$60,000 in his Retirement Account upon reaching the age of 65 years.
Applicant that intends to carry on a business of providing advices concerning futures contracts, spot
foreign exchange contracts or OTC derivatives contracts needs paid up capital of $300,000; other
cases is $150,000

Accredited Investor
As an individual:
net personal assets exceed S$2 million
financial assets exceed S$ 1 million
past 12month income exceed S$300,000

Corporation:
Net assets exceed S$10 million

Needs analysis stages:

(a) Establish and define client-representative relationship;
(b) Gather data, including goals;
(c) Analyse and evaluate financial status;
(d) Develop and present recommendations;
(e) Implement recommendations; and
(f) Review with client periodically.

When a valuation error represents 0.50% or more of the ILP sub-fund’s NAV per unit, the insurer
should compensate policyholders.

Principles of MAS
(a) to act as the central bank of Singapore, including the conduct of monetary
policy, the issuance of currency, the oversight of payment systems, and
serving as the banker to and financial agent of the Government;
(b) to conduct integrated supervision of financial services and financial stability
surveillance;
(c) to manage the official foreign reserves of Singapore; and
(d) to develop Singapore as an

MAS Mission
The mission of the MAS is to sustain non-inflationary economic growth and
promote a sound and progressive financial services sector.

Instruments Issued by the MAS:

Instruments Legally Binging?
Acts Legally Binding
Subsidiary Legislations
Directions
Guidelines Non-Legally Binding
Codes
Practice Notes
Circulars
Policy Statements
The 6 Tenets of Effective Regulation
Tenet 1 Outcome Focused
Tenet 2 Shared Responsibility
Tenet 3 Risk Appropriate
Tenet 4 Responsive to Change and Cycles
Tenet 5 Impact Sensitive
Tenet 6 Clear and Consistent

Retention periods – most of the time is 5 years

Know the MAS’s mission

Force of law – things(acts, subsidiary legislations and directions) that if breached, have tangible
consequences
Chapter 9 onwards don’t have force of law
Know the 2,3,4,6 of MAS
6 objectives of IMAS don’t need to remember just read thru
Remember mas imas sgx lia

For MAS:
2Missions
3Instrument force of law
4 principal objectives
6 tenets