Regulations for representatives

    Is a representative of an RFMC or A/I LFMC required to attend continuous professional development ("CPD")?

    The MAS expects representatives of regulated financial institutions to undergo professional development so as to keep abreast of developments in the industry and update skills and knowledge that are relevant to the activities they conduct (para. 37 SFA04-N09).

    Representatives are required to complete 6 hours in ethics or rules and regulations or both, as the case may be, ("Core CPD hours") which is relevant to the type or types of regulated activity they carry out and 3 hours of other relevant training courses ("Supplementary CPD hours") per year (para. 38A SFA04-N09).

    However, appointed representatives who serve only accredited investors, institutional investors, or both accredited investors and institutional investors are exempt from these CPD requirements: from general training and training on ethics or rules and regulations (para. 38K SFA04-N09).

    An equivalent exemption for CPD hours applies for representatives providing financial advisory services. Any representative who confines the performance of financial advisory services in respect of any investment product to accredited investors and institutional investors is exempt from CPD hours (para. 33B(b) FAA-N13 read in conjunction with para. 24(a)(i) and (ii) FAA-N13).