Regulations for representatives
Is a representative of an RFMC or A/I LFMC required to pass any CMFAS exams?
A person carrying out a regulated activity under the Securities and Futures Act or the Financial Advisers Act must pass the exams of CMFAS modules as specified in MAS’ Notice SFA04-N09, in case of fund management M3 and M6, unless an exemption applies (para. 5(c) SFA04-N09, para. (B)A2 FAQs to SFA04-N09).
Please note that a representative who markets units in any collective investment scheme that its principal or its principal's related corporation manages must also pass (para. 11A, 11B SFA04-N09)
a) M5 and M8, where the representative markets units in a collective investment scheme that are Excluded Investment Products;
and b) M5 and M8A, where the representative markets units in a collective investment scheme that are Specified Investment Products.
Where the representative's activity is confined to the marketing of units in these collective investment schemes, the representative must M5 and M8, or M5 and M8A respectively, instead of M3 and M6 (para. 11A SFA04-N09).
However, a person who manages funds only for accredited investors or institutional investors (including collective investment schemes that are offered only to accredited investors and/or institutional investors) is not required to pass M3 or M6 (para. 28 SFA04-N09). Similarly, marketing representatives of fund management companies whose principal manages funds only for accredited investors or institutional investors (including collective investment schemes that are offered only to accredited investors and/or institutional investors) are exempted from the requirement to pass Modules 5, 8 and 8A.