Who this helps
- - CMS licence applicants
- - Fund manager founders
- - Representatives
- - Compliance teams
- - Singapore securities learners
First decision
Decide whether the Singapore activity is fund management, dealing, advising, corporate finance, custody, market operation, or an exemption route before choosing CMFAS modules or Form 1 assumptions.
Role tracks
Fund management representative
Licensing question
Will the person conduct or represent fund management activity under a CMS licence or exemption framework?
Exam or qualification check
Use IBF CMFAS and MAS representative requirements as the current source check before selecting modules.
Register check
Use MAS FID to inspect licence type, activity, representative or key-person context, and comparable fund managers.
CMS applicant founder
Licensing question
Which Singapore entity conducts the regulated activity and what business, capital, compliance, and key-person evidence supports it?
Exam or qualification check
Verify representative and key-person requirements, but treat Form 1 and business-plan evidence as the application centre.
Register check
Use MAS FID to compare licence categories and activities of similar firms.
Dealing, corporate finance, or advisory entrant
Licensing question
Does the work involve dealing in capital markets products, advising, corporate finance, research, or introductions?
Exam or qualification check
Check CMFAS module relevance after activity mapping, client type, and firm status are clear.
Register check
Check MAS FID for exact activity labels and whether a firm is a CMS licensee, exempt CMS entity, or exempt financial adviser.
Starter steps
Days 1-7
MAS activity map
- - Read the MAS CMS source and Form 1 notes before labelling the business.
- - Use MAS FID to compare real licence/activity labels.
- - Write the activity map in MAS-style language: fund management, dealing, corporate finance, custody, or advisory activity.
Days 8-30
Representative and module check
- - Use IBF CMFAS pages and MAS FAQs to confirm the representative exam/module route.
- - Separate exam evidence from appointment, notification, business conduct, and entity-level licence evidence.
- - Draft key-person and representative evidence before selecting a module-only study plan.
Days 31-90
CMS evidence pack
- - Build the Form 1 evidence pack, financial resources, compliance, AML/CFT, outsourcing, and complaints materials.
- - Use the evidence pack builder to turn gaps into adviser questions.
- - Recheck MAS and IBF source pages before finalising route assumptions.
Evidence to start
- - CMS regulated activity map with product and client type.
- - Representative module or exemption notes.
- - Business plan, Form 1 assumptions, compliance controls, AML/CFT framework, capital and financial resources notes.
- - MAS FID comparison log.
What to verify
- - Whether the firm needs a CMS licence, is exempt, or is relying on a specific route.
- - Which representative modules, notifications, and ongoing obligations apply.
- - Whether MAS FID shows comparable firms under the expected licence/activity label.
Common mistakes
- - Treating fund management, advice, and dealing as one Singapore licence bucket.
- - Skipping the MAS FID check and using only marketing titles.
- - Assuming CMFAS module selection settles entity-level CMS application questions.
Disclaimer
Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.