CMS License Application
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CMS License Application
Capital Markets Services (CMS) License
To conduct regulated activities under the Securities and Futures Act 2001, a company needs a CMS licence, and its representatives must be appointed if representing licensees or exempt institutions.
Applicants for a CMS License
Specific Financial Requirements
Application Fee & Processing Time
Annual Fee
Who Needs to Apply Capital Markets Services (CMS) License?
Companies intending to carry out regulated activities under the Securities and Futures Act (SFA) must hold a Capital Markets Services (CMS) licence. Individuals conducting these activities on behalf of a CMS licensee or an exempt entity (such as a bank) must be appointed as representatives.
Regulated activities under the SFA include:
Dealing in capital markets products
Advising on corporate finance
Fund management
Real estate investment trust (REIT) management
Product financing
Providing credit rating services
Providing custodial services for securities
Capital markets products refer to securities, units in a collective investment scheme (CIS), over-the-counter (OTC) derivatives, exchange-traded derivatives, spot foreign exchange for leveraged trading
Applicants must Fulfill the Necessary Financial Requirements
1. Broker-Dealer
Base Capital: S$50,000 to S$5 million
Other Requirements: Must maintain financial resources above total risk requirements. If conducting product financing or leveraged FX trading → must collect margins from investors
2. SCF Operator
Base Capital: S$50,000 to S$1 million
Other Requirements: Must maintain financial resources above total risk requirements
3. Corporate Finance Adviser
Base Capital: S$250,000
Other Requirements:
Must maintain financial resources above total risk requirements
4. Credit Rating Agency
Base Capital: S$250,000
5. REIT Manager
Base Capital: S$1 million
Other Requirements: Must maintain financial resources above total risk requirements
The Application Fee and the Processing Time
Application fee: A non-refundable application fee of $1,000 is payable to the Authority for the submission of this application.
Processing time: MAS expects to take up to 6 months to review applications which are complete and by applicants that meet all admission criteria.
Required Annual Payment for CMS License Holders
CMS licence holders are required to pay annual fees to maintain their licence. These fees cover both the CMS licence itself and the appointed representatives under the licence.
The total annual fee is the sum of all fees applicable to each regulated activity the CMS licensee is authorised to conduct. For example, dealing in capital markets products incurs an annual fee ranging from S$2,000 to S$8,000, depending on the type of products and whether the licensee is a member of an approved exchange or clearing house. Other activities have fixed annual fees: S$4,000 for advising on corporate finance, REIT management, and credit rating services; and S$2,000 for product financing and custodial services.
In addition, a variable fee applies for representatives. CMS licensees must pay S$5 per representative for each representative beyond the first 100, based on the headcount as at 1 January of the calendar year.
Why choose us
Support for CMS Licence Readiness and Success
We provide end-to-end guidance, documentation, and compliance support to ensure smooth CMS licence application success.
Define Your Regulated Activities Clearly
Identify intended activities under the SFA; each has unique capital and compliance requirements.
Evaluate Organisational Readiness
Ensure Singapore incorporation, clear business model, and key compliance, risk, and AML policies in place.
Assess Key Personnel ("Fit and Proper" Check)
Appoint directors who meet MAS’s standards for integrity, experience, and local presence.
Appoint Compliance & Risk Functions
Designate a compliance officer and establish robust audit and risk management frameworks.
Meet Capital & Financial Resource Requirements
Ensure sufficient base capital, liquidity, and ability to meet ongoing financial resource requirements.
Prepare Documentation & Operational Readiness
Designate a compliance officer and establish robust audit and risk management frameworks.
Understand MAS Expectations
Familiarise with relevant MAS guidelines including AML/CFT, conduct, and risk management requirements.
Conduct a Self-Assessment or Gap Analysis
Review readiness, identify gaps, and consider external support for submission and MAS engagement.
