On 4 June 2018, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing to introduce two new sets of guidelines: (1) guidelines on provision of financial advisory service; and (2) guidelines on the design of advisory and sales form. This article focuses on the proposed financial advisory service guidelines.
The financial advisory guidelines seek to provide clarity to the industry on how the MAS assesses if a person is deemed to be carrying on the business of financial advisory services, and is particularly relevant to online activities, digital business models and software and aggregator tools.
The MAS also provides clarity on specific business activities such as distribution of research reports and portfolio allocation services provided by robo-advisory websites.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by emailing Danian Zhang at danian.zhang@bakermckenzie.com.
