Singapore CMS Licence (Capital Markets Services Licence)

Regulator: The Monetary Authority of Singapore (MAS, Singapore's sole financial regulator)

Legal Basis: Under the Securities and Futures Act 2001 (SFA), all capital markets financial activities require a licence; operating without one is a criminal offence, carrying substantial fines and imprisonment for those responsible.

Core Positioning: The CMS Licence is Singapore's universal capital markets licence, covering a full range of investment services including asset management, securities, foreign exchange, investment banking, and custody. It is one of the most widely recognised compliance qualifications in Southeast Asia, used to serve high-net-worth and institutional clients globally.

Exemptions: Singapore-licensed banks, local practising lawyers and accountants, entities serving only related corporations within their own group, and those dealing exclusively with accredited investors that meet small-scale thresholds may apply for a conditional exemption from the requirement to hold a CMS Licence.