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Questions and Answers
What is one of the primary qualifications for an individual to be considered an appointed representative?
What is one of the primary qualifications for an individual to be considered an appointed representative?
- A letter of recommendation from a licensed adviser
- An entry in the public register as an appointed representative (correct)
- Provision of financial advisory services prior experience
- Completion of a financial advisory service course only
Which statement accurately describes the licensing regulations for a principal of an appointed representative?
Which statement accurately describes the licensing regulations for a principal of an appointed representative?
- The principal must be licensed or exempt from needing a financial adviser's license. (correct)
- The principal does not need any license if the representative is qualified.
- The principal must be based in a foreign country.
- The principal only needs a license if providing investment advisory services.
What is necessary for an appointed representative's status to remain valid?
What is necessary for an appointed representative's status to remain valid?
- No revocation or suspension of their appointed status (correct)
- Ongoing participation in continuous educational workshops
- Having a designated mentor in the financial advisory field
- Submission of quarterly performance reports to the MAS
What is a required component for satisfying the examination requirements according to the MAS?
What is a required component for satisfying the examination requirements according to the MAS?
Which of the following is NOT a criterion for becoming an appointed representative?
Which of the following is NOT a criterion for becoming an appointed representative?
What is a prerequisite for being an exempt person in financial advisory services?
What is a prerequisite for being an exempt person in financial advisory services?
Which of the following is a criterion to be classified as a representative in financial advisory?
Which of the following is a criterion to be classified as a representative in financial advisory?
What must provisional representatives fulfill to secure their appointments?
What must provisional representatives fulfill to secure their appointments?
Which of the following describes an essential examination requirement for financial advisers?
Which of the following describes an essential examination requirement for financial advisers?
What is a possible ground for refusal to grant a financial adviser's license?
What is a possible ground for refusal to grant a financial adviser's license?
Which of the following individuals would likely be considered an accredited investor?
Which of the following individuals would likely be considered an accredited investor?
What is the primary purpose of the Public Register of Representatives?
What is the primary purpose of the Public Register of Representatives?
Which requirement must be met to use the title 'financial adviser'?
Which requirement must be met to use the title 'financial adviser'?
What is the maximum fine for an individual found guilty of contravening the rules set out for financial advisory services?
What is the maximum fine for an individual found guilty of contravening the rules set out for financial advisory services?
Who are classified as appointed representatives under the FAA?
Who are classified as appointed representatives under the FAA?
What is the main difference between appointed and provisional representatives?
What is the main difference between appointed and provisional representatives?
How long is the grace period provided for provisional representatives to pass their requisite examinations?
How long is the grace period provided for provisional representatives to pass their requisite examinations?
What criteria must an individual meet to provide financial advisory services under the FAA?
What criteria must an individual meet to provide financial advisory services under the FAA?
Which notice outlines the minimum entry and examination requirements for representatives?
Which notice outlines the minimum entry and examination requirements for representatives?
What happens in the case of a continuing offence after conviction?
What happens in the case of a continuing offence after conviction?
What represents a common entry requirement for provisional representatives?
What represents a common entry requirement for provisional representatives?
Study Notes
Appointed Representative Criteria
- An appointed representative must meet entry and examination requirements for the type of financial advisory service they are providing, as notified to the MAS in specific documents.
- The individual's name must be listed in the public register of representatives.
- The appointed representative's status cannot be currently revoked or suspended, and they must not be prohibited by the MAS from providing the relevant financial services.
- The public register of representatives must clearly state that the individual is appointed to provide that specific type of financial advisory service and not indicate they have ceased to be so.
- The appointed representative's principal must hold a license to provide that type of financial advisory service, or they must provide that type of service as an exempt person under specified conditions in the FAA.
Appointed vs. Provisional Representatives
- The Financial Advisers Act (FAA) defines two types of representatives - appointed and provisional.
- Appointed representatives must fully meet the entry and examination requirements set by the MAS. They must pass the examinations specified in the "Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (Notice No: FAA-N13)."
- Provisional representatives meet the entry requirements but may not have passed the relevant examinations. They have a grace period of three months to pass the necessary exams. This category was established to accommodate experienced individuals relocating from overseas jurisdictions.
General Representation Criteria
- Individuals providing financial advisory services for a licensed financial adviser or an exempt financial adviser under specific FAA provisions must be appointed as either an appointed or provisional representative for that type of financial advisory service.
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Description
This quiz covers the key criteria required to become an appointed representative in the financial advisory sector as per the Financial Advisers Act (FAA). It explores the necessary qualifications, registration, and licensing conditions that individuals must satisfy. Test your understanding of the regulations governing appointed representatives!
