Glossary · regulatory
Capital Markets Services Licence
Also known as: CMSL, CMS Licence, CMS licence
- Definition
- A Capital Markets Services Licence (CMSL) is the MAS-issued licence required by firms providing regulated capital-markets activities in Singapore — fund management, dealing in securities, advising on corporate finance, custodial services, and others.
Issued under the Securities and Futures Act (SFA). The CMSL specifies which regulated activities a firm is permitted to conduct, who its appointed Key Personnel are, and the licence conditions. Most Singapore independent fund managers, multi-family offices, and wealth platforms hold CMSLs. Smaller fund managers below S$250M AUM may instead operate under the Registered Fund Management Company (RFMC) framework. Private banks operate under Full Bank, Wholesale Bank, or Merchant Bank licences instead.
Source: MAS — Capital Markets Services Licensees
Related
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