Provides guidance on the scope of capital markets services licensing (other than for fund management companies); appointment of representatives; business conduct rules; and the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.

Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities.

Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.

Guidelines on procedures to apply for a Capital Markets Services (CMS) or Financial Advisory (FA) licence, appoint representatives and pay fees.

Provides for a person to be given an opportunity to be heard by MAS and to be given at least 10 days to submit any written supporting documents as to why MAS should reconsider the decision it intends to make.