Skip to main content

MAS: Customer Account Review (CAR) and Specified Investment Products (SIP) e-Learning

The Monetary Authority of Singapore (MAS) has released new requirements on the sale/ trading in listed and unlisted Specified Investment Products (SIPs) aimed at safeguarding the interests of Singapore retail investors. These new requirements will come into full effect on 1 January 2012. The classifications of listed and unlisted SIPs are as follows:

The new measures are to assess whether you have the relevant knowledge or experience to understand risks and features of SIPs by conducting:

  1. A prescribed Customer Account Review (CAR) if you intend to trade in any listed SIPs

  2. A prescribed Customer Knowledge Assessment (CKA) for a specific unlisted SIP if you intend to trade in that specific unlisted SIP

To be eligible for trading in listed and/or unlisted SIPs, you need at least 6 trades in any listed SIPs and/or 6 trades in CFDs and/or 6 trades in LFX in the preceding 3 years any brokers, or satisfy one of the following four criteria

  1. Have a diploma or higher qualifications in accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, computational finance and insurance; or

  2. Have a professional finance-related qualification; or

  3. Have a minimum of 3 consecutive years of working experience in the past 10 years In development of, structuring of, management of, sale of, trading of, research on or analysis of investment products, or the provision of training in investment products. Work experience in accountancy, actuarial science, treasury or financial risk management activities will also be considered relevant experience.Such working experience would also include provision of legal advice or possession of legal expertise on these areas.; or

  4. Demonstrate sufficient understanding of the features and risks of derivatives through the ' SGX Online Education on SIPs ' for listed SIPs.

With effect from 1 January 2012, unless you have passed the CAR/CKA assessment, you will not be allowed to establish any new positions in the listed or unlisted SIPs and may only transact in such products to close out existing positions.

What you need to do now is to

  1. Go to (create an account if you don't have one)

  2. Proceed to fill up the Customer Account Review (CAR) Form.

  3. Complete the whole e-learning course (approximately an hour). You will need minimum 18 correct answers out of 20 to pass.

  4. You will receive your test result by email.

  5. Attach this test result (if you pass) and send to your broker.

For more information, read Safeguards When Purchasing Specified Investment Products from the Monetary Authority of Singapore.


First half of information adapted from Kim Eng EDM.

Related Readings

Popular Posts

How to stop FortiClient from starting automatically?

Installed FortiClient recently but the challenge in disabling the application/service from running automatically on every start-up annoyed me. Attempt to stop 'FortiClient Service Scheduler' only return 'Parameter is incorrect' error message.

An article on Technet help solve my trouble. To stop FortiClient from starting automatically, try the following:
Shut down FortiClient from the system tray.
Run net stop fortishield on command prompt.
Run msconfig.
On msconfig, switch to the Services tab. Clear the FortiClient Service Scheduler check box and click Apply.Run services.msc on command prompt to open up show all available services.Look for FortiClient Service Scheduler. Switch Startup type to Manual.Restart your computer. FortiClient should not be running automatically the next time round. Hope it helps.

Ho Ching named 5th most powerful and is mistaken as first lady by Forbes

Forbes named Singapore Prime Minister wife and CEO of Temasek Holdings, Ho Ching, as the 5th most powerful woman in the world. Ho Ching is mistaken as Singapore's first lady! OMG!

I wonder how can Forbes makes such a blunder. For a complete list, refer to here.

Speech by Mr Inderjit Singh on Population White Paper

People's Action Party MP, Mr Inderjit Singh, debated on the Population White Paper and put up his point across that he is against his own party's 6.9m projected population. I applaud his courage to stand up against the party whip and for his fellow Singaporeans.

His key points are;

Slow down immigration and focus on resolving all issue related to the past population boom.We can live with a slightly slower growth (not zero or slow growth) and hence moderate dependence on foreigners.Use the Dubai model to complement our local workforce with foreign workforce, but don’t grant them PRs – ie a transient workforce.Abandon the 6.9m figure by 2030, this will be another rapid growth which we cannot handle.Solve Singaporeans problems first and also don’t give PRs same privileges as citizens.
As published on Mr Inderjit Singh's Facebook status, the full speech made in the parliament is as below:

Speech by Mr Inderjit Singh, MP for Ang Mo Kio GRC
On the White Paper on Population

Madam S…