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Why do I need to complete a Customer Account Review (CAR)?


Since 1 January 2012, the Monetary Authority of Singapore has required financial institutions to assess whether a retail client possesses the relevant knowledge or experience to understand the risks and features of a Specified Investment Products (SIPs) before that product can be offered to them.


A retail customer must fulfil at least one of the following to qualify for the Customer Account Review (CAR):


1. 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.


2. Finance-related professional qualification in one (or more) of the following: Associate Financial Planner (AFP), Associate Wealth Planner, Certified Financial Planner, Certified Financial Technician (CFTe), Chartered Financial Consultant (ChFC), Financial Risk Manager (FRM), Chartered Alternative Investment Analyst (CAIA), Chartered Institute for Securities and Investment (CISI), Certified Public Accountant (CPA), Association of Chartered Certified Accountants (ACCA).


3. Transacted in Listed Specified Investment Products (E.g., Exchange-Traded Funds, Exchange-Traded Futures, Exchange-Traded Options, Exchange-Traded Notes, DLCs, or Structured Warrants) at least six times in the preceding three years.


4. A minimum of 3 consecutive years of working experience in the past ten years in Development / Structuring / Management / Sale / Trading / Research on or Analysis of Investment Products, Provision of Training in Investment Products, Accountancy, Actuarial Science, Treasury, Financial Risk Management Activities or Provision of Legal Advice in any of the listed areas.

(Support functions in the areas mentioned above that are administrative or clerical will not be considered relevant experience.)


If you do not satisfy one of the above criteria, to trade in listed SIPs, you will need to pass the SGX Online Education Module on SIPs.


Customers who do not meet the above criteria will only be allowed to trade in US and HK stocks.

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