BACKGROUND

On 6 May 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing the removal of existing exclusions under the Financial Advisers Regulations (FAR) and Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R) relating to financial services advertisements. These regulatory exclusions currently exempt certain types of investors (e.g. accredited and institutional investors) and activities (e.g. spot foreign exchange advisory) from a range of advertising requirements.

The proposed changes are part of MAS’s broader initiative to enhance safeguards in financial marketing, which was outlined in its 2023 public consultation on digital prospecting. The key objective is to ensure consistency, transparency, and fairness across both product and non-product advertisements, regardless of the clientele groups.

What’s Changing

Under the public consultation proposals:

• All advertisements for investment products and regulated financial services must comply with advertising standards—regardless of the type of investor they target.
• Existing exemptions under FAR Regs 22(7)(a) and 22(7)(c), and SF(LCB)R Regs 46(7)(b) and 46(7)(d), would be repealed.
• These changes will align with the upcoming legislative amendments stemming from MAS’s prior consultation on digital prospecting.

This marks a significant shift in regulatory expectations, particularly for firms that have historically relied on exemptions when targeting sophisticated clients (accredited, institutional clients).

WHAT’S NEXT

MAS is currently seeking feedback on:

• How the above exclusions are used in practice;
• The potential impact of their removal;
• Supporting rationale and examples.

The deadline for submitting feedback is 5 June 2025.

HOW WE CAN HELP

We can assist you with:

• Assessing current marketing and advertising practices against the proposed changes;
• Reviewing templates and workflows for product and service advertisements to ensure future compliance

Contact Us today to discuss how we can provide the risk and compliance advisory solutions for you. Find out more here.