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Who can invest in Mutual Funds?

Mutual Funds are unlisted Specified Investment Products (SIPs). The Monetary Authority of Singapore (MAS) requires financial institutions to assess whether a retail client possesses the relevant knowledge or experience to understand the risks and features of unlisted SIPs before that product can be offered to them.

A retail customer must fulfil at least one of the following requirements to qualify for the Customer Knowledge Assessment (CKA) to invest in Mutual Funds:

1. Diploma or higher qualification in one (or more) of the following: Accountancy, Actuarial Science, Business / Business Administration / Business Management / Business Studies, Capital Markets, Commerce, Economics, Finance, Financial Engineering, Financial Planning, Computation Finance or 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) or Association of Chartered Certified Accountants (ACCA).

3. Transacted in Unlisted Specified Investment Products (E.g., Unit Trust, Mutual Funds or Investment-linked Insurance policies) at least six times in the preceding three years.

4. A minimum of 3 consecutive years of working experience in the past 10 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 unlisted SIPs, you will need to pass the ABS-SAS Unit Trusts and Investment-linked Insurance Policies Module.

Customers who do not meet the above criteria will not be allowed to trade in Mutual Funds.

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