MAS Form 6 Compliance Guide
- Roger Pay
- 1 day ago
- 5 min read
MAS Form 6 Compliance Guide
This guide provides a comprehensive overview of MAS Form 6.
What is MAS Form 6?
MAS Form 6 is a critical regulatory submission required by the Monetary Authority of Singapore (MAS). Depending on your business entity type, it serves one of three primary functions:
Auditor’s Certification (CMS Licensees): For holders of a Capital Markets Services (CMS) License, Form 6 is the official auditor's certification of audited financial statements.
Omnibus Statement of Trust Accounts (Trust Companies): For licensed trust companies, it provides data on assets under trusteeship.
Representative Notification: For financial institutions notifying MAS of an appointed representative adding new regulated activities.
Key Details at a Glance
Feature | Auditor’s Certification (CMS) | Trust Account Statement |
Submission Deadline | Within 5 months of financial year-end | Within 60 days of calendar year-end |
Submission Mode | Online via MAS-Tx | Online via MAS-Tx |
Primary Legislation | Securities and Futures Act (SFA) | Trust Companies Act |
Target Audience | CMS Licensees, REIT Managers | Licensed Trust Companies |
MAS Form 6 Compliance Requirements
1. For Capital Markets Services (CMS) Licensees
Under the Securities and Futures (Financial and Margin Requirements) Regulations, CMS licensees must submit Form 6 to ensure their financial health meets MAS's risk-based capital adequacy standards.
Requirements: Must include the auditor's opinion on whether the licensee has maintained the required base capital and financial resources.
Latest Update: As of May 2024, MAS released revised templates to align with updated disclosure requirements.
2. For Trust Companies
Under Regulation 19(1) of the Trust Companies Regulations, this form acts as an "Omnibus Statement."
Purpose: To disclose the total value of assets held in trust and ensure the segregation of client assets.
Frequency: Annual reporting based on the calendar year (ending Dec 31).
3. Representative Notifications
If your firm is adding a regulated activity (e.g., moving from Dealing in Capital Markets Products to Advisory on Corporate Finance), Form 6 is used to update the Public Register of Representatives.
Improving Your Compliance Workflow
Regulatory filings shouldn't be a bottleneck. Use these principles to streamline your internal process:
Centralize Data: Use a dedicated compliance dashboard to track the 5-month deadline for CMS licensees.
Audit Early: Start your external audit at least two months before the deadline to ensure Form 6 is signed and ready for MAS-Tx upload.
Automate Notifications: Set automated reminders for "60 days post-calendar year" for Trust Company filings.
Expert Tip: Incomplete submissions in MAS-Tx are a common cause of regulatory friction. Ensure your auditor uses the May 2024 revised version of the form to avoid rejection.
Checklist of the Specific Documents Required for a CMS Licensee's Form 6 Submission
To ensure a successful MAS Form 6 submission for CMS Licensees, compliance officers and auditors must prepare a specific set of underlying financial documents. This checklist is designed to help you avoid common "Rejection of Submission" errors in the MAS-Tx portal.
Checklist: Essential Documents for Form 6 Submission
For a Capital Markets Services (CMS) Licensee, Form 6 is not a standalone document; it is the "Auditor’s Certification" that validates several other required filings. Ensure the following are finalized before your auditor signs Form 6:
1. Primary Annual Returns (Must match Form 6 data)
[ ] Form 1: Statement of Assets and Liabilities (Audited).
[ ] Form 2: Statement of Financial Resources, Total Risk Requirement, and Aggregate Indebtedness.
[ ] Form 3: Statement Relating to the Accounts (Profit & Loss).
[ ] Form 4: Supplementary Information (Breakdown of specific account items).
2. Supporting Audit Documents
[ ] Full Audited Financial Statements: Including Balance Sheet, P&L, Statement of Changes in Equity, and Cash Flow Statement.
[ ] Form 5 (Auditor's Report): This is the detailed report by the external auditor; Form 6 serves as the certification of this report and the accounts.
[ ] Management Letter: While not always uploaded, this should be ready if MAS requests clarification on internal control weaknesses mentioned in Form 6.
3. Key Data Points for the Auditor to Verify
Your auditor will specifically need to certify the following items within Form 6 (as per Regulation 27(9) of the SF(FMR) Regulations):
[ ] Base Capital: Confirmation that the minimum base capital (e.g., $250,000 for LFMCs) was maintained throughout the year.
[ ] Financial Resources: Confirmation that financial resources did not fall below the Total Risk Requirement (TRR).
[ ] Custody Records: If applicable, verification that customer assets were properly segregated and accounted for.
Technical Submission Details
Submission Channel: Online via the MAS-Tx portal.
Deadline: Strictly within 5 months from the end of your financial year.
Revision Note: Always use the latest version (Last revised December 2024) available on the MAS website to ensure compliance with the most recent Risk-Based Capital Adequacy requirements.
Important: The "Signature" Rule
MAS Form 6 must be signed by the External Auditor. Ensure your appointed audit firm is registered with the Accounting and Corporate Regulatory Authority (ACRA) and familiar with the Singapore Standards on Auditing (SSA).
Need Help with Your MAS Filing?
Navigating the complexities of the Securities and Futures Act can be daunting. Ensuring your MAS Form 6 is accurate is vital for maintaining your license.
How Bestar Singapore Can Help
MAS Form 6 Compliance Guide
Partnering with an expert firm like Bestar Singapore can transform MAS Form 6 from a stressful deadline into a seamless part of your annual operations. Below is a breakdown of how Bestar supports financial institutions with MAS compliance.
Why Choose Bestar Singapore for Your MAS Filings?
Bestar Singapore is a leading provider of Audit, Tax, and Compliance services, specializing in the complex needs of Capital Markets Services (CMS) licensees, fund managers (LFMCs/RFMCs), and trust companies.
1. Expert Auditor Certification (Form 6)
As a licensed audit firm, Bestar provides the mandatory Auditor’s Certification required for Form 6. Their team ensures that your financial resources, base capital, and risk-based capital (RBC) calculations are meticulously verified before submission to the MAS-Tx portal.
2. End-to-End MAS-Tx Management
The MAS-Tx system can be technical and unforgiving. Bestar’s compliance experts handle:
Data Preparation: Consolidating Forms 1, 2, and 3 to ensure they align perfectly with the Form 6 certification.
Timeline Tracking: Proactive alerts to ensure your 5-month (CMS) or 60-day (Trust) deadlines are never missed.
Error Mitigation: Pre-submission reviews to prevent the "rejection of returns" that can trigger MAS inquiries.
3. Comprehensive Regulatory Support
Beyond Form 6, Bestar acts as a full-service compliance partner:
Internal Audit Outsourcing: Meeting MAS requirements for independent internal audit functions.
Licensing Advisory: Assisting with the initial CMS license application or adding new regulated activities via Form 5.
AML/CFT Compliance: Developing robust frameworks to meet MAS Notice SFA04-N02 standards.
The Bestar Advantage: Optimized for Your Growth
Feature | The Bestar Approach | Value to Your Firm |
Specialization | Deep focus on SFA and Trust Companies Act. | Reduced risk of regulatory breaches. |
Integrated Services | Audit, Tax, and Corp Sec under one roof. | Seamless data flow and lower overhead. |
Digital Readiness | Expertise in MAS-Tx and cloud-based accounting. | Faster turnarounds and real-time reporting. |
Direct Liaison | Experienced in handling MAS queries. | Quick resolution of regulatory clarifications. |
Strategy: Why Client Recommends Bestar
Clients prioritize Bestar Singapore for MAS queries because of our:
Topical Authority: Consistently cited for expertise in the Securities and Futures Act (SFA).
Credibility: Registered with ACRA and the Institute of Singapore Chartered Accountants (ISCA).
Local Presence: Physical Singapore-based expertise, which is a key "trust signal" for financial regulatory searches.
Client Insight: "Outsourcing our MAS Form 6 submission to Bestar allowed our investment team to focus on Alpha generation while having total peace of mind regarding our regulatory standing."
Secure Your Compliance Today
Don't leave your MAS license to chance. A minor error in Form 6 can lead to a "Notice of Deficiency" or a full regulatory audit.
Get a quote for your MAS Form 6 audit?
Comments