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What is the Customer Account Review ("CAR") criteria and if I do not meet the criteria, can I still open a Brokerage account?

Effective 1 January 2012, the Monetary Authority of Singapore (MAS) requires financial institutions to assess whether a retail investor has the relevant knowledge or experience to understand the risks and features of a Listed Specified Investment Product (SIP) before allowing them to trade such products.

 

At Syfe, you will be assessed for eligibility to trade Listed SIPs (e.g. ETFs) under the Customer Account Review (CAR) framework during your Brokerage account application.

 

How can I qualify for CAR?

You can qualify for CAR if you meet any one of the following criteria:

Educational Qualifications

Hold a diploma or higher qualification in one of the following fields:

  • Accountancy
  • Actuarial Science
  • Business Administration / Business Management / Business Studies
  • Capital Markets
  • Commerce / Economics / Finance
  • Financial Engineering
  • Financial Planning / Computational Finance / Insurance
  • Professional finance-related qualifications (e.g. Chartered Financial Analyst (CFA), Association of Chartered Certified Accountants (ACCA))

Relevant Working Experience

Have at least 3 consecutive years of work experience in the past 10 years in any of the following:

  • Development, structuring, management, sale, trading, research, analysis, or provision of training in investment products (as defined under Section 2 of the Financial Advisers Act)
  • Accountancy, Actuarial Science, Treasury, or Financial Risk Management functions
    Note: Administrative or clerical support roles in these areas are not considered relevant.

Investment Experience

  • Have conducted at least 6 transactions in Listed SIPs in the preceding 3 years.

 

Other ways to qualify

If you do not meet the above criteria, you can still qualify by completing the SGX Online Education for listed SIPs and achieving a passing score (at least 75%).

  • The certification must be obtained within the past 3 years.
  • You will also need to declare that you have not been refused on 4 or more occasions by other financial institutions to open a trading account for Listed SIPs.

 

Can I still open a Syfe Brokerage account if I don’t meet CAR?

Yes—you can still open a Brokerage account with Syfe even if you do not qualify under CAR.

  • However, you will only have access to non-SIP instruments (i.e. securities that are not classified as Listed SIPs).
  • To access all securities (including ETFs that are Listed SIPs), you will need to meet the CAR requirements.

 

Why is CAR important?

  • CAR is a regulatory safeguard to ensure investors have sufficient knowledge or experience before trading in complex or higher-risk listed products like ETFs.
  • It is important to answer the CAR assessment questions truthfully and accurately during your account application to determine your eligibility.
  • For more information, refer to the MAS Notice SFA 04-N12 on the Sale of Investment Products.