Organisational Requirements

• An organisational structure with clear lines of responsibility and authority;
• Necessary information technology systems and infrastructure;
• Adequate internal control systems;
• Risk management policies and processes;
• Policies and processes on conflict management and the monitoring of unethical conduct and market abuse; and
• Policies and procedures to ensure compliance with any written laws and regulations.

CMSRL

Form 2 Application for Capital Markets Services Representative’s Licence

General Requirements

• 21 years old and above.
• Fit and proper.

All relevant information must be provided by the applicant to his/her principal. Qualification and Experience Requirements

• Educational, professional background, working experience and previous track records will be considered in assessing the competency.

Licensing Examination

• Must pass the licensing examination set by the Brunei Darussalam Central Bank (BDCB).
  For more information, please refer to:

• Guideline on Application for CMSL and CMSRL
• Guideline on Application to Carry on Islamic Investment Business
• Notice on Licensing Examination
• Guidelines on Fit and Proper Criteria for FIs Frontline Staff

Financial Requirements:

Regulated Activity	Minimum Base Capital (for local corporations)	Net Head Office Funds (for foreign branches)	Aggregate Margins
Dealing and arranging deals in investments	BND2,000,000	BND2,000,000
Managing investments including collective investment scheme (CIS) management and establishing, operating or winding up a CIS	BND300,000	BND300,000	10% of aggregate margins required
	Whichever is higher
Giving or offering investment advice as an investment adviser	BND250,000	BND250,000
Giving or offering investment advice as a financial planner	BND100,000	BND100,000
Using computer-based systems for giving investment instructions	Determined by BDCB
Safekeeping and administration of assets including custodial services	Determined by BDCB

Relevant Fees:

CMSL	CMSRL	Notification of Changes to CMSL/CMSRL Holder
Each regulated activity Application fee of BND500 Annual fee of BND2,000 Additional regulated activity Application fee of BND300 Annual fee of BND2,000	Each regulated activity Application fee of BND100 Annual fee of BND100	Notification of changes in particulars of the following: CMSL holder ceases to conduct business CMSRL holder ceases to act as a representative of the principal Changes in details required under the Section 171, SMO Administrative fee of BND50

All completed applications and the necessary documentations with the application fees should be submitted to: