Licensing Criteria

Application for Capital Market Services Licence (CMSL) and Capital Market Services Representative’s Licence (CMSRL)

The Securities Market Order, 2013 (SMO) requires any company or individual to apply for a Capital Markets Services Licence (CMSL) or Capital Markets Services Representative’s Licence (CMSRL) to conduct a regulated activity in Brunei Darussalam. Any company or individual carrying out regulated activities without a valid CMSL or CMSRL is considered as breaching the law and may be subject to penalties.

Regulated Activities:

  • Dealing and arranging deals in investments.
  • Managing investments including Collective Investment Scheme (CIS) management and establishing, operating or winding up a CIS.
  • Giving or offering investment advice as an investment adviser or a financial planner.
  • Using computer-based systems for giving investment instructions.
  • Safekeeping and administration of assets including custodial services.

General Requirements:

CMSL

Form 1: Application for Capital Markets Services Licence

Fit and Proper Criteria

  • Honesty, integrity and reputation;
  • Competence and capability;
  • Financial soundness; and
  • Requirements relating to competencies of representatives.

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:

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:

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Managing Director
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam
ATTN: Supervision 2

For any general enquiries regarding Brunei Darussalam's capital market, please email capmarket@bdcb.gov.bn.

Application for Licensing/Recognition of Collective Investment Scheme

CIS means any investment arrangements with respect to assets, including money which enables any person taking part in the arrangements to participate in or receive profits or income from the investment.

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Necessary Documents:

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

Icon
Managing Director
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam
ATTN: Supervision 2

For any general enquiries regarding Brunei Darussalam's capital market, please email capmarket@bdcb.gov.bn.

Registration of Securities

Only holders of CMSL or exempted persons may offer securities in Brunei Darussalam. Please refer to the Leaflet on Application for CMSL.

Types of securities
  • Shares
  • Options
  • Rights and interest in investments
  • Units in collective investment schemes
  • Investment-linked insurance contracts
  • Government and public securities
  • Debentures
  • Futures
  • Certificates representing securities
  • Contracts for differences
  • Instruments creating entitlements to shares or securities

Steps for securities offerings

For Private Offerings For Public Offerings

For any offers to sell securities to less than 50 investors during a 12-month period:

For any offers to sell securities to more than 50 investors:

  • Registration Statement
  • Prospectus
  • Other Supporting Documents

For more information, please refer to:

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

Icon
Managing Director
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
Brunei Darussalam
ATTN: Supervision 2

For any general enquiries regarding Brunei Darussalam's capital market, please email capmarket@bdcb.gov.bn.