The Capital Markets and Services Act 2007 (CMSA) comes into force on 28 September 2007. The CMSA, passed by Parliament in May 2007, consolidates the Securities Industry Act 1983, the Futures Industry Act 1993 and Part IV of the Securities Commission Act 1993 which deals with fund raising activities. The CMSA is supported by the Capital Markets and Services Regulations 2007, the Licensing Handbook and the Guidelines on Regulation of Markets. All of these documents come into effect concurrently with the CMSA.


A key CMSA measure benefiting capital market intermediaries is the introduction of the single licensing regime. Under this measure, intermediaries hold a Capital Markets and Services Licence as opposed to multiple separate licences, which effectively reduces administrative and compliance costs, and ultimately saves time. The Licensing Handbook explains the implementation of the single licensing regime.