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Alternative Market Briefing

Singapore seeks to strengthen rules for fund management industry

Wednesday, May 09, 2012

From Komfie Manalo, Opalesque Asia: The Monetary Authority of Singapore (MAS) is seeking to strengthen its fund management industry through the implementation more internal control of the current and future players, reported Laven Partners, a global consulting firm focused on the alternative investment industry.

In an emailed statement, Laven said it had met with MAS officials last month and discussed the new rules set for implementation in the middle of this year.

"Under the existing regime, companies conducting fund management activities in Singapore must either hold a Capital Market Services license, or be exempted from the same. Fund management companies or FMCs who notify the MAS that they are not servicing more than 30 qualified investors may be exempted from licensing if they meet the exemption criteria. FMCs dealing with more than 30 qualified investors are however currently required to hold a CMS license," the report said.

The Monetary Authority proposes to divide the regulatory regime for fund managers into three categories:

1. Registered Fund Management Companies: FMCs whose AuM do not exceed S$250m and who serve no more than 30 qualified investors, of which no more than 15 are funds, will be categorised as Registered Fund Management Companies. The underlying investors of such funds will nevertheless have to be accredited investors. The Registered FMCs will be permitted to commence......................

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