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ComplianceAsia warns on approaching MAS re-registration deadline

Tuesday, January 15, 2013

Beverly Chandler, Opalesque London: Specialist Asian compliance consulting firm ComplianceAsia has issued a client alert regarding the FMC re-registration deadline with the Monetary Authority of Singapore (MAS). The firm warns that the deadline for all exempt asset managers is looming with only three weeks left before the 6th February final date for submission. ComplianceAsia writes: "This is a critical deadline. Firms that have not submitted an application by the deadline would be acting illegally if they provided asset management services in Singapore after the deadline."

The firm notes that the numbers of exempt fund managers has remained, in their words, 'worryingly high’ with 533 exempt fund managers and only 29 registered fund management companies to date plus a few licensed accredited / institutional investor fund management companies. "This is not significantly reduced from the approximately 580 exempt fund managers prior to the introduction of the new rules. Allowing for both those new applications in progress and for the fact that the MAS takes a few days to update the publicly available list of financial institutions, there is a grave risk that MAS will be swamped with applications in the last few days of what has been a six month transitional period", ComplianceAsia warns.

"The MAS has informally commented to the industry that so far a high ......................

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