Mon, Aug 21, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

AIMA Singapore responds to MAS consultation paper on fund management company regulations

Thursday, April 29, 2010
Opalesque Industry Update - The Singapore Branch of the Alternative Investment Management Association (“AIMA”), the industry trade association for hedge funds, is currently in the process of engaging its Singapore members, in response to the latest Monetary Authority of Singapore (“MAS”) consultation paper on the proposal to regulate the fund management companies.

The latest MAS consultation paper sets out the proposed regulatory framework governing fund management companies (“FMCs”). There are three proposed categories of FMCs under the new regulatory regime:

- Notified FMCs – FMCs whose assets under management (“AUM”) are not more than S$250 million and who serve not more than 30 qualified investors;

- Licensed A/I FMCs – Licensed FMCs who serve only accredited and/or institutional investors; and

- Licensed Retail FMCs – Licensed FMCs who serve retail (i.e. non-accredited and non-institutional) investors.

This proposed 3-tier regime for fund managers will affect local hedge fund managers. Currently, local hedge fund managers operate under the Exempt Fund Manager (“EFM”) framework.

The MAS have called for responses to the paper by 31 May 2010 and, following consultation with its members, AIMA Singapore will be submitting comments to the MAS.

Michael Coleman, the Chairman of the Singapore branch of AIMA, commented: “We are pleased to note that the latest consultation paper has seen MAS considering many of the views and comments that AIMA had raised in earlier dialogue sessions.”

Michael added: “Our member managers will be impacted by the proposed changes particularly in the areas of capitalization and executive staffing. We are happy to see that MAS has, with the Notified FMC category, recognized the needs of start up and smaller managers not to be overburdened by regulatory costs.”

Michael also welcomes the transitional arrangement proposed by MAS: “Our members had expressed concerns around the need for and likely shape of a transitional regime. The announcement provides clarity on this issue and it is anticipated there will be an aggregate of 18 months’ time for our members to meet the new requirements. This will help to mitigate any potential major disruption to the continued operation of our members.”

Corporate website: Source

See yesterday’s article: Singapore working on tightening rules for hedge funds Source


FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. FinTech - Danger: Crowdfunding on the wrong platform could force you to go public[more]

    From LinkedIn.com: Some equity crowdfunding platforms are putting startups at serious risk. Working with a platform that doesn't structure your deal appropriately could jeopardize your ability to raise future capital or worse, force you to become a public reporting company. The emergence of eq

  2. David Tepper says we're 'nowhere near an overheated' stock market[more]

    From Marketwatch.com: Billionaire David Tepper thinks comparing this current stock-market environment with the overheated markets of 1999 is "ridiculous." The hedge-fund manager, who runs Appaloosa Management, told CNBC in a phone interview on Tuesday that the market's record run, notwithstanding la

  3. Opalesque Exclusive: Altegris and Artivest partner on distribution for alternative funds suite[more]

    Bailey McCann, Opalesque New York: California-based investment firm Altegris has partnered with New York-based alternative investments platform Artivest on distribution for $1 billion in alternative funds. The partnership also launches Artivest's capabilities to offer alternative solutions to acc

  4. Investing - Buffett's Berkshire Hathaway will not increase its Oncor offer, Travel-tilting hedge funds are investing in airlines and online travel agencies[more]

    Buffett's Berkshire Hathaway will not increase its Oncor offer From Reuters.com: The energy unit of Warren Buffett's Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase it

  5. Investing - David Tepper sells airline stocks, except Delta[more]

    From Forbes.com: Head of successful hedge fund Appaloosa Management, David Tepper shied away from airlines in the second quarter after upping his bets in the first three months of the year, according to his portfolio filing released this week. Tepper sold all of his position in United Continen