Tue, Sep 1, 2015
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. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  2. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  3. Opalesque Exclusive: Credit-focused hedge fund Numen Capital expects more volatility in Europe in coming months[more]

    Benedicte Gravrand, Opalesque Geneva: A London-based hedge fund, which has just hired two emerging managers, is cautious on Europe. Vassilis Paschopoulos and former Lehman’s colleague Nikos Kargadouris, launched a London-based credit-focused hedge fund called

  4. Performance - Hedge funds bruised by stocks’ meltdown, Capstone’s volatility hedge fund is having a monster month thanks to market mayhem[more]

    Hedge funds bruised by stocks’ meltdown From WSJ.com: Hedge-fund managers like to promise their investors protection from market swings. In the recent stock swoon, many were caught off guard. Billionaire managers such as Leon Cooperman, Raymond Dalio and Daniel Loeb are deeply in the red

  5. Opalesque Exclusive: Foundation returns slide, but commitment to alternatives remains[more]

    Bailey McCann, Opalesque New York: Private and community foundations posted returns of 6.1 percent for the 2014 fiscal year (January 1 – December 31, 2014), down from the 15.6 percent return reported for FY2013, according to the latest Council on Foundations–Commonfund Study of Investment of End

 

banner