Sat, Mar 7, 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. SkyBridge opens office in Palm Beach County[more]

    Where better for a southern location than South Florida? SkyBridge Capital, which is headquartered in New York, has opened an office in Palm Beach Gardens. Palm Beach Gardens is a "Signature City" in northern Palm Beach County, with a population of around 49,000.

  2. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  3. Patrick McCormack to shut down hedge fund Tiger Consumer[more]

    Komfie Manalo, Opalesque Asia: Patrick McCormack is shutting down his hedge fund Tiger Consumer Management after 15 years "to spend more time with his family," reported Reuters. Tiger Consumer ended February up 4.6% (+3.9% YTD) and assets roughly $1.4bn, reported

  4. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  5. Outlook - 5 reasons why 2015 is looking like a breakout year for alternative investments, Hedge fund manager Dan Loeb predicts disappointment for funds seeking energy distress[more]

    5 reasons why 2015 is looking like a breakout year for alternative investments From Forbes.com: …After a strong 2014, the public markets have been off to a choppy start in 2015. This year, savvy investors may be looking for alpha elsewhere. For many institutions and high-net-worth indivi