Opalesque Industry Update - The Monetary Authority of Singapore (MAS) has announced that the implementation of an enhanced regulatory regime for fund management companies (FMCs) will take effect from today, 7 August 2012.|
Complianceasia.com reports that these changes have been in the works for quite some time now and put in place fundamental changes to the current exempt regime for asset managers by removing the exemption and requiring all firms engaged in asset management to apply for either registration or licensing depending on the size and scale of their operations.
In their alert, Complianceasia sets out the highlights of that announcement and also invites clients and contacts to attend a briefing session they will be hosting in Singapore on Wednesday 15 August to discuss these important changes.
The MAS has advised that it has made amendments to the Securities and Futures (Licensing and Conduct of Business) Regulations,Securities and Futures (Financial and Margin Requirements) Regulations,and Financial Advisers Regulations. Complianceasia reports that the MAS press release further stated that under the enhanced regulatory regime, all FMCs will have to meet enhanced business conduct and capital requirements.