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Benedicte Gravrand, Opalesque London:

Good news for those hedge fund managers with operations in Singapore - especially those exempt from existing licensing and business conduct requirements, who have been waiting for clarifications on some hazy guidelines.

The Monetary Authority of Singapore (MAS) has just updated its list of Frequently Asked Questions (FAQs) on Exempt Persons, according to this morning's e-mailed notice from WongPartnership LLP, a large law firm headquartered in Singapore.

This is part of the regulatory review that has been expected in Singapore for some time, one of the moves to make the city-state more attractive to the hedge fund industry.

It is already quite attractive as it is, being one of the most important hedge fund centres for Asia-focused managers. This is due to its light regulations but also because the cost of doing business there is much more attractive than London's and New York's, said GFIA, a Singapore-based hedge fund consultant (see Opalesque Exclusive here).

And so, more than a dozen multibillion dollar international hedge funds are currently setting up or re-establishing a presence in Singapore (and in Hong Kong), ......................

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