Monday, December 3, 2012

Finalizing the New Fund Management Regime in Singapore

In August, the Monetary Authority of Singapore (‘MAS’) introduced the new enhanced regime for Fund Management Companies. More stringent requirements apply to all Fund Management Companies, current Exempt Fund Managers (‘EMF’) must seek admission as Registered Fund Management Companies (‘RFMC’) or Licensed Fund Management Companies (‘LFMC’).
MAS recently issued additional information for the implementation of the new fund management regime.
These documents provide additional information on the requirements for RFMCs and in particular their control and reporting framework.
According to a survey conducted by MAS in March 2012, 90% of the approx. 560 EMFs are expected to seek admission as RFMC or LFMC. Until 31 October 2012, 58 EMFs had applied to become a RFMC or LFMC. 10 EMFs shut down. By 2 December 2012, 13 RFMCs were registered. A rush in applications for RFMCs or LFMCs may thus be expected in the two month remaining for the applications.

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