Home » News » Stricter Rules For Fund Management Companies Kick In
MAS now requires all fund management companies to register or apply for a license.
From today, fund management companies (FMCs) will have to abide by stricter regulations.
The Monetary Authority of Singapore (MAS) has implemented a strengthened regulatory regime that will require FMCs to meet enhanced business conduct and capital requirements.
Changes have been made to the following regulations:
Some of the new rules include needing independent custody/valuation of investor assets, independent annual audits and an adequate risk management framework.
According to MAS, the Exempt Fund Manager (EFM) regime will be replaced by a new category of Registered Fund Management Companies (RFMCs). This will allow RFMCs to serve up to 30 qualified investors and manage up to S$250 million in assets.
Other FMCs will have to apply for a licence and must do so in 6 months.
Securities and Futures Act (Cap. 289) Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies
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