Navigating changes in Singapore's fund management landscape.
The Monetary Authority of Singapore (MAS) is proposing the repeal of the Registered Fund Management Company (RFMC) regime, aiming to streamline and standardize regulations for all fund managers.This is our concise overview of the proposed changes and how we can assist you in this transition.
The MAS has issued a Consultation Paper on the proposed changes and the industry is now awaiting further confirmation on the legislative amendment and implementation plan.
- Existing RFMCs must adapt to new regulatory requirements within a specified timeline and be granted a Capital Markets Services (CMS) license or cease fund management activities.
- There will be a specified timline for RFMCs to apply for a Capital Markets Services (CMS) license after the repeal.
- Simplified Application: The MAS will commit to responding to all RFMC license transition applications within one month.
- RFMCs transitioning to A/I LFMCs will be subject to a cap on managed assets of up to S$250 million. They may subsequently communicate with the MAS to reassess and lift this restriction. Transitioned RFMCs however, will not be limited on the number of investors of funds managed.
- Asset Management Limits: The transition will retain a manageable limit of S$250 million on managed assets, with an option for RFMCs to uplift the limit post-transition.
- Application Fee Waiver:RFMCs applying for A/I LFMC status will not incur application fees.
- Briefing by MAS: To address any uncertainties, MAS will conduct a briefing for RFMCs before the repeal.
- Trustmoore can assist in transitioning RFMCs to A/I LFMCs, ensuring continuity in your fund management business.
- Our expert nework can assist in updating RFMC compliance policies to meet A/I LFMC standards. They also develop and implement a robust compliance monitoring plan for A/I LFMCs.
At Trustmoore, we take pride in supporting fund managers to achieve a seamless transition as the fund management landscape undergoes key regulatory changes.
Desley Tan
[email protected]
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