The Monetary Authority of Singapore (the
"MAS") released a consultation paper on
6 December 2012 proposing changes to the Securities and Futures
(Licencing and Conduct of Business) Regulations (the
"Regulations"), summarised below.
Amendments to the definition of "connected
person" in the context of fund management licensing
exemption
MAS has proposed to refine the definition of "connected
person" referred to in Paragraph 5(1)(c) of the Second
Schedule of the Regulations. Under the Regulations, an individual
can be exempted from the requirement to hold a Capital Markets
Services Licence ("CMS Licence") for
providing fund management services to a "connected
person".
The proposed definition of "connected person" would
cover only immediate family members, and firms or
corporations which the individual and his immediate family members,
whether individually or jointly, have sole control of.
