Introduction
On 3 December 2019, the Singapore Academy of Law
("SAL") published two model
constitutions on the Variable Capital Company
("VCC") framework, one for open ended
funds and another for closed ended funds ("Model
Constitutions").
Industry stakeholders and professionals have given their
comments on an earlier draft of the published documents. The Model
Constitutions thus capture practical aspects affecting the
investment funds industry and serve as a useful starting point in
fund documentation.
However, it should be noted that neither the Monetary Authority
of Singapore ("MAS") nor the Accounting
and Corporate Regulatory Authority of Singapore were involved in
the drafting of the Model Constitutions.
