Singapore Consults On Streamlined Regulatory Framework For Fund Managers

The Monetary Authority of Singapore (MAS) launched a public consultation on 24 October on its proposal to streamline the regulatory framework for fund managers by ending the Registered Fund Management Companies (RFMC) regime.

Existing RFMCs would be required to re-register as Licensed Fund Management Companies (LFMCs), which serve only accredited or institutional investors (A/I LFMCs), to continue carrying out fund management activities in Singapore.

The RFMC regime was introduced in 2012, following the closure of an earlier regime for Exempt Fund Managers (EFMs) to enhance MAS's regulatory oversight of fund management companies and raise the standard of conduct across the fund management industry. EFMs were exempt from licensing and business conduct requirements.