News

MAS to streamline funds regulation

The Monetary Authority of Singapore (MAS) has launched a public consultation on its proposal to streamline the regulatory framework for fund managers. The proposal centres on the repeal of the existing Registered Fund Management Companies (RFMC) regime. The regime was introduced in 2012 after the repeal of the Exempt Fund Managers (EFM) regime, and managers were given the choice of opting for RFMC status or as a Licensed Fund Management Company (LFMC). While the two have similar admission criteria, the RFMC regime has less onerous reporting requirements and also imposes limits on assets under management and the number of customers. However, the MAS has now decided that because the business models and risk profiles of both LFMCs and RFMCs have converged so much since 2012, there is no longer the need for separate regimes. “Many RFMCs have also upgraded to become LFMCs as their businesses grew, and most new entrants seeking to conduct fund management in Singapore tend to apply to be LFMCs rather than RFMCs,” stated the regulator. The MAS has also outlined some of the transitional arrangements put in place. Interested parties have until the end of the year to comment on the regulator’s proposals. ©2023 funds global asia

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