On 24 Oct 2023, the Monetary Authority of Singapore (“MAS“) launched a public consultation (which will close on 31 Dec 2023) to streamline the regulatory framework for fund management companies (FMCs). The existing Registered Fund Management Companies (RFMCs) regime will soon be repealed, and qualifying existing RFMCs will be approved as Licensed Fund Management Companies (LFMCs) upon application, albeit still restricted to serving only accredited investors and institutional investors (AI/II) (as defined in the Securities and Futures Act 2001).
We believe the unannounced RFMC regime repeal date (“R Day“) should be sometime in 2024, or early 2025. With effect from 1 Jan 2024, the MAS will no longer accept new applications for RFMCs, so all aspiring fund management companies must apply to be LFMCs. The transition process, timeline and granular details will be announced in due course.
Click here to view the article.
For further information, please contact:
Woon Hum Tan, Partner Shooklin & Bok
woonhum.tan@shooklin.com
