Response to Feedback Received on Repeal of Regulatory regime for Registered Fund Management Companies
In brief
On 28 March 2024, the Monetary Authority of Singapore (MAS) issued a response paper to feedback received on the repeal of the regulatory regime for registered fund management companies (RFMC).
MAS targets to repeal the RFMC regime on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after this date must apply to be a licensed fund management company restricted to serving accredited and institutional investors (“A/I LFMC“). The response paper sets out, among others:
1. The application process to be an A/I LFMC.
2. The application form and supporting documents.
3. The factors that MAS will consider when reviewing applications.
4. Whether RFMCs can continue their operations during the application process, as well as the regulatory requirements and restrictions that apply during, and following the approval of the license application.
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