Key Supervisory and Regulatory Initiatives INSPECTIONS AND SUPERVISORY REVIEWS Review of Fund Managers Exempted from Licensing MAS conducted a review of fund managers exempted from licensing to verify that they were complying with our exemption criteria. A key observation from this review was that many of these fund managers failed to file the required regulatory submissions. We have reminded all fund managers exempted from licensing to actively monitor compliance with the criteria of their exempt status, and we will continually assess whether any fine tuning of our current exemption regime is required given market and regulatory developments.