Monetary Authority of Singapore Annual Report 2012/2013

A ROBUST FINANCIAL CENTRE

Implementation of Enhanced Regulatory Regime for Fund Management Companies

Following a series of policy and legislative consultations, MAS implemented the enhanced fund management regulatory regime on 7 August 2012. The enhanced regime aims to raise regulatory standards and supervisory oversight of the fund management industry. Smaller fund managers that were previously exempt as they serve restricted numbers of qualified investors now have to apply for registration or licensing and more than 400 of them had done so by February 2013. To qualify for a licence or registration, they have to meet admission criteria such as capital and competency requirements. In addition, enhanced business conduct requirements apply to all fund managers under the enhanced regime.

To ensure a smooth transition to the enhanced regime, MAS conducted a series of industry briefings in August 2012 to familiarise the industry with the new requirements. MAS also launched a new Corporate E-Lodgment system to facilitate the admission process for registered and licensed fund management companies, and for the submission of certain ongoing regulatory returns.