Fund Managers and REIT Managers
Generally, a company would need to be licensed or registered for fund management by the MAS if it intends to manage assets belonging to external investors. Fund management is a regulated activity under the ("SFA"). A company which carries on business in fund management is required to hold a for fund management or be registered as a registered fund management company under the SFA, unless otherwise exempted.
Fund management companies are expected to engage in substantive fund management activities, such as portfolio management, investment research or sub-advisory in Singapore. They should not purely engage in marketing of funds and/or client servicing. The definition of fund management can be found in the Second Schedule to the SFA and the exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and paragraph 5 of the Second Schedule to the .
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As set out in the , a single family office (“SFO”) may rely on the class exemption provided for a corporation which manages funds for its related corporations under paragraph 5(1)(b) of the Second Schedule to the , if it meets the conditions for the exemption.
SFOs that do not fall within the scope of the exemption may seek a case-by-case licensing exemption from the MAS under section 99(1)(h) of the .
- Business profile for the incorporation of the SFO as filed with the Accounting and Corporate Regulatory Authority (“ACRA”) of Singapore; and
- Signed declaration letter from the ultimate beneficial owner(s) of the SFO.
FIs conducting regulated activities under the SFA other than fund managers and REIT managers
Under the (“SFA”), any person carrying on business in any regulated activity, including dealing in capital markets products and advising on corporate finance, in Singapore is required to hold a capital markets services (“CMS”) licence, unless an exemption applies. The list of regulated activities under the SFA, including their definitions, can be found in the Second Schedule to the SFA. The exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and the Second Schedule to the .
Learn more about the application process, timeline and fees for .
In addition, answers to frequently asked questions on the licensing and business conduct requirements for a capital markets services licensee (other than fund managers and REIT managers) can be found in .
A company that wishes to conduct financial advisory services in Singapore, such as advising on or arranging life policies, is required to hold a financial adviser’s licence under the Financial Advisers Act 2001 (“FAA”), unless otherwise exempted. The types of financial advisory services that are regulated under the FAA are listed in the Second Schedule to the FAA. Exemptions from the requirement to hold a licence are set out in Section 20 of the FAA and Part VI (Exemptions) of the Financial Advisers Regulations .
Information on the application process, requirements, timeline and forms for a financial adviser’s licence can be found in the below:
The service standard for processing an FA licence application is generally 4 months from the date of application, subject to the submission of a complete set of information and the amount of time needed for further clarification, should this be needed.
Representatives of financial advisers are not allowed to act as real estate salespersons or agents. This prohibition is set out in Regulation 40E(e) of the . Other prohibited activities include moneylending, promoting marketing arrangements for casinos and marketing investment products that are not regulated under the . Please note that this is not an exhaustive list of examples.
The provision of insurance broking services is regulated under the Insurance Act. The application procedures for registration as an insurance broker, including the criteria for registration, the application forms and required documents are set out in the links below:
The service standard for processing an insurance broker application is generally 4 months from the date of application, subject to the submission of a complete set of information and the amount of time needed for further clarification, should this be needed.
The minimum entry, examination and CPD requirements are set out in the (“SFA Notice”) and the (“FAA Notice”) for the relevant regulated activities that the representatives are appointed to conduct under the Securities and Futures Act and the Financial Advisers Act respectively. You may also refer to the FAQs to the Notices ( and ) for more information.
You may refer to the ("Register") to view your prior regulated activities, up to the past three years. The Register lists information on representatives, including the regulated activities which they are permitted to conduct, the commencement date(s) of these regulated activities, the corporation(s) they act for, and any formal regulatory action taken against them by MAS.