• Please refer to the “Consultation Paper on Proposed Framework for Single Family Offices dated 31 July 2023”. The paper defines ‘family’ as individuals who are lineal descendants of a common ancestor (living or deceased), and their current and former spouses, adopted children and current and former stepchildren.
• Some examples are provided below.
• Please also refer to MAS’ responses to the consultation feedback and the final Framework for Singapore Family Offices when they are published.

• 
• Cousin 1 and Cousin 2 are considered as a family, as they are from a common ancestor.

• 
• Sibling 1 and Sibling 2 are considered as family, as they are from a common ancestor.

Yes, please notify MAS on such additions or replacements of persons and entities related to the FO and section 13O/13U fund (the “awardee”), as this is material information that has changed compared to the point of the application. Please provide the following details of the change to the Authority, by writing to the officer-in-charge (“OIC”) and covering officer, and to FO_13OU@mas.gov.sg :

• Registered / Full name (as per passport for individuals), including Mandarin characters if applicable
• UEN/ Business registration number (for corporates)
• Place of incorporation (for corporates)
• Date of incorporation (for corporates)/ Date of birth (for individuals)
• Citizenship (for individuals; please list all citizenships, and past citizenships, if more than one. Please also indicate if the individual is a Singapore Permanent Resident)
• Gender (for individuals)
• Relationship to beneficial owner
• Revised shareholding structure if applicable
• Role in FO (for individuals)
• Relevant academic qualifications and professional work experience (for individuals; if acting as an investment professional in the SFO)
• Curriculum vitae (for individuals; if acting as an investment professional in the SFO)

• Please notify MAS, by writing to the officer-in-charge (“OIC”) and covering officer, and to FO_13OU@mas.gov.sg , on your intention to appoint an SFO as the manager of the fund.
• We would like to highlight that the conditions applied to a 13O/13U fund managed by a Licensed FMC differ from the conditions applied to a 13O/13U fund managed by an SFO. For example, certain economic conditions and the number of Qualified Investment Professionals differ.

• Awardees may fulfill the AUM conditions by the end of the grace period based on either the net asset value of the fund or the value of the fund’s gross assets in designated investments.
• If the awardee is unable to meet the incentive’s requirement by the end of the grace period, the award will be revoked from the end of the grace period.

The awardee cannot avail itself of the tax exemption for the basis period concerned when the AUM falls below S$20 million. The awardee can, however, avail itself to the tax exemption in any subsequent period, if it satisfies the relevant conditions in that subsequent period.

This refers to the marketing or selling of the fund.

Please maintain the documentation (e.g. product factsheet, sale agreement) from the financial institution or Multilateral Development Bank which has distributed, issued or structured this investment product. The document should clearly indicate that the investment is climate-related. Such documentation may be requested by MAS for audit purposes.

Please maintain the documentation (e.g. product factsheet, sale agreement) from the financial institution or Multilateral Development Bank which has distributed, issued or structured this blended finance investment product. Where the awardee has classified the investment as concessional/ deeply concessional to qualify for the 1.5x/2x multiplier recognition, MAS may also request the awardee for an attestation from a third party that the investment is concessional or deeply concessional. Such documentation (including the attestation) may be requested by MAS for audit purposes.

• Qualifying IPs are expected to be employed primarily as a portfolio manager, research analyst or trader in the conduct of investment management in an SFO. Examples of a Qualifying IP’s responsibilities include: 
  • Developing and implementing investment strategies, including building and managing investment portfolios;
  • Performing investment research and market analysis with recommendations to buy or sell a specific financial product or asset class; and
  • Trading of financial instruments, which could include liquidity management and deal structuring.
• Roles primarily relating to operations, administration, or finance/accounting are not considered to be Qualifying IP roles. Examples that are not considered to be IP roles include:
  • Financial planning and analysis, budgeting, or capital account management;
  • Cashflow monitoring;
  • Legal documentation and fund wiring;
  • Tax planning support; and
  • Passing on or keying in orders (i.e., trade settlement or confirmation).

• Relevant academic qualifications include:
  
  • A masters/degree/diploma in Accountancy, Finance, Economics, Business Administration/Management, financial engineering, or a masters/ degree/diploma with specialisation in the preceding areas or
  • Relevant professional certification (e.g., CMFAS or CFA).
• Relevant work experience include:
  
  • Experience in the conduct of investment management (see question above) in a formal employment capacity or
  • Experience in deal structuring in mergers and acquisitions (if the awardee has a focus on private equities/venture capital/direct investments).