Well-Functioning Capital Markets
MAS streamlines regulatory framework for fund managers
1 August 2024
MAS repealed the Registered Fund Management Companies (RFMCs) regime in August 2024, to streamline the regulatory framework for fund managers. Harmonising fund manager requirements supports the longer term, sustainable growth of the fund management industry. A simplified application process was provided for RFMCs seeking to become licensed fund management companies, as part of the transitional arrangements.
- MAS media release, published on 24 October 2023, on public consultation for streamlined regulatory framework for fund managers
- MAS consultation paper, consultation response and FAQs published on 24 October 2023, 28 March 2024 and 25 April 2024 respectively on the repeal of the regulatory regime for RFMCs
Revisions to the Code on Collective Investment Schemes (Code) to streamline leverage requirements for the REIT sector
28 November 2024
MAS issued revisions to the Code to streamline leverage requirements for the REIT sector to a single aggregate leverage limit of 50% as well as a minimum interest coverage ratio of 1.5 times. To enhance accountability in REITs’ financial management, REITs would also be required to provide additional disclosures concerning the outlook and management of their leverage and ICR levels in their financial result announcements and annual reports.
Futures Industry Association (FIA) Asia Derivatives Conference
4 December 2024
At the FIA Asia Derivatives Conference, Assistant Managing Director (Capital Markets) of MAS, Mr Lim Tuang Lee, spoke on MAS’ key priorities for the capital markets: (i) Strengthening safeguards to address heightened risks to market integrity; (ii) Reinforcing Singapore’s position as a trusted international financial centre; and (iii) Enhancing our regulatory frameworks to keep pace with industry developments.
Equities Market Review Group released a comprehensive set of measures to strengthen Singapore’s equities market
21 February 2025
MAS established the Equities Market Review Group in August 2024 to recommend measures to strengthen equities market development in Singapore. The Review Group is chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Deputy Chairman of MAS, and comprises key private sector stakeholders and public sector representatives.
The Review Group announced in February 2025 its first set of measures to strengthen the competitiveness of Singapore’s equities market. This initial set of measures included initiatives aimed at (i) increasing investor interest; (ii) improving attractiveness to quality listings; and (iii) fostering a pro-enterprise regulatory stance and strengthening investor confidence.
The Review Group will consider further proposals in its next phase of work which is expected to be completed by end-2025. These include:
a) Introducing programmes to uplift listed companies’ shareholder engagement capabilities and sharpen their focus on shareholder value;
b) Attracting retail liquidity through market structure changes such as reducing board lot sizes;
c) Strengthening investor protection through enhancing investor recourse avenues;
d) Improving post-trade custody efficiency; and
e) Developing cross-border partnerships.
- MAS media release, published on 15 May 2025, on proposals to streamline prospectus disclosure requirements and broaden investor outreach channels for initial public offerings
- MAS media release, published on 21 February 2025, on the Equities Market Review Group’s comprehensive set of measures to strengthen Singapore’s equities market
- MAS media release, published on 13 February 2025, on the Equities Market Review Group submitting tax proposals to the Government as part of first set of measures to strengthen Singapore’s equities market
- Speech by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS, delivered on 2 January 2025, at the SGX Group 25th Anniversary Securities Market Open
- Speech by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Deputy Chairman of MAS, delivered on 16 September 2024, at the Securities Investors Association Singapore 25th Anniversary Corporate Governance Conference 2024
- MAS media release, published on 27 August 2024, on the Equities Market Review Group’s inaugural meeting
- MAS media release, published on 2 August 2024, on setting up a Review Group to strengthen equities market development
Singapore and Viet Nam enhance collaboration in capital markets regulation and digital asset regulatory framework
12 March 2025
MAS and the State Securities Commission of Viet Nam (SSC) agreed to collaborate on capacity building to promote connectivity between the capital markets of the two countries and to support of the development of the digital asset regulatory framework for Viet Nam.
MAS announces Corporate Governance Advisory Committee (CGAC) to review Code of Corporate Governance (CG Code)
29 May 2025
MAS announced that the CGAC will undertake a review of the CG Code. The review seeks to build on established good practices in corporate governance and disclosures among listed companies, and complement the ongoing work of the Equities Market Review Group. The CGAC will consider measures to facilitate more meaningful implementation of the CG Code, and new CG Code provisions or guidance on corporate culture, board effectiveness, and risk management in emerging areas, such as artificial intelligence.