Sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.
This consultation sets out MAS' proposed subsidiary legislation for a new corporate structure that is tailored for collective investment schemes, known as the variable capital company (VCC).
The Monetary Authority of Singapore (MAS) today commenced a public consultation on a new corporate structure for investment funds – the Singapore Variable Capital Company (S-VACC). Mr Lawrence Wong, Minister for National Development and Second Minister for Finance, said at the Investment Management Association of Singapore (IMAS) 20th Anniversary Conference held today that the the S-VACC structure would offer asset managers greater flexibility and lower costs.
Sets out the requirements for an offer of units in a collective investment scheme, including amongst others, covenants to be included in the trust deed, the prescribed contents in a prospectus, advertising requirements, and restricted schemes.