Who needs to apply?

Your company must obtain MAS' prior approval, if your company wishes to act as trustee for collective investment schemes (CIS) constituted as unit trusts, where the CIS are authorised under section 286 of the Securities and Futures Act 2001 (SFA)  or are restricted schemes constituted in Singapore and entered into the list of restricted schemes maintained by MAS.

What are the admission criteria and applicable requirements?

When assessing an application to be an approved CIS trustee (AT), MAS takes into account factors such as:

For more information, please refer to the following:

(i) Section 289 of the SFA  

(ii) Regulation 5 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

What are the applicable financial requirements?

The applicant should have minimum paid-up capital of S$1 million and minimum shareholder's funds of S$1 million.

How do I apply to be an AT?

If your company is applying to be an AT for CIS, your company should complete and submit Form 3 to seek MAS' approval.

How much is the application fee and how do I make payment?

A non-refundable application fee of $500 is payable to the Authority for the submission of this application. The application fee is prescribed under regulation 4 of the Regulations. The applicant will be advised on the manner of payment for the application fee upon the Authority’s receipt of your application.

What is the processing time required?

MAS expects to take not more than 6 months to review and process an application if the business model is straightforward, the applicant meets the relevant admission criteria fully, and the application is complete and clear. For more complex cases, or cases where information is assessed to be incomplete or inaccurate, MAS will need a longer time to review the application.

Please ensure that your application is complete, correct and accompanied by the requisite supporting documents.

What is the annual fee to be paid by an AT?

The annual fee is $2,000.

What is the validity of the approval?

MAS' approval is valid until:

  • The AT stops conducting its business, and the approval is ceased by MAS.
  • The approval is revoked by MAS in accordance with section 289(4) of the SFA.

All ATs are listed on the Financial Institutions Directory. Correspondingly, all ATs that cease their business will be removed from the Financial Institutions Directory.

For more information

You can find out more about approved CIS trustees (AT) at the Approved CIS Trustees page.

MAS also publishes a Licensing and Registration Report for Capital Markets Intermediaries (including approved CIS trustees).
For more information on the common approvals, notifications and other regulatory submissions relevant to approved CIS trustees, please refer to the Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Licensed and Exempt Trust Companies and Approved CIS Trustees.