- Licensed fund management company (LFMC) that holds a capital markets services (CMS) licence; or
- Registered fund management company (RFMC).
If your company solely manages venture capital funds, it may apply to be an LFMC that operates under the simplified venture capital fund manager (VCFM) regime.
Individuals performing key functions in a fund management company, such as portfolio construction and allocation, research and advisory, business development and marketing or client servicing are required to be .
You can find out more about fund management activity and the differences between an LFMC, VCFM and RFMC .
When we assess your company to be an LFMC, VCFM or RFMC, MAS considers factors such as:
- Credibility and substantiveness of the business model and plan, and the associated risks;
- Effectiveness of risk management and compliance controls;
- Fund management track record and expertise of an LFMC/RFMC applicant's management, parent company and major shareholders;
- Fitness and propriety of the applicant, its shareholders and directors; and
- Ability to meet the relevant minimum financial requirements prescribed under the SFA.
In addition, your company needs to operate from a dedicated and secure office space that is accessible only by your company’s directors and staff.
If your company is able to operate under an existing class exemption, it does not require a licence or registration. Examples of companies that may be eligible for exemption include those that:
- Manage assets for related corporations or related family members;
- Manage a pool of immovable assets for accredited and institutional investors; or
- Manage a pool of non-capital markets product assets for accredited and institutional investors.
If your company wishes to make an application, please submit the relevant form for your chosen fund manager type through the online Corporate e-Lodgment System (CeL). You may refer to the CeL user guide for more information. To read the forms, you will need Adobe Acrobat Reader version 9.4.4 or above.
|Type of fund manager||LFMC||VCFM||RFMC|
|Applying for licensing or registration||(Application for a capital markets services (CMS) licence for fund management company)||
(Application for a CMS licence as a Venture Capital Fund Manager)
In addition, if your company hires or appoints individuals to conduct regulated activity under your licence, you have to appoint these individuals as your representatives for that regulated activity.
If your company also intends to deal in capital markets products (e.g. to operate a central dealing desk for equities, fixed income and derivatives) for its related companies that is separate from its fund management mandates, it will need to apply to add to its CMS licence the regulated activity of dealing in capital markets products as below.
We expect to take up to 6 months to review applications which are complete and by applicants that meet all admission criteria.
Applications may take longer if the applicant does not fully meet relevant admission criteria, has unique and complex business models, or does not submit all necessary forms, information and documents in the initial application. A longer review period should be expected if significant changes are made to the initial application. MAS may require a fresh submission in such situations.
An in-principle approval (IPA) is issued to successful applicants at the conclusion of our review process, and the applicant has up to 6 months to fulfil specified requirements for licensing or registration. As soon as the applicant meets these requirements, MAS will grant the licence or registration. MAS reserves the right to rescind the IPA if the applicant does not fulfil the requirements within the timeline, or if there are changes to the applicant’s business plan and/or key persons after IPA has been issued. At its discretion, MAS may extend the IPA by a further 3 months if there are strong reasons to do so.
|Type of fund manager||LFMC||VCFM||RFMC|
|Annual corporate fee||
The licence or registration is valid until:
- The fund manager stops conducting all the regulated activities on the CMS licence, and the licence is cancelled by MAS, or the fund manager ceases to conduct business as an RFMC.
- The licence or registration is revoked by MAS.
- The licence lapses in accordance with , or the registration ceases in accordance with .
All entities that are registered or holding a CMS licence to conduct regulated fund management activities are listed on the . Fund managers that cease to be registered or licensed will be removed from the directory.