Approved CIS Trustees
Who Needs to Apply?
Your company must obtain MAS’ prior approval, if your company wishes to act as trustee for collective investment schemes (CIS) which are authorised for offer to retail investors; and constituted as unit trusts.
What are the admission criteria?
When assessing an application to be an approved CIS trustee (AT), MAS takes into account factors such as:
- Fitness and propriety of the applicant, its shareholders and directors.
- Track record and management expertise of the applicant and its parent company or major shareholders;
- Ability to meet the minimum financial requirements prescribed under the ;
- Strength of internal compliance systems and processes of the applicant.
- Business model/plans and projections and the associated risks.
For more information, please refer to the following:
What are the applicable financial requirements?
The applicant should have minimum paid-up capital of S$1 million and minimum shareholders’ funds of S$1 million.
How do I apply to be an AT?
How much is the application fee and how do I make payment?
A non-refundable application fee of $500 is required. A fee advice and instructions on the amount and manner of payment for the application fee will be e-mailed to your company.
What is the processing time required?
MAS expects to take not more than 4 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 applicable annual fee to be paid by an AT?
The annual fee is $2,000.
How long is the approval valid for?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.