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) constituted as unit trusts, where the CIS are authorized under section 286 of the Securities and Futures Act or are restricted schemes constituted in Singapore and entered into the list of restricted schemes maintained by MAS.

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) here.

What are the admission criteria?

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) Sections 289 of the SFA ; and

(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 shareholders’ 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 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.

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