Circulars
IID 04/2025 Governance and Management of Variable Capital Companies (VCCs)
MAS carried out a thematic review of VCCs and their managers in 2024. This circular highlights key observations from the MAS’ review, and sets out supervisory expectations and good practices for VCC managers in their governance and management of VCCs.
While this Circular is premised on MAS' observations of VCCs, the supervisory expectations are relevant to other types of fund structures where applicable.
While this Circular is premised on MAS' observations of VCCs, the supervisory expectations are relevant to other types of fund structures where applicable.
Related to this Item
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GuidelinesLast Revised Date: 03 September 2025
Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05]
How to qualify to be and conduct your business as a fund manager.
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NoticesLast Revised Date: 30 June 2025
Notice VCC-N01 Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies (VCCs)
Requirements for Variable Capital Companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
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GuidelinesLast Revised Date: 30 June 2025
Guidelines to Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies
Guidelines for variable capital companies on Notice VCC-N01 on the prevention of money laundering and countering the financing of terrorism.