This information paper sets out MAS’ supervisory expectations of effective liquidity risk management (LRM) frameworks and practices and includes key findings from our thematic liquidity inspections and review of prospectuses, which focused on collective investment schemes (CIS) offered to retail investors.

This Circular provides guidance on the requirements that are applicable to a Singapore-constituted feeder ETF which intends to participate in the SZSE-SGX and SSE-SGX ETF Links. The revised Circular dated 9 October 2023 supersedes the previous version that was published on 30 September 2022.

This Circular sets out MAS’ expectations on how existing requirements under the Code on Collective Investment Schemes and the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations apply to retail ESG funds, and the disclosure and reporting guidelines applicable to these funds.

This circular waives the requirement under paragraph 8.3(e) of Appendix 6 to the Code on Collective Investment Schemes to facilitate the preparation of interim financial statements in accordance with Financial Reporting Guidance 3. In particular, a REIT may appoint a valuer who had valued a property of the REIT for the past two consecutive financial years to perform a desktop valuation of the same property for the purposes of interim financial reporting in the third financial year. More details can be found in the circular.

This circular sets out the reporting requirements for significant redemption, gating and suspension of funds by licensed and registered fund management companies.

How to qualify to be a REIT manager and what ongoing governance and compliance arrangements are expected.

Form for entities applying to be a trustee for an authorised collective investment scheme.

This circular modifies the single entity limit in the Code on Collective Investment Schemes (“Code”) in relation to country-specific government bond funds. In particular, the minimum credit rating requirement under Paragraph 2.6(a) of Appendix 1 of the Code is lowered to investment-grade, i.e., BBB by Fitch, Baa by Moody’s or BBB by Standard and Poor’s (including such sub-categories or gradations therein), provided certain conditions are met. More details can be found in the circular.

This circular sets out good disclosure practices for actively managed funds, following a thematic review carried out by the Monetary Authority of Singapore (MAS) on equity funds offered to retail investors. These good practices relate to disclosures of the investment objective and the extent to which the portfolio deviates, or can deviate from the reference benchmark, as measured in part by quantitative metrics such as active share and tracking error.

Information for issuers and their professional advisers on offers of collective investment schemes in Singapore.

This consultation sets out MAS' proposed subsidiary legislation for a new corporate structure that is tailored for collective investment schemes, known as the variable capital company (VCC).

Start date:

30 April 2019

Closing date:

30 May 2019

MAS response date:

15 January 2020

This consultation sets out MAS's proposed amendments to the Code on Collective Investment Schemes to provide Singapore’s REITs with more flexibility to manage their capital structure and to streamline the fundraising process for REITs.

Consultation number:

P011-2019

Start date:

02 July 2019

Closing date:

01 August 2019

MAS response date:

29 May 2020

Proposed guidance on sound practices in managing liquidity risks in CIS. The paper also proposed additional portfolio requirements for money market funds to enhance resilience to liquidity risks and ability to meet redemption requests during stressed market conditions.

Consultation number:

P019 - 2017

Start date:

26 October 2017

Closing date:

27 November 2017

MAS response date:

16 August 2018

Consultation number:

P006 2017

Start date:

23 March 2017

Closing date:

24 April 2017

MAS response date:

10 September 2018

Proposed amendments to the Code on Collective Investment Schemes to provide specific rules for funds that invest in precious funds; and enhance and refine the regulatory framework to (i) enhance transparency and market discipline; (ii) improve operational effectiveness and (iii) provide greater clarity to market practitioners. ​

Consultation number:

P014 - 2016

Start date:

10 November 2016

Closing date:

12 December 2016

MAS response date:

15 December 2017

Sets out the requirements for an offer of units in a collective investment scheme, including amongst others, covenants to be included in the trust deed, the prescribed contents in a prospectus, advertising requirements, and restricted schemes.

Proposals to the REIT regime to foster stronger governance practices and greater alignment of interests, while providing REITs with more operational flexibility to enhance their portfolio to deliver stronger performance.

Consultation number:

P023-2014

Start date:

09 October 2014

Closing date:

10 November 2014

MAS response date:

02 July 2015

Proposed amendments to the CIS Code, in particular, the investment guidelines, to ensure that the regulatory regime for collective investment schemes keep pace with product innovation and industry developments.

Consultation number:

P009 - 2010

Start date:

17 May 2010

Closing date:

17 June 2010

MAS response date:

08 April 2011

Information regarding the treatment of refinancing under the borrowing limits in the Property Fund Guidelines under Appendix 2 of the Code on Collective Investment Schemes.