CMI 02/2023 Observations from Inspections of Licensed Venture Capital Fund Managers
This circular sets out MAS’ observations and expectations from inspections of licensed venture capital fund managers.
These guidelines set out the eligibility criteria and application procedures for licensed fund management companies (LFMCs), venture capital fund managers (VCFMs), and registered fund management companies (RFMCs).
They also set out the ongoing business conduct requirements for LFMCs, VCFMs and RFMCs, including requirements relating to custody, valuation and reporting, conflicts of interest mitigation, disclosure and submission of periodic returns.
This circular sets out MAS’ observations and expectations from inspections of licensed venture capital fund managers.
Sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.
Form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.
Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities.
Provides guidance on • the scope of capital markets services licensing (other than for fund management companies) • appointment of representatives • business conduct rules • the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.
Form for auditors to provide their opinion on the audited accounts of registered fund management companies (RFMCs); RFMCs must submit this form within five months from the end of the financial year. View the user guide.
Form for registered fund management companies or venture capital fund managers to provide business information and declaration of compliance with relevant provisions. This form must be submitted within one month from the end of the financial year. View the user guide.
Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.
Form for licensed fund management companies to apply for the appointment of a Chief Executive Officer or director; or to change a directors role from non-executive to executive.
Form for entities to apply to be a licensed fund management company. Entities that intend to commence business as registered fund management companies or venture capital fund managers should submit Form 22A or Form 1V respectively.
Form for entities to apply to be a licensed venture capital fund manager (VCFM). Entities that intend to commence business as registered fund management companies or licensed fund management companies (other than as VCFMs) should submit Form 22A or Form 1A respectively.
Form for entities to apply to be a registered fund management company. Entities that intend to apply for a capital markets services licence to conduct fund management (including as a venture capital fund manager) should submit Form 1A or 1V instead.
Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.
How to comply with risk based capital adequacy requirements.
Form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.
General guidance on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore.
General guidance on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore.
This circular applies to capital markets services licensees, banks, merchant banks, finance companies, insurers and financial advisers. It sets out the requirements on due diligence checks and documentation relevant to the fit and proper certification of their representatives.
Sets out the minimum capital and financial resources, and other financial and margin requirements.
Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.
Provides guidance to financial institutions on the submission of representative notifications though the CoRe system.
Proposed simplified authorisation process and regulatory framework for venture capital managers.
How financial institutions should handle and report misconduct of their representatives to MAS.
Proposed (i) revisions to the regulatory regime for fund management companies, and (ii) removal of the licensing exemption for exempt leveraged foreign exchange traders, with clarification on the exemption regime for exempt corporate finance advisers and exempt financial advisers.
Provides for a person to be given an opportunity to be heard by MAS and to be given at least 10 days to submit any written supporting documents as to why MAS should reconsider the decision it intends to make.