Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies [SFA 04-G05]
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.
Amendment Notes
- 16 Nov 2022
- Previous version last revised on 16 Nov 2022 (402.2 KB) [Cancelled]
- 01 Mar 2022
- Previous version last revised on 01 Mar 2022 (401 KB) [Cancelled]
- 20 Dec 2021
- Previous version last revised on 20 Dec 2021 (402.2 KB) [Cancelled]
- 14 May 2021
- Previous version last revised on 14 May 2021 (401.1 KB) [Cancelled]
- 12 Mar 2020
- Previous version last revised on 12 Mar 2020 (789.6 KB) [Cancelled]
- 25 Oct 2019
- Previous version last revised on 25 Oct 2019 (892.9 KB) [Cancelled]
- 25 Mar 2019
- Previous version last revised on 25 Mar 2019 (738.5 KB) [Cancelled]
- 08 Oct 2018
- Previous version last revised on 08 Oct 2018 (734.5 KB) [Cancelled]
- 17 Sep 2018
- Previous version last revised on 17 Sep 2018 (760.3 KB) [Cancelled]
Related to this Item
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FAQsLast Revised Date: 13 September 2023
FAQs on Licensing and Business Conduct (Other than for Fund Management Companies)
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 1V - Application for a Capital Markets Services Licence for Venture Capital Fund Manager
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 25A - Annual Declaration by a Registered Fund Management Company or a Venture Capital Fund Manager
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 3A - Notification for Appointment of an Appointed Representative
Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 1A - Application for a Capital Markets Services Licence for Fund Management Company
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 22A - Notice of Commencement of Business as a Registered Fund Management Company
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 11 - Appointment of Chief Executive Officer or Director / Change of Director's Nature of Appointment from Non-Executive to Executive (For Licensed Fund Management Companies)
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.
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Forms and TemplatesLast Revised Date: 18 August 2023
Form 23A - Notice of Change of Particulars for a Registered Fund Management Company or a Venture Capital Fund Manager
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.
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FAQsLast Revised Date: 01 June 2023
FAQs on the Licensing and Registration of Fund Management Companies
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.
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CodesLast Revised Date: 23 May 2023
Code on Collective Investment Schemes
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.
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CircularsPublished Date: 14 March 2023
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.
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Forms and TemplatesLast Revised Date: 30 March 2022
Form 25B - Auditor's Report for a Registered Fund Management Company
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.
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GuidelinesLast Revised Date: 08 October 2021
Guidelines on Licence Applications, Representative Notification and Payment of Fees [CMG-G01]
Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.
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NoticesLast Revised Date: 27 September 2021
Notice SFA 04-N13 Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences
How to comply with risk based capital adequacy requirements.
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Forms and TemplatesLast Revised Date: 11 May 2021
Application for Approval to obtain Effective Control of Holder of Capital Markets Services Licence under Section 97A(2) of the Securities and Futures Act
Form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.
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ExplainersLast Revised Date: 26 May 2020
A Guide to Digital Token Offerings
General guidance on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore.
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GuidelinesLast Revised Date: 26 May 2020
A Guide to Digital Token Offerings
General guidance on the application of securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore.
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CircularsPublished Date: 08 October 2018
CMI 01/2011 Due Diligence Checks and Documentation in Respect of the Appointment of Appointed, Provisional, and Temporary Representatives
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.
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RegulationsLast Revised Date: 08 October 2018
Securities and Futures (Licensing And Conduct Of Business) Regulations
Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.
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RegulationsLast Revised Date: 08 October 2018
Securities And Futures (Financial And Margin Requirements For Holders Of Capital Markets Services Licences) Regulations
Sets out the minimum capital and financial resources, and other financial and margin requirements.
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FAQsPublished Date: 30 August 2018
System Training Video for Financial Institutions on the Use of the Corporations and Representatives System (CoRe) for the Submission of Representative Notifications to MAS
Provides guidance to financial institutions on the submission of representative notifications though the CoRe system.
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ConsultationsPublished Date: 15 February 2017
Consultation Paper on Proposed Regulatory Regime for Managers of Venture Capital Funds
Proposed simplified authorisation process and regulatory framework for venture capital managers.
- Consultation number:
- P004 - 2017
- Start date:
- 15 February 2017
- Closing date:
- 15 March 2017
- MAS response date:
- 20 October 2017
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NoticesPublished Date: 26 November 2010
Notice SFA 04-N11 Reporting of Misconduct of Representatives by Holders of Capital Markets Services Licence and Exempt Financial Institutions
How financial institutions should handle and report misconduct of their representatives to MAS.
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ConsultationsPublished Date: 27 April 2010
Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries
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.
- Consultation number:
- P008 - 2010
- Start date:
- 27 April 2010
- Closing date:
- 31 May 2010
- MAS response date:
- 28 September 2010
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RegulationsPublished Date: 23 May 2002
Securities and Futures (Opportunity to be Heard) Regulations
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.