Strategic Insights and Regulatory Updates on Singapore Fund Management

Existing RFMCs interested in becoming A/I LFMCs will be required to submit a detailed form within a prescribed application window. This form will specify their assets under management and confirm their commitment to adhere to regulatory requirements established for A/I LFMCs.

RFMCs can continue their operations as usual during the transition period. MAS will retain the SGD 250 million limit on managed assets and a maximum of 30 accredited or institutional investors for RFMCs. RFMCs opting for this transition will not incur any application fees. This will facilitate a smooth transition and encourage the participants of the market to adapt to the evolving regulatory norms.

According to MAS, the RFMC regime has helped in the transition from the EFM regime. A number of RFMCs have become A/I LFMCs, and new entrants are willing to carry out management in Singapore. They are not interested in applying to be RFMCs, but A/I LFMCs.