According to the Monetary Authority of Singapore (MAS) compliance policy, Licensed Fund Management Companies in Singapore have some obligations. They are required to apply for MAS approval using certain forms. Submitting a set of notifications to MAS is yet another requirement. Equally important, submitting respective regulatory submissions is mandatory. This article discusses how LMFCs should achieve all that accordingly.
There are various approvals that an LFMC may be looking for from MAS.
For a CMS license, the company needs to submit Form 1A. This form is a request to operate as an LFMC. If your company is a Registered Fund Management Company (RFMC), but you expect the Assets under Management (AUM) to be above S$250 million, you should also submit Form 1A. It also applies if the qualified investors are expected to go above 30. The application should be made before the company starts operating as an LFMC. The mode of submission is CeL.
The company should submit Form 5 before adding the new activity. This application’s submission is via email.
Under such circumstances, Form 11 should be submitted before the meeting. It is also applicable if there is a change in director appointments. If it changes from non-executive to executive, this application for approval is essential.
Before obtaining it, the LMFC must submit the Application for Approval to receive a CMS license.
If a foreign company wants to start a business under any of the regulations, it must seek MAS approval via email. It should submit the Application for Approval of Arrangements
The following approvals have no prescribed forms. However, companies must submit the intent of seeking MAS approval before they happen via email
It is the responsibility of LMFC to notify MAS in case of the following instances
An LMFC is required to submit the following
These are some of the essential requirements, there are many more requirements and obligations of the LFMC license holders.