On 28 March 2024, the Monetary Authority of Singapore (“MAS“) issued its Response to feedback received on the Consultation Paper on the Repeal of Regulatory Regime for Registered Fund Management Companies (“RFMCs”) covering the following:
(a) Its intention to repeal the regulatory regime for RFMCs on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after the date of the repeal must apply to become licensed fund management companies that are restricted to serving accredited or institutional investors (“A/I LFMCs“).
(b) The implementation and transitional arrangements, such as application to be an A/I LFMC, the continuity of operations during applications and applicable requirements.
This Update highlights key points RFMCS should note and action to prepare for the repeal of the RFMC regime.
For more information, click here to read the full Legal Update.
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