It is by now an open secret that the highly successful
regulatory regime for exempt fund managers in Singapore is
likely to be changed. What is less certain is the exact form
these changes will take and the effect on a scheme that has
attracted scores of fund management firms to establish
operations in Singapore.
Speculation is that the Monetary Authority of Singapore
(MAS) will seek public feedback on proposed changes in the
first half of this year. Until then, there is a sense of unease
within the industry. Current exempt fund managers worry if they
will meet the new criteria or have to wind up their Singapore
operations. Potential ones consider waiting but worry they may
be disappointed in the end.
The regime At present, the regulatory regime for fund
managers seeking to rely on an exemption from licensing permits
a person resident in Singapore, who undertakes fund management