Exemptions from licensing / registration to conduct fund management activities
Exemptions from registration and licensing depend on the company's scope of activities. Additionally all who manage assets >$250m or serving more than 30 qualified investors must be licenced (registration will not be sufficient).
If the scope of a company’s fund management activities falls within certain categories, it may be eligible for an exemption from licensing or registration to conduct fund management.
Examples of such companies are those that:
• Manage a pool of immovable assets for accredited and institutional investors;
• Manage funds for related corporations; or
• Manage moneys belonging to a single group of related family members.
In certain scenarios, companies may need to apply to MAS specifically for exemption if they do not fall neatly within the pre-defined scope of exclusion. You can find more information on exemptions under section 99 of the SFA and paragraph 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations.According to MAS (Parliamentary replies)
last revised on 16 November 2012Fund managers managing assets of more than $250m or serving more than 30 qualified investors are required to obtain a licence from MAS. Those who fall below these thresholds may either apply for a licence or register with MAS. The required base capital ranges from S$250,000 to S$1 million and is tiered, based on the type of clientele served by the manager. For a Registered Fund Management Company (RFMC), the base capital requirement is pegged at S$250,000 to provide a buffer for unexpected costs, arising from turbulent markets or operational shocks.