What happens to my FMC licence/registration if my company delays the commencement of fund management activity?
According to MAS (FAQs)
last revised on 12 October 2021The CMS licence or registration status of an FMC will lapse if it has not commenced business in fund management within 6 months from the date of issuance of the CMS licence or registration, as the case may be. In the meantime, the relevant regulatory obligations apply upon the grant of licence or registration status, and FMCs should ensure that they are complied with at all times.
When a licence or registration of an FMC has lapsed, MAS will take steps to remove the FMC from the Financial Institution Directory as soon as practicable. The FMC is also no longer permitted to hold itself out to be permissible to carry out regulated activities. It follows that any physical documentary record of past licensing or registration status, including the licence, registration approval or its duplicates, should not be retained, displayed or used in any other form that could give any person the wrong impression that the FMC still has the requisite regulatory status.