Nature of Registered Fund Management Companies (RFMCs)

What differentiates "Exempt Persons" from Registered Fund Management Companies?

• According to MAS (FAQs),
  last revised on 08 October 2018

  ...exempt persons refer to persons exempted from holding a capital markets services [“CMS”] licence under paragraphs 3(1)(d), 3A(1)(d) and 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (RG 10). 
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  An exempt person and its representatives shall not represent themselves, nor cause to be represented, as being licensed, regulated, supervised or registered by “MAS”, whether verbally or in writing. 
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  Exempt persons are required to comply with the requirements relating to Prevention of Money Laundering and Countering the Financing of Terrorism and Fit and Proper requirements.

  For Registered Fund Management Companies, in addition to requirements applicable to exempt persons, they are also subject to business conduct regulations and fall within the regulatory purview and supervisory oversight of MAS.