Regulation: Regulatory aspects and tax considerations

Thu Jul 19, 2007



Clifford Chance Wong

Regulatory aspects and tax considerations


Ho Han Ming, consultant and head of Funds Practice Group, Clifford Chance Wong, Singapore



OVERVIEW OF THE REGULATORY FRAMEWORK IN SINGAPORE


Singapore-based fund managers are generally required to obtain a capital markets services (‘CMS’) licence for fund management under the Securities and Futures Act, Chapter 289 of Singapore (‘SFA’) if they undertake the management of a portfolio of securities or futures contracts on behalf of clients. A fund manager, however, who undertakes fund management on behalf of not more than 30 qualified investors, is exempt from this CMS licensing requirement as an exempt fund manager and is not required to apply for a CMS licence from the local regulator, the Monetary Authority of Singapore (‘MAS’).

A fund which is not offered to the public in Singapore, or if offered, is only offered to accredited investors (this includes a corporation...

ISSN: 2151-1845 / CDC10004H

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