Proposed changes to licensing regulations impact fund managers and financial institutions
The Monetary Authority of Singapore (the "MAS") released a consultation paper on 6 December 2012 proposing changes to the Securities and Futures (Licencing and Conduct of Business) Regulations (the "Regulations"), summarised below.
Amendments to the definition of "connected person" in the context of fund management licensing exemption
MAS has proposed to refine the definition of "connected person" referred to in Paragraph 5(1)(c) of the Second Schedule of the Regulations. Under the Regulations, an individual can be exempted from the requirement to hold a Capital Markets Services Licence ("CMS Licence") for providing fund management services to a "connected person".
The proposed definition of...
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