Regulatory Alerts2022-09-21
Added · Updated
Financial Services (Family Office) (Amendment) Rules 2022
The Financial Services Commission amended the Financial Services (Family Office) Rules 2020 to establish a USD 5 million minimum aggregate value for assets and investments managed by a SFO or MFO. This change replaces the previous threshold in Rule 5 and applies to all licensed family offices operating under the principal rules. The amendment was issued on 21 September 2022 and is deemed to have taken effect retroactively from 30 September 2022.
Government Notice No. 268 of 2022 FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act
- These rules may be cited as the Financial Services (Family Office) (Amendment) Rules 2022.
- In these rules – “principal rules” means the Financial Services (Family Office) Rules 2020.
- The principal rules are amended in rule 5, by deleting paragraph (2) and replacing it by the following paragraph – “(2) The aggregate value of assets and/or investments under the management of a SFO or MFO shall be at least USD 5 million.”
- These rules shall be deemed to have come into operation on 30 September 2022. Made by the Financial Services Commission on 21 September
Government Notices 2022 3097