Regulatory Alerts2025-10-01
Added · Updated
Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05]
The document establishes licensing criteria and business conduct requirements for Fund Management Companies (FMCs) holding a Capital Markets Services licence for fund management. It defines three categories of FMCs—Retail, A/I, and Venture Capital Fund Managers—and specifies that A/I and VCFMs must not target retail investors. The guidelines mandate substantive fund management activity in Singapore, fit and proper assessments for shareholders and key individuals, and specific competency requirements for the CEO and directors. FMCs are required to maintain base capital thresholds ranging from S$250,000 to S$1,000,000 depending on their category, meet risk-based capital requirements of at least 120% of total risk, and implement adequate compliance and risk management frameworks.
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