Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05]

Guidelines

Last Revised Date: 03 September 2025

These guidelines set out the eligibility criteria and application procedures for licensed fund management companies (LFMCs) and venture capital fund managers (VCFMs).

They also set out the ongoing business conduct requirements for LFMCs and VCFMs, including requirements relating to custody, valuation and reporting, conflicts of interest mitigation, disclosure and submission of periodic returns.

Sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.

Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities.

Provides guidance on • the scope of capital markets services licensing (other than for fund management companies) • appointment of representatives • business conduct rules • the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.

Form for capital markets services licensees, other than licensed fund management companies, to apply for the appointment of a Chief Executive Officer or director; or the change in nature of director appointment from non-executive to executive.

General guidance on the application of securities law and other relevant legislation in relation to: (i) the issuances and offerings of tokenised capital markets products; and (ii) entities that facilitate activities in relation to such tokenised capital markets products

This circular highlights key observations from the MAS’ thematic review of VCCs and their managers, and sets out supervisory expectations and good practices for VCC managers in their governance and management of VCCs.

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.

Form for fund management companies, including venture capital fund managers, to notify MAS of changes to their particulars and particulars of their directors, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.

You may refer to the following PDF specimen form to prepare your submission. This specimen form should not be submitted to MAS. All official submissions must be made online via MAS-Tx.

Form for venture capital fund managers to submit an annual declaration on venture capital funds managed, and the breakdown of Assets Under Management into ‘qualifying’ and ‘non-qualifying’ investments. This form must be submitted within one month from the end of the financial year.

How financial institutions should handle and report misconduct of their representatives to MAS.

Form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.

This consultation paper seeks feedback on the proposed transitional arrangements for existing Registered Fund Management Companies (“RFMCs”) that intend to continue operating fund management businesses following the repeal of the regulatory regime for RFMCs.

Consultation number:

P015 - 2023

Start date:

24 October 2023

Closing date:

31 December 2023

MAS response date:

28 March 2024

This circular sets out MAS’ observations and expectations from inspections of licensed venture capital fund managers.

Form for auditors to provide their opinion on the audited accounts of registered fund management companies (RFMCs); RFMCs must submit this form within five months from the end of the financial year. View the user guide.

Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.

How to comply with risk based capital adequacy requirements.

This circular applies to capital markets services licensees, banks, merchant banks, finance companies, insurers and financial advisers. ​ It sets out the requirements on due diligence checks and documentation relevant to the fit and proper certification of their representatives.

Sets out the minimum capital and financial resources, and other financial and margin requirements.

Sets out requirements for licensing, representative notification and conduct of business, and criteria for exemptions from licensing.

Provides guidance to financial institutions on the submission of representative notifications though the CoRe system.

Proposed simplified authorisation process and regulatory framework for venture capital managers.

Consultation number:

P004 - 2017

Start date:

15 February 2017

Closing date:

15 March 2017

MAS response date:

20 October 2017

Proposed (i) revisions to the regulatory regime for fund management companies, and (ii) removal of the licensing exemption for exempt leveraged foreign exchange traders, with clarification on the exemption regime for exempt corporate finance advisers and exempt financial advisers.

Consultation number:

P008 - 2010

Start date:

27 April 2010

Closing date:

31 May 2010

MAS response date:

28 September 2010

Provides for a person to be given an opportunity to be heard by MAS and to be given at least 10 days to submit any written supporting documents as to why MAS should reconsider the decision it intends to make.