Singapore, 28 September 2010... MAS has issued its response to the Consultation Paper on the Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries, which was published on 27 April 2010.

2   The industry feedback we received on the proposed regulatory changes for the fund management industry was largely positive.  Fund managers agreed with our approach to calibrate the level of regulatory and capital requirements for different categories of fund managers, based on the size and complexity of the manager’s business, the sophistication of its clientele base, and its potential market impact. 

3   MAS thanks all respondents for their contributions.  The current regulatory regime for FMCs will remain in place. MAS will consult on draft legislative amendments in the coming months before putting into effect the legislative amendments in the second half of 2011.  There will be a six-month transitional period before the legislative amendments take effect. 

4   To view MAS’ response to the feedback received, please click on the following link (138.8 KB).