Investment Funds Update
On February 15, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the Proposed Regulatory Regime for Managers of Venture Capital Funds (Consultation Paper).
The Consultation Paper seeks to introduce a simplified regulatory regime for venture capital (VC) managers by streamlining admission and ongoing requirements for VC managers (VC Manager Regime). This is to differentiate the regulatory treatment accorded to VC managers from other fund managers, and to reflect the MAS’ assessment of the lower risk of business and market conduct issues associated with VC managers.
This briefing summarizes the key proposals in relation to the VC Manager Regime.
Key Proposals in the Consultation Paper
A summary of the key proposals in the Consultation Paper is set out below.
|1.||Qualifying criteria for the VC Manager Regime||
|2.||Simplified admission requirements||
|3.||Simplified ongoing requirements||
|4.||All other ongoing requirements that are applicable to fund managers will continue to apply to VC managers||
|5.||Implementation of the VC Manager Regime||
Invitation for Comments
Please refer to the Consultation Paper for the complete set of proposals. The deadline for comments and feedback to be submitted to the MAS is March 15, 2017. We are collating comments from clients and industry participants for submission to the MAS.