Venture Capital Funds to Face Simpler Regulatory Framework

The MAS has proposed a new regulatory regime for managers of venture capital funds. The changes are intended to support and promote financing for enterprise development. Venture capital funds will need to meet specified criteria, including ensuring that they invest only in unlisted business ventures that have operated for no more than five years. In return, several regulatory requirements as to capitalization and annual audits will be lifted.

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Applying for a Licensing Exemption for a Single Family Office

The MAS has made clear its policy is not to licence or regulate fund management companies that manage assets for a single family (Single Family Offices). In its FAQs on the Licensing and Registration of Fund Management Companies, it has set out its expectations for Single Family Offices and what information it will need to approve an exemption from being licensed as a fund management company.

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SGX Consults on Dual Class Shares Structure 

The SGX may soon allow companies to list on its boards with a dual class shares structure. A Consultation Paper issued on 16 February 2017 follows on from the recommendation made by the Listings Advisory Committee to allow such companies to list here. Proposed requirements include a minimum market capitalisation of SGD500 million.

It must also have a compelling reason for having such a structure.

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The SIC Discusses Price Limits and Pre-Conditional Offers

The SIC discussed the application of the minimum price rules and price limits when the offer price includes / excludes the acquisition of dividend rights in its second Take-Overs Bulletin, which was issued on 3 February 2017.

It also discussed its expectations for pre-conditions in pre-conditional offer announcements.

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