28 July 2022

Fund Management Licensing Regime Part 3: Licensed Fund Management Companies (“LFMCs”) 基金管理许可制度第 3 部分:持牌基金管理公司

Introduction
简介

The key difference between an Accredited / Institutional LFMC (“A/I LFMC”) and a Retail LFMC is that an A/I LFMC may only carry on fund management with qualified investors only, while a Retail LFMC may carry on business with all types of investors.
认可/机构持牌基金管理公司和零售持牌基金管理公司之间的主要区别在于,认可/机构持牌基金管理公司只能为特定的合格投资者提供资金管理服务,而零售持牌基金管理公司则可以为所有类型的投资者提供资金管理业务。

A/I LFMCs and Retail LFMCs have no restriction on the number of investors.
认可/机构持牌基金管理公司和零售持牌基金管理公司对投资者数量没有限制.

Features and Requirements
特点和要求

A/I LFMC
认可/机构持牌基金管理公司
Retail LFMC
零售持牌基金管理公司
Type of investors
投资者类型
Qualified investors only
仅限特定合格投资者
No restrictions
没有限制
Number of investors
投资者数量
No restrictions
没有限制
No restrictions
没有限制
Minimum years of experience of CEO
首席执行官的最低经验年限
5 years
5年
10 years
10年
Directors
董事
At least 2 directors with at least 5 years’ of relevant experience each, with at least 1 as an executive director (employed full-time) who is a resident in Singapore
至少 2 名董事,且每人有至少5 年相关经验,其中至少 1 名常驻新加坡的全职执行董事
Relevant professionals residing in Singapore
居住在新加坡的相关专业人士
At least 2 with 5 years’ experience each
至少 2 人,每人有至少5 年相关经验
At least 3, with 5 years’ experience each
至少 3 人,每人有至少 5 年相关经验
Representatives residing in Singapore
居住在新加坡的代表
At least 2
至少2人
At least 3
至少3人
Minimum compliance arrangements
最低合规安排
If AUM is equal to or exceeds S$1 billion, independent and dedicated compliance function required (Note: if the A/I LFMC is carrying out only research and advisory activities, it may obtain compliance support from an independent and dedicated compliance team at its holding company or at an overseas related entity).
如果管理的资产等于或超过 10 亿新元,则需要独立和专门的合规职能(注:如果认可/机构持牌基金管理公司仅进行研究和咨询活动, 那么它可以从其海外控股公司或其他关联海外实体的独立且专门的的合规部门处获得合规支持)。If AUM is below S$1 billion, the compliance function may be outsourced.
如果管理的资产低于 10 亿新元,合规职能可以外包。
Independent and dedicated compliance function required.
需要独立和专门的合规职能。
Base capital requirement
基本资本要求
At least S$250,000
至少 250,000 新元
At least S$500,000 (non-CIS), or at least S$1,000,000 (CIS)
至少 500,000 新元(非集体投资计划),或至少 1,000,000 新元(集体投资计划)
Risk-based capital requirement
基于风险的资本要求
Financial resources are at least 120% of total risk requirement
财务资源至少占总风险要求的 120%
Professional indemnity insurance
专业赔款保险
Strongly recommended to maintain professional indemnity insurance
强烈建议购买并维持专业赔款保险
Must comply with minimum requirements imposed by MAS (depending on the Retail LFMC’s AUM)
必须符合新加坡金融管理局规定的最低要求(取决于零售许可基金管理公司的管理资产规模)

In addition to the requirements set out above, to qualify for licensing as an A/I LFMC or a Retail LFMC, one must:
除上述要求外,若要获得认可/机构持牌基金管理公司或零售持牌基金管理公司的牌照,有关公司必须:

  1. carry out substantive fund management activity in Singapore (e.g. portfolio management, investment research or trade execution);
    在新加坡展开实质性的基金管理活动(例如:投资组合管理、投资研究或交易执行);
  2. satisfy the Monetary Authority of Singapore (“MAS”) that its shareholders, directors, representatives, employees, and the company itself, are fit and proper;
    令新加坡金融管理局 (“MAS”) 确信其股东、董事、授权代表、雇员和公司本身是适格的
  3. be a Singapore-incorporated company and have a permanent physical office space in Singapore;
    是一家在新加坡注册成立的公司,并在新加坡拥有永久一间实体办公室
  4. put in place a risk management framework to identify, address and monitor the risks associated with customer assets that it manages;
    建立风险管理框架,以识别、处理和监控与其管理的客户资产相关的风险;
  5. put in place adequate internal audit arrangements commensurate with the scale, nature and complexity of its operations.
    制定与其业务规模、性质和复杂性相称的且充分的内部审计安排

MAS may also require an applicant to procure a letter of responsibility from its parent company or related company.
MAS也可能要求申请机构从其母公司或相关公司取得责任承诺书。

When assessing an application for a LFMC, MAS may also consider factors such as:
在评估持牌基金管理公司的牌照申请时,MAS可能还会考虑以下因素:

  1. the track record of the applicant, its holding company, or related corporation – a Retail LFMC should demonstrate that its shareholders have at least a 5-year track record of managing funds for retail investors in a jurisdiction which has a regulatory framework that is comparable to Singapore. The applicant and its related corporations should also manage total assets of at least S$1 billion;
    申请机构、其控股公司或相关公司的过往业绩记录 — 零售持牌基金管理公司应证明其股东至少拥有5年为零售投资者管理基金的记录,且其所处的法域的监管框架与新加坡的监管框架旗鼓相当。申请机构及其相关公司还应管理至少 10 亿新元的总资产;
  2. whether the applicant, its holding company, or related corporations are subject to proper supervision by a competent regulatory authority;
    申请机构、其控股公司或相关公司是否受到合格的主管监管机构的适当监管;
  3. commitment of the applicant’s holding company to the applicant’s operations in Singapore; and
    申请机构的控股公司对申请机构在新加坡业务的承诺;和
  4. commitment from the applicant’s shareholders, as demonstrated through seed investments in funds managed by the applicant.
    申请机构的股东的承诺,该承诺可以通过其对申请机构管理的基金的初始投资得到体现。

Application
申请

To apply for an A/I LFMC or a Retail LFMC, the following documents are required:
若要申请认可/机构持牌基金管理公司或零售持牌基金管理公司,需要准备以下文件:

  1. MAS’s Form 1A (Application for a CMS licence in fund management) – details of relevant professionals should be submitted in Annex A, unless they are representatives or directors of the FMC, in which case, details should be provided in MAS’s Form 3A (Appointment of a representative) or Form 11 (Appointment of a director / CEO) instead;
    MAS表格 1A(基金管理资本市场服务执照申请)——相关专业人员的详细信息应在附件 A 中提交,如果他们是基金管理委员会的代表或董事,那么在这种情况下,他们的详细信息应在MAS 表格 3A(委任授权代表)或表格 11(委任董事/首席执行官)进行提供;
  2. MAS’s Form 3A (Appointment of a representative);
    MAS表格 3A(委任授权代表);
  3. MAS’s Form 11 (Appointment of a director / CEO);
    MAS表格 11(委任董事/首席执行官);
  4. signed declaration by an applicant’s directors (from MAS’s Form 1A);
    申请机构的董事签署的声明(来自MAS表格 1A);
  5. applicant’s business profile as per the Accounting and Corporate Regulatory Authority’s record;
    申请机构在会计和企业监管局(“ACRA”)的商业记录档案;
  6. applicant’s complete group shareholding chart;
    申请机构的完整的集团股权架构;
  7. applicant’s organisational chart with reporting lines;
    申请机构的组织结构图及管理汇报体系;
  8. applicant’s financial statements; and
    申请机构的财务报表;和
  9. any other supplementary documentation deemed necessary.
    任何其他MAS认为必要的补充文件。