MAS Consults on Streamlined Regulatory Framework for Fund Managers – Repeal of the Registered Fund Management Companies Regime 基金管理人精简监管框架之新加坡金融管理局咨询 – 撤销新加坡注册基金管理公司制度

On 24 October 2023, the Monetary Authority of Singapore (“MAS”) initiated a public consultation to streamline the regulatory framework for fund managers. In particular, MAS is considering repealing the existing Registered Fund Management Companies (“RFMCs”) regime and existing RFMCs in operation will be approved as Licensed Fund Management Companies (“LFMCs”) upon application to MAS.
新加坡金融管理局（MAS）于2023年10月24日发布了一项公开咨询，以简化现有的基金管理人监管框架。新加坡金管局（MAS）尤其正考虑废除现有的注册基金管理公司（“RFMCs”）制度，而已运营的RFMCs将在向新加坡金管局（MAS）提交相关申请后被批准运营为许可基金管理公司（“LFMCs”）。

The RFMC regime was introduced in 2012, replacing the earlier repealed Exempt Fund Managers regime. However, since 2012, the business models and risk profiles of RFMCs and LFMCs that serve only accredited or institutional investors (“A/I LFMCs”) have increasingly converged, rendering the regulatory distinction between the two less meaningful.
RFMC制度于2012年被引入新加坡法律，以替代早期被废除的免除基金经理制度。然而，自2012年以来，仅为合格或机构投资者提供服务的RFMCs和LFMCs的商业模式与风险概况逐渐趋同，使得两者之间的监管区分变得较无意义。

TRANSITIONAL ARRANGEMENTS FOR EXISTING RFMCs:
现有RFMCs的过渡安排：

To facilitate the transition, existing RFMCs are allowed to continue operating as usual during the transition process and are required to only undergo a simplified process to become A/I LFMCs as follows:
为减缓过渡时期带来的不便，新加坡金管局（MAS）将允许现有RFMCs在过渡期间内继续正常运营，且只需通过简化的过渡过程成为合格或机构投资者基金管理公司（“A/I LFMCs”）：

1. RFMCs will need to submit a form during a prescribed application window, setting out their assets under management and confirming their ability to comply with the regulatory requirements for A/I LFMCs. MAS will respond to all applications from RFMCs within a month;
   RFMCs需要在规定的申请时内提交一份表格，列出其管理的资产，并确认其能够遵守A/I LFMCs的监管要求，而新加坡金管局（MAS）将在一个月内回应所有RFMCs的申请；
2. MAS will retain the limit of S$250 million on the managed assets of RFMCs that transition to become A/I LFMCs. After the transition, they can apply to MAS to uplift the limit on managed assets, if they have plans to grow their managed assets; and
   新加坡金管局（MAS）将保留对于过渡为A/I LFMCs的RFMCs管理资产上限的新币2500万元，但在过渡后，若计划增加管理的资产，亦即可向新加坡金管局（MAS）申请提高管理资产上限；及
3. RFMCs that apply to become A/I LFMCs will not have to pay any application fees for this transition. Upon being licensed, the prevailing Capital Markets Services (“CMS”) annual corporate licence fee and representative fees will apply on a pro-rated basis to such A/I LFMCs and their representatives. Currently, the annual corporate licence and representative fees for CMS licence holders are S$4,000 and S$200 per representative respectively.
   申请成为A/I LFMCs的RFMCs不需要支付任何过渡申请费。一旦获得许可，现行的资本市场服务（“CMS”）年度公司许可证费和代表费将按比例适用于这些A/I LFMCs和其代表。目前，CMS许可证持有者的年度公司许可证费和代表费分别为新币4,000元和200元。

TIMELINES:
相关截止日期：

MAS has clarified that it will stop accepting new RFMC applications from 1 January 2024 to minimise the number of RFMC applications by the time of the repeal but will continue to review any RFMC application that remains outstanding after 1 January 2024, with a view to registering all successful applicants before the repeal date.
新加坡金管局（MAS）已澄清，将不再从2024年1月1日起接受新的RFMC申请，以减少现有制度废除前RFMCs的申请数量，但将继续审查2024年1月1日后尚未处理的所有RFMC申请，以在废除日之前注册所有成功的申请方。

MAS invites interested parties to submit their comments to the consultation at https://www.mas.gov.sg/publications/consultations/2023/consultation-paper-on-repeal-of-regulatory-regime-for-registered-fund-management-companies by 31 December 2023.
新加坡金管局（MAS）邀请所有利益相关者在2023年12月31日之前通过新加坡金管局（MAS）网站https://www.mas.gov.sg/publications/consultations/2023/consultation-paper-on-repeal-of-regulatory-regime-for-registered-fund-management-companies提交各方的意见。

CONCLUDING REMARKS:
本所观察：

We note that the processing time of MAS to review RFMC applications has been increasing over the years, from a median time of 3.8 months in 2018 to 5.5 months in 2022. Yet, under the new regime, existing RFMC are only required to undergo a simplified (and much quicker) process to become A/I LFMCs and MAS will respond to all such applications within a month. Given this backdrop and MAS’ aim to register all successful RFMC applicants before a repeal date (not fixed yet), it remains to be seen how the processing time for MAS to review the outstanding RFMC applications during this transition period will be impacted. Further, it appears that such outstanding RFMC applicants would need to be able to satisfy the prevailing requirements for A/I LFMCs to stand a chance for approval by MAS, such as having financial resources at least 120% of the total risk requirement etc.
本所注意到，新加坡金管局（MAS）审查RFMC申请的处理时间近年来逐渐增加，从2018年中位数的3.8个月增加到2022年的5.5个月。然而，在新制度下，现有的RFMC仅需进行简化（亦更快速）的过渡过程，而新加坡金管局（MAS）将在一个月内回应所有此类申请。在这个过渡期内，尚未处理的RFMC申请的处理时间将如何受到影响还有待观察，但这些申请似乎需要能够满足A/I LFMCs的现行要求，例如具备至少120%总风险要求的的足够财务资源等，才有可能获得新加坡金管局（MAS）的批准。

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