22 August 2023

Proposed framework for Single Family Offices (“SFOs”) 单一家族办公室的更新拟议框架

On 31 July 2023, the Monetary Authority of Singapore (“MAS”) (being the central bank of Singapore) published a consultation paper seeking feedback on a proposed framework for SFOs operating in Singapore in order to strengthen MAS’ surveillance and defence against potential money laundering risks posed by SFOs. A SFO typically refers to an entity which manages wealth for, or on behalf of one family and is wholly owned or controlled by members of the same family.
新加坡金融管理局 (“金管局 (MAS)”)(也就是新加坡的中央银行)于2023年7月31日发布了一份征求意见文件,就拟议中的单一家族办公室的更新框架征求意见,旨在加强金管局(MAS)对在新加坡运营的单一家族办公室的监督,重点防范该架构被利用从而被卷入洗钱犯罪的风险。单一家族办公室通常指的是为一个家族管理财富的资金管理实体,或代表一个家族进行财富管理,其全部权益由同一家族的成员全权拥有或控制。

MAS proposes to:
新加坡金管局 (MAS) 的拟议措施概述如下:

  1. harmonise the criteria for SFOs to be exempt from licensing under the Securities and Futures Act 2001 (“SFA”); and
  2. introduce new notification and reporting requirements to better monitor SFOs operating in Singapore.

A. Class Exemption and Qualifying Criteria

Currently, some SFOs are exempt from licensing under paragraph 5(1)(b) of the Second Schedule of the Securities and Futures (Licensing and Conduct of Business) Regulations (“Paragraph 5(1)(b) Exemption”) where a common holding company to hold the SFO and the fund vehicle which is used to hold or manage the family’s assets are utilised. Under the current framework, SFOs with other ownership structures, or which utilise non-corporate entities to hold or manage the family’s assets and therefore do not fall neatly within the existing frame of the Paragraph 5(1)(b) Exemption have to seek case-by-case licensing exemption under the SFA.

MAS proposes to introduce a structure agnostic class exemption for SFOs, which will remove the need for case-by-case licensing exemptions. To operate in Singapore under the proposed class exemption, the SFO must meet the following criteria:
金管局 (MAS) 拟议引入一项不受结构限制的单一家族办公室通用资管牌照豁免,从而消除逐案申请许可豁免的操作模式的必要。为了能够根据拟议的通用资管牌照豁免框架从而在新加坡运营,单一家族办公室必须符合以下条件:

  1. wholly owned (whether directly or indirectly) by members of the same family;
  2. fund management must be conducted for or on behalf of:

    1. family members, including family trusts and corporations wholly owned by and for the sole benefit of the family; and
    2. charitable organisation(s) funded exclusively by the family,

save that it may also conduct fund management for or on behalf of key employees (which refer to the chief executive officer and executive directors of the SFO);

  1. incorporated in Singapore; and
  2. establishes and maintains business relations with at least one of the MAS-regulated financial institutions (“FIs”).
    与至少一家金管局 (MAS) 所监管的金融机构(“MAS管制金融机构”)建立并维持业务关系。

The SFO must also have at all times an employee who is resident in Singapore as the designated point of contact between the SFO and MAS. All SFOs operating in Singapore will be subject to beneficial ownership requirements for Singapore-incorporated companies under the Accounting and Corporate Regulatory Authority and anti-money laundering and countering the financing of terrorism (“AML/CFT”) checks by MAS-regulated FIs. Collectively, these measures are aimed at ensuring adequate AML/CFT safeguards over SFOs operating in Singapore.
此外,单一家族办公室必须始终在新加坡拥有一名居住在新加坡的员工,作为单一家族办公室与金管局 (MAS) 之间的指定联系人。在新加坡运营的所有单一家族办公室将受到新加坡会计与企业管理局 (ACRA) 所制定的有关新加坡注册公司受益所有权要求的约束,以及受MAS管制金融机构进行的反洗钱和打击恐怖主义融资检查的约束。总体而言,这些措施旨在确保在新加坡运营的单一家族办公室具备充分的反洗钱和打击恐怖主义融资的保障机制。

B. Notification and Annual Reporting Requirements

Under the proposed framework, SFOs will be required to notify MAS and confirm their ability to comply with the qualifying criteria under the proposed class exemption within seven days of commencement of their operations in Singapore. SFOs must also obtain a legal opinion supporting their qualification under the class exemption criteria.
根据拟议的更新框架,单一家族办公室需要在在新加坡开始运营的七天内通知金管局 (MAS) 并确认其有能力符合拟议通用资管豁免的资格标准。单一家族办公室还必须取得支持其符合通用豁免标准的法律意见书(备注:本所解读认为该法律意见书必须是新加坡律师事务所的具有新加坡律师执业资格的律师出具)。

SFOs will have to furnish the following information in their initial notification (“Notification Requirement”):

  1. key particulars of the SFO, specifically:

    1. name, unique entity number (“UEN”), and date of incorporation of the SFO;
    2. name, country, and date of incorporation of the fund vehicle;
    3. name(s) of MAS-regulated FI(s) that the SFO has established and maintained business relations with;
    4. name of law firm that provided the legal opinion that the SFO qualifies under the class exemption criteria; and
    5. amount of assets to be managed by the SFO;
  2. a signed declaration by all the family members who own the SFO (“Ultimate Owners”), CEO, and director(s) to the MAS that:
    所有拥有单一家族办公室的家族成员(“最终所有者”)、首席执行官、及董事们向金管局 (MAS) 签署的声明,具体确认如下内容:

    1. its Ultimate Owners are currently not the subject of any investigation by authorities, or the subject of any civil or criminal proceedings whether in Singapore or elsewhere;
    2. its Ultimate Owners, CEO, and director(s) have never been convicted of a serious crime or been involved in money laundering/terrorism financing/proliferation financing; and
    3. it does not and will not engage in any activity with designated persons or entities (i.e. individuals or entities in the United Nations lists or any other list found on the MAS website under “Lists of Designated Individuals and Entities”), whether directly or indirectly;
      没有,将来也不会直接或间接地与被列入黑名单的个人或实体从事任何活动(即联合国黑名单上的个人或实体,或在金管局 (MAS) 网站里的黑名单中“指定个人和实体名单”下所找到的个人或实体);
  3. a signed declaration by the Ultimate Owners, CEO, and director(s) to the MAS that it fulfils all the conditions to be exempted under the class licensing exemption criteria.
    最终所有者、首席执行官、及董事们向金管局 (MAS) 签署的声明,表明该单一家族办公室符合获得通用资管牌照豁免所需的所有条件。

Further, MAS proposes that SFOs submit an annual return within 14 days after the end of each calendar year to report their:
此外,金管局 (MAS) 建议单一家族办公室每个日历年结束后的14天内向金管局 (MAS) 提交年度报告,以报如下内容:

  1. total assets under management; and
  2. name(s) of MAS-regulated FI(s) with whom the SFO has established and maintained business relations with as at the end of the calendar year.

C. Implementation Timeline

MAS proposes to provide a transitional period of six months for existing SFOs operating in Singapore to comply with the proposed framework. To continue to operate in Singapore, an existing SFO would have to comply with the Notification Requirement within six months from the effective date of the proposed framework. New SFOs that wish to commence operating in Singapore following the implementation of the proposed framework will be required to comply with the Notification Requirement within seven days of commencement of their operations in Singapore.
金管局 (MAS) 拟议为在新加坡运营的现有单一家族办公室提供一个为期六个月的过渡期,以符合拟议更新框架的要求。为了继续能在新加坡以单一家族办公室模式进行运营,现有单一家族办公室需要在拟议框架生效之日起的六个月内遵守其规定的通知要求。希望在拟议框架实施后开始在新加坡运营的新进入新加坡市场的单一家族办公室需要在新加坡运营开始后的七天内遵守通知要求。

To learn more about the proposed framework for SFOs, please read MAS’ consultation paper here.
想了解更多有关单一家族办公室拟议框架的信息,请阅读金管局 (MAS)的征求意见文件

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