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Post: Important! Repeal of the RFMC Regime by the MAS. Due Date to apply AI/LFMC: 30 June 2024

Important! Repeal of the RFMC Regime by the MAS. Due Date to apply AI/LFMC: 30 June 2024

As we navigate the second quarter of the year, we bring you updates on key regulatory changes and developments impacting your industry. In this issue, we spotlight on the repeal of the RFMC Regime by
the MAS

Repeal of RFMC Regime on 1 August 2024 

Following on from its Consultation Paper late last year, the MAS has in March announced
its intention to repeal the RFMC regime on 1 August 2024. Existing RFMCs intending to
continue with regulated fund management activity after this date must apply to be an A/I
LFMC by completing and submitting an application between 1 April 2024 and 30 June
2024. MAS expects to issue CMS licences to all successful applicants by end July 2024.

Background

As background, the RFMC Regime was introduced in 2012 as a successor to the Exempt
Fund Manager (‘EFM”) Regime in order to enhance regulatory oversight and raise the conduct of the fund management industry. Under the RFMC regime, RFMCs are restricted to carrying out fund management for not more than 30 accredited or institutional investors and managing not more than S$250 million of assets. MAS now considers that the RFMC regime has served its purpose of transitioning former EFMs to RFMCs and thus proposes to repeal the RFMC regime to simplify and harmonise the regulatory regime and requirements applicable to fund management companies in Singapore.

A Summary of the Key Differences between RFMC and AI/LFMC