Hiring for Fund Management Companies

Fit and Proper Requirements for a Management Person in a Fund Management Company

Generally speaking, the criteria for considering whether a relevant person is fit and proper includes honesty, integrity and reputation, competence and capability, and financial soundness. The onus is on each relevant person to establish that it is a fit and proper person rather than for MAS to show otherwise.

However, these are some indications of whether a person would be considered fit and proper:
Whether the person,

1. In the last 10 years, has been convicted of any criminal offence under any law in Singapore, or elsewhere;

2. Has been the subject of any adverse findings in civil proceedings, partially those associated with fraud, misrepresentation or dishonesty, under any law in Singapore or elsewhere;

3. Is an undischarged bankrupt or has made a composition or arrangement with his creditors;

4. Has been a director or person concerned in management of a business that has entered into liquidation, or been the subject of a winding up order, or had a receiver appointed in relation to the business, or entered into a composition or scheme or arrangement with its creditor while the person has been involved with that business or within one (1) year of that involvement; or

5. Has been suspended or disbarred by a professional or any other regulatory body in Singapore or elsewhere; or

6. Does not possess the requisite educational qualifications, knowledge or experience in relation to the duties the person is required to perform in owning/managing the entity; or

7. Been dismissed or asked to resign from acting as a director or acting in any managerial capacity, whether in Singapore or elsewhere