Regulations for Collective Investment Schemes (CIS)
Restricted Scheme vs Authorised Scheme
For a Fund to be marketed to retail investors, it has to be Authorised or Recognised (if constituted outside Singapore) by MAS and be subject to the Securities and Futures Act 2001. Among other requirements, the issue of an Authorised Fund must comply with the Code of Collective Investment Schemes. The Fund manager of the Authorised Fund is a CMS Retail license manager.
Offers to certain investors such as Accredited Investors and/or Institutional Investors can be made on reliance on the exemptions from above requirements. These are usually referred to as “Restricted Scheme” Investments.