Regulations for Fund Management Companies

My company plans to manage a fund that will invest into immovable assets. Do we need a CMS licence in fund management?

According to MAS (FAQs)

last revised 12 October 2021

A company need not be registered with or licensed by MAS if it manages a fund that invests solely in immovable assets or in securities issued by investment holding companies whose sole purpose is to invest into real estate development projects and/or real estate properties; and where the fund is offered only to accredited and/or institutional investors. This is regardless of the size of the company’s stake in the real estate development projects, the relationship between the developer and the company, the stage of completion of the development project and the receipt of any subsequent income yield following the completion of the project.

This exemption will not apply if the company is also engaged in the management of financial derivatives if such financial derivatives fall within the definition of “specified products” or “futures contracts” as defined in the SFA; or in the management of investments into other real estate funds and schemes.