Definition of “business trust”
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A business trust is a business enterprise structured as a trust. A business trust (“BT”) is a business enterprise structured as a trust....
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- MAS
- Speeches
Last revised date:
- Excellencies and Distinguished Guests Ladies and Gentlemen 1 A very good morning to all of you, and a very warm welcome to our guests from the Middle East and the region. I hope you will find time from your busy schedule of meetings to enjoy the sights, sounds and culinary delights of Singapore. For Singapore offers you a unique experience - we are traditional yet modern, Asian but cosmopolitan, geographically small but with a large global outlook. 2 Singapore is indeed honoured to host this
- MAS
- Notices
Last revised date:
- trust has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); (d) collective investment scheme has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); (e) corporation has the same meaning as in section 4(1) of the
- trust registered with the Authority under the Business Trusts Act (Cap. 31A); (iii) debentures or stocks issued or proposed to be issued by a government; -------- (iv) debentures, stocks or shares issued or proposed to be issued by a corporation or body unincorporated;
- MAS
- Notices
Last revised date:
- trust has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); (d) collective investment scheme has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); (e) corporation has the same meaning as in section 4(1) of the Companies
- trust has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); (d) collective investment scheme has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); (e) corporation has the same meaning as in section 4(1) of the
- trust registered with the Authority under the Business Trusts Act (Cap. 31A); (iii) debentures or stocks issued or proposed to be issued by a government; (iv) debentures, stocks or shares issued or proposed to be issued by a corporation or body unincorporated; (v
- MAS
- FAQs
Last revised date:
- Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities. 4 Aug 2022 FAQs on the Licensing and Registration of Fund Management Companies last revised on 4 Aug 2022 (1.07 MB) 30 Mar 2022 FAQs on the Licensing and Registration of Fund Management Companies last revised on 30 Mar 2022 (398.8 KB) 1 Mar 2022 FAQs on the Licensing and Registration of Fund Management Companies last revised on 1 Mar
Q&A covered- Are the Outsourcing Guidelines applicable to intra-group outsourcing for fund management companies?
- How should a fund management company assess the suitability of its service provider’s employees, or its sub-contractors?
- Are fund management companies required to submit their outsourcing registers to MAS on a yearly basis?
- Are the LFMC’s central dealers subject to the representative notification regime?
- Can a fund management company engage the same auditor for both internal and external audit services?
- Does a fund management company need to add the activity of "dealing in capital markets products" to its CMS licence, if it uses forward contracts for FX hedging?
- Can I submit a CMS licence application for fund management while my RFMC registration is being processed by MAS?
- When is my fund not considered to be "dealing in capital markets products" and exempted from adding it to my licence?
- What types of fees and expenses should be excluded from committed capital, for determining the limit on non-qualifying investments for VCFMs?
- My company plans to manage a fund that will invest into immovable assets. Do we need a CMS licence in fund management?
- Does a fund management company have to include managed assets invested in real estate assets for the purposes of licensing and reporting?
- Can a fund manager that manages both VC and PE funds operate under the VC Manager Regime?
- Is a fund management company allowed to conduct specified products borrowing and lending in respect of its clients’ portfolios?
- What kind of relevant work experience do Directors, Relevant Professionals and CEO of a FMC need?
- What does MAS assess in a fund management companies licence / registration application?
- How can an existing fund management company (FMC) transition into the VC Manager Regime?
- What differentiates an Executive Director from a Non Executive Director of a fund management company?
- Requirements before A/I LFMCs can start managing funds offered by retail investors
- My company is an A/I LFMC. Are there situations where we can manage/provide advice to funds offered to retail investors if our licence restricts us from doing so?
- When does a fund management company not need to subject its managed assets to independent custody?
- Information required to assess Single Family Office (SFO) licensing exemption in Singapore
- What procedures to take if my LFMC wants to cease business?
- Is a fund management company allowed to manage customer’s assets and monies held at accounts opened with foreign brokers that are not regulated in Singapore?
- Is an LFMC allowed to conduct central dealing activity for funds managed by its related entities?
- What licensing exemptions can Single Family Offices (SFOs) rely on?
- Can my company commence business as soon as it submits its registration as an RFMC to the MAS?
- What is considered to be adequate internal audit arrangements for a RFMC?
- MAS
- Speeches
Last revised date:
- MAS has also taken the opportunity to make amendments to enable better administration of certain Acts under its purview. 3 The Bill proposes amendments to the following Acts under MAS’ purview: (a) the Banking Act; (b) the Business Trusts Act; (c) the Finance Companies Act; (d) the Government Securities
- MAS
- Speeches
Last revised date:
- Good morning. Welcome to MAS’ annual report media conference. ECONOMIC GROWTH The global economy is headed for another year of lacklustre growth. Recovery in the advanced economies is hesitant and uneven. Economic activity is slowing in the emerging market economies. The IMF has just released its latest projection for global GDP growth in 2016 – at 3.1%. This is the same as last year. MAS is closely watching these developments, especially three factors that are key to the growth outcomes this year
- MAS
- FAQs
Last revised date:
- Provides clarifications to some frequently asked questions on the Payment Services Act. Additional Document Infographic on the Payment Services Act 2019 (1.45 MB) 31 March 2021 FAQs - Payment Services Act last revised on 31 March 2021 (389.9 KB) . Monetary Authority of Singapore PAYMENT SERVICES ACT 2019 FREQUENTLY ASKED QUESTIONS (FAQs) ON THE PAYMENT SERVICES ACT (PS ACT) Disclaimer: These FAQs are meant to provide guidance to industry participants, in particular potential
Q&A covered- What is "limited purpose e-money"?
- What constitutes a "person outside Singapore" for the purposes of cross border money transfers?
- Does the calculation of the SPI threshold for e-money issuance include e-money that has already been spent?
- Do Technology Risk Management (TRM) measures apply to merchant acquirers?
- How is account issuance regulated under the PS Act different from the previously regulated payment services?
- What is interoperability and why is it necessary for Singapore’s e-payment ecosystem?
- Is a fiat on-ramp service required to safeguard the cryptocurrency purchased with fiat?
- How does MAS regulate AML/CFT measures for DPT service providers?
- Is all e-money regulated?
- E-wallet providers are prohibited from providing cash withdrawal services. Would this inability to withdraw cash discourage customers from using e-wallets?
- What requirements are non-bank credit cards or charge cards issuers subject to under the Payment Services Act?
- What is an e-wallet?
- Regulations relating to e-money stored in e-wallets
- When is an account issuance service provider also considered a merchant acquisition service?
- Why is it necessary to regulate the provision of an e-wallet as a separate activity from the issuance of e-money? Are they not the same?
- Is an e-wallet top up service an account issuance service?
- AML/CFT requirements for custodian wallet services
- Which regulated activities are typically associated with e-wallet businesses?
- When are e-wallet services considered "low risk"?
- Why are e-wallet providers prohibited from providing cash withdrawal services?
- What are some examples of entities that provide merchant acquisition services?
- What regulations are typically associated with e-money transfers?
- Do non-bank credit card or charge card issuers require a license under the Payment Services Act?
- The payment services of domestic money transfer, cross border money transfer and merchant acquisition appear to overlap. Is that intended?
- MAS
- Media Releases
Last revised date:
- trust when acting in that capacity; (c) trustee for a housing developer when acting in that capacity.
- property 30% 60% (Revised) Entities Any residential property 35% 65% (Revised) Trustees ABSD (Trust) is payable by a trustee of any trust when acting in that capacity, but excludes the following: (a) trustee for a collective investment scheme when acting in that capacity; (b) trustee-manager for a business
- MAS
- Speeches
Last revised date:
- I’d like to thank the Asia Society for hosting us this evening, for the launch of the Singapore FinTech Festival. The Festival will take place over 5 days in November this year in Singapore, bringing together technology players, financial institutions, FinTech players and regulators. We are launching the festival in New York City, and that is not as surprising as it may first seem. It says something about how we view innovation in finance. It is an inherently open system. Innovation is about ideas
- MAS
- Notices
Last revised date:
- trust has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); (d) collective investment scheme has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); (e) corporation has the same meaning as in section 4(1) of the Companies
- trust has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); (d) collective investment scheme has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289); (e) corporation has the same meaning as in section 4(1) of the
- trust registered with the Authority under the Business Trusts Act (Cap. 31A); (iii) debentures or stocks issued or proposed to be issued by a government; (iv) debentures, stocks or shares issued or proposed to be issued by a corporation or body unincorporated; (v