Singapore: Monetary Authority responds to feedback received
in short On 6 November 2024, the Monetary Authority of Singapore (MAS) published its response to feedback on the July 2023 consultation paper setting out a proposed regulatory framework for single-family offices (SFOs) operating in Singapore. SFOs are not required to obtain a license under the Securities and Futures Act 2001 (SFA) and the proposals aim to harmonize standards for a simplified class exemption regime and address potential money laundering (ML) risks posed by SFOs. You can access our previous reminders about consultations here. MAS will provide further details on the implementation effective date, the revised legislation and the means of submitting initial notifications and annual returns prior to the implementation of the SFO framework. The MAS has provided further details and clarification on key measures to be implemented under the SFO framework. These further details and instructions appear below in red font: MAS proposes to provide a one-year transition period from the date when the proposed SFO framework comes…
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