The Monetary Authority of Singapore (MAS) has the power to revoke/cancel the Capital Markets Services (CMS) License.

The Financial Institutions Directory is used for the listing of all entities that are holding a Capital Markets Services (CMS) License to conduct regulated activities under the Monetary Authority of Singapore (MAS). All entities that ceased to hold a CMS license will be removed from the Financial Institutions Directory.

The list of Registered Fund Management Company (RFMC) is listed in the Financial Institutions Directory.

The following criteria should be adopted by a company that wishes to conduct regulated fund management activities under the Securities and Futures Act (SFA):-

(a) The company must be registered with the Monetary Authority of Singapore (MAS).
(b) The company must hold a capital markets services (CMS) license to operate as a licensed fund management company (LFMC).
(c) The company must hold a capital markets services (CMS) license to operate as a registered fund management company (RFMC).

The following factors should be taken into account by the Monetary Authority of Singapore (MAS) while assessing an application to be a registered fund management company (RFMC), licensed fund management company (LFMC) and venture capital fund manager (VCFM):-

(a) Fitness and propriety of the applicant, its shareholders and directors.
(b) Track record and fund management expertise of the applicant and its parent company or major shareholders.
(c) Strength of internal risk management and compliance systems.
(d) Ability to meet the minimum financial requirements prescribed under the SFA.
(e) Business model/ plans and projections and associated risks.

The applicable financial requirement of base capital for retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License should be minimum S$500,000 or higher and it should be required to maintain financial resources which are in excess of its total risk requirements.

The applicable financial requirement of base capital for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000 and it should be required to maintain financial resources which are in excess of its total risk requirements.

The applicable financial requirement of base capital for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License should be minimum S$250,000.

The following criteria should be adopted for the staffing requirement of a retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-

(a) Minimum of 3 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) THE proposed CEO must have at least 10 years of relevant experience.
(c) Independent and dedicated compliance function in Singapore required.

The following criteria satisfy the staffing requirement for an Accredited/Institutional licensed fund management company (A/I LFMC) under the Capital Markets Services (CMS) License:-

(a) Minimum of 2 full-time Singapore-based employees each with at least 5 years of relevant experience.
(b) Independent and dedicated compliance function in Singapore required if AUM is at least S$1 billion.

Minimum of 2 fulltime Singapore based employees required to fulfill the staff requirement for a venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.

Minimum of 2 fulltime Singapore based employees each with at least 5 years of relevant experience required to fulfill the criteria of staff requirement for a registered fund management company (RFMC) under the Capital Markets Services (CMS) License.

The following is the criteria for the annual corporate fee for the retail licensed fund management company (LFMC) under the Capital Markets Services (CMS) License:-

(a) A fixed fee of S$4,000 is assigned for the retail licensed fund management company (LFMC).
(b) A variable fee calculated at S$5 per representative from the 101st representative onwards as of 1 January of the calendar year.

Annual corporate fee S$4,000 is assigned for the venture capital fund manager (VCFM) under the Capital Markets Services (CMS) License.

Annual corporate fee S$1,000 is assigned for the registered fund management company (RFMC) under the Capital Markets Services (CMS) License.

Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.

Form 1A (Application for a capital markets services (CMS) license to provide fund management) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a retail licensed fund management company (LFMC) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.

Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.

Form 1V (Application for a CMS license as a Venture Capital Fund Manager) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a venture capital fund manager (VCFM) and there is a non-refundable application fee of S$1,000. Upon submission of the application via corporate e-lodgement system (CeL) fee advice together with the acknowledgment page is received.

Form 22A (Notice of Commencement of Business as a Registered Fund Management Company) is used to apply for licensing or registration under the Capital Markets Services (CMS) License for a registered fund management company (RFMC).

The applicable base capital requirement of $5 million should be paid by the applicant who is a member of an approved clearing house and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $1 million should be paid by the applicant who is a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $1 million should be paid by the applicant who is not a member of an approved exchange and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $50,000 should be paid by the applicant who does not carry any type of customer’s positions in capital markets products, margins or accounts in its own books and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $50,000 should be paid by the applicant who deals in capital markets products only with accredited investors, expert investors or institutional investors and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $50,000 should be paid by the applicant who does not enter into any transaction with any customer to deal in capital markets products as principal and deals in capital markets products that are securities, units in collective scheme or exchange traded derivatives contracts.

The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is a member of an approved clearing house.

The applicable base capital requirement of $5 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with any customer who is not an accredited investor, an expert investor or an institutional investor.

The applicable base capital requirement of $1 million should be paid by the applicant who deals in capital markets products that are over-the-counter derivatives contracts and he is not a member of an approved clearing house and deals in those capital markets products with only those customers who are accredited investors, expert investors or institutional investors.

The applicable base capital requirement of $500,000 should be paid by the applicant who does not carry any customer’s positions in those capital markets products, margins, or accounts in its own books and either carries on the business only of soliciting or accepting orders for the purchase or sale of any of those capital markets products from any customer.