Simplified rules for Singapore VC managers take effect on Oct 20

THE Monetary Authority of Singapore (MAS) on Friday said it will introduce a simplified regulatory regime for managers of venture capital funds (VC managers). This comes into immediate effect.

The new regulatory regime will simplify and shorten the authorisation process for VC managers. The MAS will no longer require VC managers to have directors and representatives with at least five years of relevant experience in fund management. VC managers will also not be subjected to the capital requirements and business conduct rules that apply to other fund managers.

In admitting and supervising VC managers, the MAS will focus primarily on existing fit and proper and anti-money laundering safeguards under the Securities and Futures Act.

The MAS will also retain regulatory powers to deal with errant VC managers.