Revised framework for single family offices to take effect on Jun 15: MAS
Existing SFOs have one year to comply
Add BT as a preferred source
[SINGAPORE] The Monetary Authority of Singapore (MAS) on Friday (Jun 12) said that the revised framework for single family offices (SFOs) will take effect on Jun 15.
Existing SFOs have a transition period of one year – until Jun 15, 2027 – to comply, the authority said in a press release.
The revised framework is meant to simplify the process for SFOs to establish operations in Singapore. It will streamline their documentation and reporting requirements.
Qualifying SFOs need only notify MAS of their operations and maintain an account with a bank licensed by the authority.
SFOs will also have to file an annual return with information on the total assets under management and bank name.
The revised framework comes after a public consultation and MAS’ policy responses to industry feedback published in November 2024.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
Audemars Piguet and Tag Heuer explore new grounds with collaboration timepieces
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
AI-linked layoffs in US spark new wave of one-person start-ups
