Revised framework for single family offices to take effect on Jun 15: MAS

[SINGAPORE] The revised framework for single family offices (SFOs) will take effect on Jun 15, the Monetary Authority of Singapore (MAS) said in a news release on Friday (Jun 12).

Existing SFOs have a transition period of one year – until Jun 15, 2027 – to comply, the authority said.

The revised framework is meant to simplify the process for SFOs to establish operations in Singapore. It will also 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.