Saturday, 25 April 2015
Last updated 18 hours ago
Aug 9 2012 | 1:40pm ET
Asia’s second-largest hedge fund center has completed a two-year process to update its alternative investment regulations.
The city-state’s amended rules went into effect this week. The most notable change is the elimination of the exempt fund manager status in favor of a new category, registered fund management company. While current EFMs will have to now register with the Monetary Authority of Singapore, they will not require a license.
Registered managers are also limited to 30 qualified investors and S$250 million in assets. Those with more investors or more assets will need to obtain a license.
EFMs have six months to register or acquire a license.
The new rules also impose stricter business conduct and capital requirements. Licensed fund management companies will have to undergo annual independent audits and employ independent custody and valuation services.
While the impact on licensed managers is seen as small, smaller currently exempt managers may feel the new rules more. All fund managers, registered or licensed, must have two “relevant professionals” resident in Singapore, and a firm’s board of directors must have at least two members with at least five years’ experience. A firm’s CEO is also required to have five years’ experience.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…