Singaporean LFMC Licence Support| Pre-licensing Assessment | LFMC Licence Application Management | Post-licensing Risk and Compliance Management

Effective Singaporean LFMC licence solutions, covering the entire LFMC licensing process management. This includes pre-licensing preparation and assurance, LFMC licence application handling, regulator liaison, successful licensing issues remediation and resolution, and a range of post-licensing solutions to support risk and compliance management under the LFMC licensing regime and MAS regulated fund managers' obligations under other laws and regulations.We offer a comprehensive set of solutions to help you obtain and maintain a Singaporean licensed fund management company (LFMC) licence, tailored to:

  • Your business goals and objectives
  • Your client demographics
  • Your countries of operation
  • The size of your business
  • The available human and technology resources
  • Your risk appetite
  • Your governance structure
  • The products that you offer
  • MAS Regulated LFMCs' obligations covering risk and compliance management under financial laws and regulations, the applicable financial licensing requirements, AML/CFT laws, privacy laws, consumer protection laws, and more

LFMC (Licensed Fund Management Company) is a category under the broader Capital Markets Services (CMS) licence issued by the Monetary Authority of Singapore (MAS).

We have designed our regulatory licensing solutions to help you navigate the complexities of the LFMC licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the LFMC licensing process, including but not limited to the following aspects:

  • Singaporean LFMC Licence Guidance: Advising on a wide range of aspects associated with Singaporean LFMC licence as it relates to your specific situation
  • Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
  • Pre-licensing support:
  • Drafting the necessary policies and procedures to help you comply with the Singaporean LFMC Licence conditions and financial markets' regulations
  • Developing internal controls to help you meet your obligations under the LFMC licensing regime
  • LFMC Licence Application Support: Covering the entire licensing process
  • Post-licensing Support: Covering
  • Ongoing compliance advice
  • Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
  • AML/CFT advice
  • AML/CFT compliance management
  • Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing

 

Service Coverage

This page is about Singaporean LFMC licensing solutions. Firms looking to obtain a Singaporean LFMC licence or meet MAS regulated fund manager obligations will find essential guidance here.

There are also several other regulator pathways depending on the investor class and business model:

 

We offer comprehensive support for a wide range of Singaporean LFMC licence applications, tailored to meet the specific needs of the following businesses:

  • Private Fund Managers
  • Wholesale Fund Managers
  • Retail Fund Managers 
  • Institutional Fund Managers 
  • Boutique Fund Managers 
  • Family Offices
  • Robo-Advisors
  • Cross-Border Investment and Tax Planning Advisors
  • ESG-Focused Fund Managers

 

LFMC Licensing Preparation

Comprehensive set of pre-licensing solutions to support LFMC licensing process preparation, helping you meet LFMC licensing regime requirements and demonstrate compliance with MAS regulated fund managers' obligations. Our solutions cover Singaporean LFMC licence guidance, compliance framework and internal controls development, pre-application compliance assurance, and LFMC licence application pack completion and review.Pre-licensing Compliance Assurance

Our Singaporean LFMC Licence solutions cover the following focus areas:

  • Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a Singaporean LFMC Licence
  • Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the LFMC licensing process
  • Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singaporean LFMC Licence, tailored to suit your:
  • business objectives,
  • operational capacity,
  • client base,
  • markets of operations,
  • and other relevant factors
  • Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
  • LFMC Licence Application Plan: We help you establish a roadmap to effectively meet the Singaporean LFMC Licence requirements

 

 

Singaporean LFMC Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our LFMC licensing solution covers:

  • Compliance Model Selection: To help you best comply with the LFMC licensing regime and related risk and compliance obligations.
  • Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
  • Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for CMS licence holders and other applicable MAS regulated fund managers' obligations, keeping in mind your specific circumstances, available resources and business goals.

 

Entering Regulated LMFC Environment

We help businesses transition from an unregulated environment to operating under the LFMC licensing regime, helping them meet their obligations as a Singaporean LFMC Licence holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the LFMC licensing regime requirements.

Our focus areas for this service include:

  • New businesses
  • Existing fund managers providers operating in unregulated markets
  • Regulated fund managers expanding into foreign jurisdictions
  • Financial institutions and/or service providers with established risk and compliance frameworks seeking to offer regulated fund management services as a new product.

 

Multi-Jurisdictional Compliance

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with regulated fund managers' obligations globally.

 

Singaporean LFMC Licence and Wholesale Markets

Getting a Singaporean LFMC Licence may not always be the best fit for all. For example, a retail market expansion may not always align with your goals or the products you offer.

Operating in the wholesale environment can sometimes be a more suitable option. We offer a wider range of risk and compliance management solutions to assist fund managers that:

  • Operate in the wholesale markets
  • Operate under exemptions from the LFMC licensing regime
  • Offer services to sophisticated, eligible, and wholesale investors

 

We help them comply with the regulatory compliance obligations that are not caught by the LFMC licensing regime but that still have to be addressed and handled, including:

  • Advertisement Rules
  • Fair Dealing Regulations
  • Risk Management
  • Outsourced Providers' Oversight
  • Restrictions on offering services to retail investors without a licence (an integral part of the LFMC licensing regime)
  • Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) laws and regulations
  • Data Management Laws and Regulations

 

LFMC Licence Application

Comprehensive LFMC licence application management, including document compilation, pre-submission review, application management, and regulatory liaison to help you efficiently navigate the LFMC licensing process, meet Singaporean LFMC licence criteria, comply with LFMC licensing regime requirements, and manage regulated MAS regulated fund managers' obligations effectively.We assist with your licence application through ongoing engagement in the LFMC licensing process:

  • Document Compilation and Review: We compile and review all required supporting documents to support your LFMC Licence application.
  • Application Form Completion: We help you complete the forms so that all material information is accurate and complete.
  • Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
  • LFMC Licensing Process and Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the licensing process.
  • Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

 

Resolving Singaporean LFMC Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our Singaporean LFMC Licence solutions include a range of services to address and resolve these issues effectively:

  • Remediation Solutions for Singaporean LFMC Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with LFMC licensing regime requirements.
  • Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your Singaporean LFMC Licence , developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.
  • Licensing Issues Handling: We address common licensing issues encountered during the LFMC licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
  • Further Information: You can visit our Compliance Remediation Solutions page for more information.

 

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for Singapore-based licensed fund management companies. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

 

 

Risk and Compliance Obligations for Singaporean LFMC Licence Holders

A set of post-licensing risk and compliance solutions for the LFMC licensing regime and related MAS regulated fund managers' obligations, tailored to your commercial objectives, products, resources, size and specific goals. Comprehensive LFMC licensing guidance that covers ongoing compliance, licence renewal, remediation process management, and other LFMC licensing issues to help you successfully maintain your Singaporean LFMC licence.Singaporean LFMC Licence holders are subject to various obligations set out in applicable laws and regulations. They are also expected to uphold standards for their conduct and internal operations, as outlined in regulatory guidance or accepted industry practices.

We can help you address these obligations and expectations through comprehensive support across various areas. The list below is not exhaustive:

Singaporean LFMC Licence and Regulatory Compliance Obligations

  • Compliance Management Systems: We can help you establish effective compliance programs, compliance monitoring plans, controls testing methodologies, compliance calendars and more.
  • Risk Management Frameworks: We can help you develop comprehensive risk management frameworks to fulfil MAS regulated fund managers' obligations for identifying, assessing, and mitigating operational, regulatory, strategic, financial and other types of risks.
  • Policy and Procedure Development: We can help you draft and implement policies and procedures aligned with the fund management licensing requirements.
  • Compliance Monitoring Plans: We can oversee the execution of your CMPs, covering ongoing monitoring of your compliance obligations under the LFMC licensing regime.
  • Internal Control Testing and Compliance Assurance: We can conduct internal reviews and audits of your controls to test their effectiveness and compliance with the applicable regulatory standards.
  • Capital Adequacy Requirements: We can help you implement controls to comply with capital adequacy requirements, helping your businesses meet MAS regulated fund managers' obligations for maintaining required financial resources (as required under the SFA Notice).
  • Liquidity Management Requirements: We can assist you in developing controls to comply with liquidity management requirements.
  • Financial Auditing Standards: We can assist in establishing procedures to help you comply with the audit and assurance requirements under the LFMC licensing regime.

 

Singaporean LFMC Licence and Operational Oversight Obligations

  • Oversight of Outsourcing: We can establish a set of effective controls to comply with LFMC licensing obligations for overseeing outsourced services, also covering related obligations under AML/CFT compliance, ISO requirements, and more (required under the MAS guidelines for outsourcing).
  • Structures for Governance: We can help you establish effective governance structures to comply with MAS regulated fund managers' obligations and develop an effective approach to overseeing your risk exposure and compliance status across different functions of your business.
  • Senior Management Accountability: We can help you comply with MAS regulated fund managers' obligations for senior management and key staff conduct and competence.
  • Maintaining Operational Resilience: We assist in developing continuity plans to meet MAS regulated fund managers' obligations for operational resilience, helping critical business services withstand disruptions.
  • Managing Technology Risks: We provide guidance on technology risk management obligations under the LFMC licensing regime.

 

Singaporean LFMC Licence and Market Integrity/Transparency Requirements

  • Standards for Market Conduct: We can help you implement controls for regulated fund managers' obligations to maintain fair and transparent market conduct, including preventing manipulation and insider trading.
  • Principles for Fair Treatment: We can help you implement controls to comply with expectations that cover adherence to principles of fair treatment and transparent communications with clients.
  • Standards for Conduct and Disclosure: We can help you comply with LFMC licensing standards for conduct and disclosure.
  • Product Suitability and Governance: We can establish tailored controls to help regulated fund MAS managers' obligations comply with product suitability and governance obligations, including risk management and governance arrangements across the product life cycle.
  • Protection of Client Assets: We can help you comply with MAS regulated LFMC licensing obligations to protect and segregate client assets.
  • Resolution of Disputes: We can help you establish effective mechanisms for dispute resolution and complaints management, particularly for retail clients.

 

Singaporean LFMC Licence and Resource Management Obligations

We can help you comply with the following requirements of the LFMC licensing regime:

  • Adequacy of Resources: Covering financial, technological, human and other resources.
  • Competence of Professionals: Covering key personnel, their necessary skills, knowledge, and professional competence (as required under the MAS Fit and Proper Guidelines).
  • Our focus areas include:
  • Assessment and Gap Analysis: We can help you evaluate the adequacy of your financial, technological, and human resources against the requirements of the licensing regime.
  • Resource Allocation Plans: We can help you develop strategies to optimise resource allocation, covering sufficient capacity for compliance, trading, operations, banking, customer support and other functions and departments.
  • Technological Solutions: We can recommend and implement RegTech tools to streamline compliance processes, such as transaction monitoring, reporting, and audit trails.
  • Key Personnel Assessment: We can help you assess the skills, qualifications, and experience of key personnel to identify areas for improvement.
  • Training and Development Programs: We can design and deliver targeted compliance training programs to upskill personnel in compliance, risk management, and compliance regulations.
  • Competence and Accreditations of Advisors and Representatives: We can advise you on certifications and continuing professional development (CPD) requirements for compliance professionals and senior management.
  • Representative Vetting: We can help establish a framework for assessing the competence and suitability of advisors and representatives before appointment.
  • Compliance Monitoring: We can help develop controls to monitor representatives' adherence to conduct and disclosure obligations.
  • Ongoing Training: We can help you create a framework to support continuous education for advisors and representatives on licensing obligations, market integrity, and client interaction standards.
  • Regulator Liaison: We can act as an intermediary with regulators to address queries and help you demonstrate compliance with resourcing obligations.

 

Singaporean LFMC Licence and Reporting

  • Regulatory Reporting: We can help you prepare and submit periodic and ad-hoc reports covering:
    • LFMC licensing obligations
    • LFMC AML/CFT obligations (SMRs, STRs, SARs, cross-border transaction reports, cash transaction reports, and other reporting obligations)
    • MAS Regulated fund managers' obligations under financial market conduct regulations
  • Compliance Documentation: We can help you develop and maintain the necessary documentation to meet record-keeping obligations under various laws and regulations.
  • Audit Readiness: We can prepare you for audits and reviews to demonstrate compliance with regulatory requirements, provisions of the LFMC licensing regime, applicable operational standards, and more.

 

Related Licensing Solutions 

We assist in obtaining LFMC licence equivalents in the following jurisdictions:

  • Prominent Financial Centres and Offshore Tax Havens: We also offer MIS managers' licensing solutions for prominent financial centres and offshore tax havens, including:
  • MiFID II Authorisation in the European Union
  • Securities Business Licence in the Cayman Islands
  • Securities Licence in the British Virgin Islands (BVI)
  • Securities Licence in Seychelles
  • Fund Services Business (FSB) Licence in Jersey
  • Guernsey Financial Services Commission (GFSC) Licence
  • Isle of Man Financial Services Authority (IOMFSA) Licence
  • Securities and Futures Commission (SFC) Licence in Hong Kong
  • Monetary Authority (BMA) Licence in Bermuda
  • Financial Services Commission (FSC) Licence in Mauritius

 

Hot Topics for the Singaporean LFMC Licence Application

The focus areas for the Singaporean LFMC licensing regime include but are not limited to: Key regulatory and operational topics for Singapore LFMC licence applications include: LFMC licensing regime, MAS regulated fund managers' obligations, Singapore LFMC licensing, Singapore LFMC licence, LFMC licence application, fit and proper requirements for licensed fund managers, risk management and compliance frameworks for Singaporean LFMCs, ongoing obligations under MAS regulatory guidelines, capital requirements and business conduct standards for LFMCs, MAS reporting and audit expectations for LFMC licence holders, governance and board requirements for licensed fund management companies, and AML/CFT compliance duties for Singaporean LFMCs.