Page Contents

Singaporean Investment Firms' Licence | Pre-licensing Assessment | CMSL, LFMC, RFMC and VCFM Applications Management | Post-licensing Risk and Compliance Support

We offer a comprehensive set of solutions to help you obtain and maintain a Singaporean investment firm's 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
Monetary Authority of Singapore (MAS) regulated investment firms' obligations covering risk and compliance management under the Securities and Futures Act (SFA), specific licensing requirements for Singaporean wealth management regime for Capital Markets Services (CMS) licence holders, Registered Fund Management Companies (RFMC), Venture Capital Fund Managers (VCFMs) and Fund Management Companies (LFMCs), as well as the local AML/CFT laws, privacy laws, consumer protection laws, and more

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

Singaporean Investment Firms' Licensing Guidance: Advising on a wide range of aspects associated with investment firms' licensing 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 investment firm’s licence conditions and investment regulations
Developing internal controls to help you meet your obligations under the Singaporean investment firms' licensing regime

Investment Firm’s CMSL 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 investment firms' licensing solutions. There are several licensing pathways depending on the investor class and business model.

For firms targeting professional or institutional investors, the Registered Fund Management Company (RFMC) regime may apply, which permits the firm to manage assets for no more than 30 qualified investors, with total assets under management not exceeding SG $250 million. Licensed Fund Management Companies (LFMCs) may also operate in the wholesale market under the Capital Markets Services Licence (CMSL), subject to applicable exemptions.

Retail client services are also permitted under specific licensing frameworks. In such cases, the business must apply for a CMSL and meet the licensing conditions under the LFMC or Venture Capital Fund Manager (VCFM) regimes, depending on the scope of activities and client base.

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

Independent Investment Firms
Registered Investment Firms
Investment Advisory Firms
Portfolio Managers
Broker-Dealers
Wealth Managers
Private Equity Firms
Family Offices

You can find more information about our Singaporean investment firms’ licensing solutions below:

Singaporean Investment Firm’s Licensing Preparation

Pre-licensing Compliance Assurance

Our Singaporean investment firm's 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 investment firm's licence
Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the Singaporean investment firms' licensing process
Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singaporean investment firm’s 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
Singaporean Investment Firms’ Licensing Application Plan: We help you establish a roadmap to effectively meet the CMSL requirements for investment firms.

Singaporean Investment Firm’s 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 Singaporean investment firms’ licensing solution covers:

Compliance Model Selection: To help you best comply with the Singaporean investment 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 Singaporean investment firms and other applicable investment firms' obligations, keeping in mind your specific circumstances, available resources and business goals.

Entering Regulated Licensing Environment

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

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the Singaporean investment licensing regime requirements. Our focus areas for this service include:

New businesses
Existing investment firms operating in unregulated markets
Singaporean investment firms expanding into foreign jurisdictions
Financial institutions and/or service providers with established risk and compliance frameworks seeking to introduce investment 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 investment firms’ obligations globally.

Investment Firm’s Licence and Wholesale Markets

Obtaining a Singaporean retail financial licence may not always be necessary or commercially viable, particularly where retail market expansion is not part of your strategy. Operating in the wholesale environment may offer a more suitable alternative. We provide a range of risk and compliance management solutions tailored for investment firms that:

Operate in the wholesale markets
Offer services to accredited, institutional, or expert investors
Operate under exemptions from the Singaporean investment licensing regime (e.g. serving only accredited investors or institutional investors under available licensing exemptions)

For the latter category, we help them comply with the regulatory compliance obligations that are not captured under the Singaporean licensing requirements, but that still must be addressed, including:

Advertisement Rules
Fair Dealing Guidelines (under MAS Notice and Guidelines on Fair Dealing)
Risk Management
Oversight of Outsourced Providers
Restrictions on offering services to retail investors without a licence (an integral part of the Singaporean investment licensing regime)
Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws and regulations
Data Protection and Management obligations (including PDPA requirements)

Investment Firm’s CMSL Application

We assist with your CMSL application through ongoing engagement in the Singaporean investment firms’ licensing process:

Document Compilation and Review: We compile and review all required supporting documents to support your investment firm's CMSL 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.
Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the Singaporean investment firms' licensing.
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 Investment Firm’s Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our investment firm's licence solutions include a range of services to address and resolve these issues effectively:

Remediation Solutions for Singaporean Investment Firm’s Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with Singaporean investment regime requirements.
Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your investment firm's 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 investment firms' licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
For further information, please visit our Compliance Remediation Solutions page.

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for MAS licensed investment firms. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

Singaporean Investment Firms' Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the Singaporean investment licensing regime and other regulatory compliance obligations. For more information, please visit our Compliance Consultancy Service page.
Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page for Investment Firms.
Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
Compliance Assurance Program (CAP) development and testing options
Internal Controls Design option
Internal Controls Testing option
Internal AML/CFT Review option
Statutory AML/CFT Audit option
Compliance Training Solutions: We offer training programs to different teams on complying with:
Investment firms’ obligations for risk, regulatory compliance management, and investment regulations. You can visit our Compliance Training page for more information.
Investment firms’ AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for Singaporean investment firms. For more information, visit our Specialised AML/CFT Solutions page for Investment Firms.
Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
new business goals
regulatory changes
changes in your operations
evolving market conditions
changes in stakeholders’ risk appetites (e.g., your banking partners, insurance companies, and liquidity providers).