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Alternative Investment Management Association Rules

Singapore Hedge Fund Proposal

Singapore Proposes Rules that Raise Hedge Funds' Costs

Singapore's central bank has proposed new rules that would raise the operating costs of Singapore hedge funds.  According to the country's Alternative Investment Management Association, 5-7% of Singapore's 140 hedge funds only have one fund manager and would be required to add at least another manager. Hedge funds would also have to maintain a minimum of $182,000 in capital.  Hedge funds would have 18 months to comply with these and other rules in the regulation.
Responding to a Reuters query, AIMA said 5-7 percent of about 140 Singapore-based hedge funds have only one fund manager and will need to find a second to comply with new regulations proposed by the Monetary Authority of Singapore (MAS).

This week, MAS proposed to replace its "exempt fund manager" regulatory regime for smaller funds with a new set of rules requiring all firms to have at least two full-time staff in Singapore. They are required to have a minimum of five years experience in fund management.
The new rules also require firms maintain a base capital of least S$250,000 ($182,200) at all times, which "should not be considered onerous for a serious player in the fund management business", according to AIMA.
Firms with assets under management exceeding S$250 million or that manage funds for retail investors must comply with additional rules such as employing a full-time compliance officer in Singapore and setting aside risk-based capital.  Source

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