Compliance Toolkit for Licensed Fund Management Companies (LFMCs)¶

Source¶

Issuer: Monetary Authority of Singapore (MAS)
Act: Securities and Futures Act 2001 (SFA)
Version: Issued 2 October 2020, last revised 25 February 2026
Document type: Compliance Toolkit

Overview¶

This toolkit provides Licensed Fund Management Companies (LFMCs) with a reference on common applications, forms, and submissions required under the SFA. It covers applications for MAS approvals, notifications to be submitted, and regulatory submissions (e.g. financial returns).

This toolkit is not exhaustive, and LFMCs are expected to be familiar with all applicable legislation. It excludes reporting obligations outside the SFA and fund-level requirements (e.g. Code of Collective Investment Scheme). Where an LFMC also conducts other SFA regulated activities such as dealing in Capital Markets Products, it should refer to the compliance toolkit for those activities.

Applicability¶

Licensed Fund Management Companies (LFMCs) holding a CMS licence for fund management.

Key Legislative and Regulatory Requirements¶

Securities and Futures Act 2001 (SFA) -- Parts IV, V
Securities and Futures (Licensing and Conduct of Business) Regulations (LCBR) (Rg. 10)
Securities and Futures (Financial and Margin Requirements for Holders of CMS Licenses) Regulations (FMR) (Rg. 13)
SF(ECBA)(FRC)R -- Cross-Border Arrangements (Foreign Related Corporations) 2021
SF(ECBA)(FO)R -- Cross-Border Arrangements (Foreign Offices) 2021
Licence conditions imposed on LFMCs
Guidelines on Licensing and Conduct of Business for Fund Management Companies
Notice on Reporting of Misconduct of Representatives by Holders of CMS Licence and Exempt FIs
Notices SFA04-N17 and SFA04-N18 -- Cross-Border Arrangements requirements

Mode of Submission¶

eLicensing: https://elicensing.mas.gov.sg/
MAS-Tx portal: https://mas-tx.mas.gov.sg (rep register: https://eservices.mas.gov.sg/rr)
CoRe (MAS-Tx): Replaces legacy MASNET portal for representative notifications and financial returns
Submissions via FormSG, MAS-Tx or eLicensing: do not encrypt uploaded attachments
Use MAS-Tx for due dates, email reminders, and submission copies

Section A: Applications for Approvals from MAS¶

S/N	Requirement	Form	Deadline	Reference	Mode
1	Grant of CMS licence for fund management	Form 1	Prior to carrying on business as LFMC	Section 84 SFA	eLicensing
2	Conduct additional regulated activity under SFA	Form 5	Prior to carrying on additional activity	Section 90 SFA, Reg 11A LCBR	MAS-Tx
3	Appointment of CEO or Director	Form 11	Prior to appointment / change	Section 96 SFA, Reg 12 LCBR	MAS-Tx
4	Obtain effective control of LFMC	Application under Section 97A(2) SFA	Prior to obtaining effective control	Section 97A SFA	MAS-Tx
5	Change of members/shareholdings (20%+)	No prescribed form	Prior to change	Licence condition	MAS-Tx
6	Acquire 20%+ interest in corporation / establish branch	No prescribed form	Prior to acquisition/establishment	Licence condition	MAS-Tx
7	Comply with new base capital requirement	No prescribed form	Prior to commencing/ceasing/changing business	Reg 4 FMR	MAS-Tx
8	Reduce paid-up share capital	No prescribed form	Prior to reduction	Reg 20 FMR	MAS-Tx
9	Disclose inspection reports	No prescribed form	Prior to disclosure	Sections 150A and 150C SFA	MAS-Tx
10	Disclose investigation reports (MAS investigation)	No prescribed form	Prior to disclosure	Section 152A SFA	MAS-Tx
11	Remove S$250 million AUM restriction	Application to review restriction	Prior to exceeding S$250M	Licence condition	MAS-Tx

Section B: Notifications to MAS¶

B1: Notifications in relation to the LFMC¶

S/N	Requirement	Form	Deadline	Reference
12	Cessation of business	Form 7 (with audit certification)	Within 14 days of cessation; Immediately for non-commencement after 6 months	Section 93 SFA, Reg 11 LCBR
13	Change of name / principal place of business	Notice for Change in Particulars	Within 14 days from date of change	Section 93 SFA
14	Material adverse change to financial position (insolvency, inability to meet obligations, suspended payments)	No prescribed form	Immediate	Section 97C SFA
15	Change in shareholders (<20% control)	No prescribed form	Immediate	Licence condition
16	Execution of agreement for purchase/sale/merger of business	No prescribed form	7 days prior to execution	Licence condition
17	Resignation of CEO/Director; changes in director particulars, business interests, shareholdings	Notice of Change in Particulars	As soon as practicable; for (i), no later than 14 days from resignation	Licence condition
18	Fitness & propriety concerns (offences, disciplinary actions, breach of laws by officers/reps)	No prescribed form	Immediate	Licence condition
19	Fewer than 2 full-time appointed representatives per regulated activity	No prescribed form	As soon as practicable	Licence condition
20	Significant redemptions and activation of liquidity management tools for CIS	(a) Significant Redemption Report; (b) Fund Gating and Suspension Report	(a)(i) T+1 for daily dealing CIS (>5% AUM); (a)(ii) T+3 for daily dealing CIS (weekly >10% AUM); various for other frequencies	Guidelines on Liquidity Risk Management
21	Cross-border arrangements commencement	Form FN	Within 14 days of commencement	SF(ECBA)(FRC)R, SF(ECBA)(FO)R
22	Changes to cross-border arrangements	Form FC	Within 14 days from date of change	SFA04-N17, SFA04-N18
23	IT security incident (severe/widespread impact)	Per Circular on FI Incident Reporting	Within 1 hour of discovery (call/email)	Section 29(1) FSM Act (FSM-N21)

B2: Notifications -- Financial and Margin Requirements¶

S/N	Requirement	Form	Deadline	Reference
24	Temporary inclusions in financial resources	No prescribed form	Immediate	Reg 2A FMR
25	Base capital falls below prescribed amount	No prescribed form	Immediate	Reg 4 FMR
26	Financial resources fall below total risk requirement	No prescribed form	Immediate	Reg 6 FMR
27	Financial resources fall below 120% of total risk requirement	No prescribed form	Immediate	Reg 7 FMR
28	Preference shares issuance and repayment	No prescribed form	For issuance: prior; For repayment: 3 months before	Reg 21 FMR
29	Qualifying subordinated loan drawdown and repayment	No prescribed form	Prior to drawdown; prior to early repayment; 1 business day before matured loan repayment	Reg 22 FMR

B3: Notifications -- Representatives¶

S/N	Requirement	Form	Deadline	Mode
30	Appointment of appointed representative	Form 3A	Prior to appointment	MAS-Tx
31	Appointment of provisional representative	Form 3B	Prior to appointment	MAS-Tx
32	Appointment of temporary representative	Form 3C	Prior to appointment	MAS-Tx
33	Completion of examination requirements (provisional rep)	Form 3D	Prior to expiry of specified period	MAS-Tx
34	Addition of regulated activities for appointed rep	Form 6	Prior to carrying out additional activity	MAS-Tx
35	Cessation of representative	Form 8	(a) No later than next business day; (b) Immediate	MAS-Tx
36	Change of representative's particulars	Form 16	Within 14 days of change	MAS-Tx

Section C: Regulatory Submissions to MAS¶

S/N	Requirement	Form	Deadline	Mode
37	Quarterly financial returns	Forms 1 and 2	Within 14 days from quarter end	CoRe (MAS-Tx)
38	Annual audited financial returns and auditor's report	Forms 1-6	Within 5 months from FY end	CoRe (MAS-Tx) (Forms 1-4), MAS-Tx (Forms 5-6, auditor's report)
39	Misconduct reporting for representatives	Report on misconduct	Upon discovery; update for significant developments	MAS-Tx
40	Annual declaration of nil misconduct	Declaration of Nil Return	Within 14 days after calendar year end	MAS-Tx
41	Cross-border arrangements annual declaration	Form FR	Within 5 months from FY end	MAS-Tx
42	IT incident root cause and impact analysis report	Incident Reporting Template	Initial: ASAP (max 24 hours); Final: within 14 days	MAS-Tx

Previous Next

Back to MAS Guidelines