Any asset manager who chooses to open up an office in Singapore will have significant interaction with the Monetary Authority of Singapore (MAS), which acts as Singapore’s unified financial services regulator. The MAS has confirmed that in the first half of 2012, it will implement a new regulatory structure over asset managers that maintain an investment management office in Singapore. This article is the third in a four-part series by Maria Gabriela Bianchini, founder of Optionality Consulting. The first article in this series identified factors that hedge fund managers should consider in determining whether to open an office in Asia and compared the relative merits of Hong Kong and Singapore as locations for an office. See “Primary Regulatory and Business Considerations When Opening a Hedge Fund Management Company Office in Asia (Part One of Four)
,” Hedge Fund Law Report, Vol. 4, No. 43 (Dec. 1, 2011). The second article in this series discussed technical steps and considerations for the actual process of opening an office in either Hong Kong or Singapore. See “Primary Regulatory and Business Considerations When Opening a Hedge Fund Management Company Office in Asia (Part Two of Four)
,” Hedge Fund Law Report, Vol. 4, No. 44 (Dec. 8, 2011). This article describes Singapore’s new regulatory structure for hedge fund managers, which is expected to take effect in the first half of 2012, and discusses the application of the new regulations with respect to staffing, compensation, taxation, compliance, regulatory filings and other matters. Part four will conclude the series with a discussion of Hong Kong.