Singapore Central Bank Rolls Out New Framework for Single-Family Offices

MT Newswires06-15

The Monetary Authority of Singapore (MAS) will implement a revised framework for single-family offices (SFOs) from Monday, introducing a streamlined process for family-owned wealth funds to establish operations in the city-state.

Under the new structure-agnostic framework, qualifying SFOs will be eligible for a class exemption from licensing, allowing them to begin operations by notifying MAS and maintaining an account with a MAS-licensed bank, the central bank said in a Friday news release.

Qualifying SFOs will also be required to submit an annual return detailing their total assets under management and the name of their banking institution.

Existing SFOs will have a one-year transition period to comply with the revised requirements.

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