Singapore mulls putting family offices on firmer legal footing-report
The Monetary Authority of Singapore (MAS) is considering options to implement rules related to the legal framework of family offices.
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The regulator is seeking to implement rules or guidance for single-family offices (SFOs), which manage money only for their founding families, reported Asian Investor.
However, the regulator denies its working on any regulatory proposals related to family offices.
According to the publication, the regulator has had a team focused on family offices for as long as three years
The new framework is intended to distinguish SFOs from multi-family offices (MFOs), which manage money for several clients.
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By GlobalDataIn addition, the new rules will also support more families to set up an office in Singapore.
However, the MAS denied it is working on any such family-office initiative.
"All persons who manage funds for a customer, regardless of the amount, are considered to be carrying out fund management, which is a regulated activity," an MAS spokesman wrote in an email to AsianInvestor.
"Persons managing funds for related or connected persons may be exempted from licensing, subject to them meeting the exemption criteria," he added.
