The Malta Financial Services Authority has announced that the following understanding has been reached with the Monetary Authority of Singapore (MAS).
1. Exemptions under the Singapore Securities and Futures Act ("SFA")
Malta domiciled funds may be offered to institutional and accredited investors, as defined in section 4A of the Securities and Futures Act ("SFA"), in Singapore.
In terms of Section 304 of the SFA Malta domiciled funds may benefit from an exemption from the recognition and prospectus requirements for offers of collective investment schemes ("CIS") made to institutional investors. Section 305 of the SFA provides a similar exemption, subject to prescribed modifications, for offers made to accredited investors.
2. Online offering facilities:
The MFSA advised a recently launched online portal, CISNET, for the offering of CISs to accredited investors in Singapore. Offerors can log on to CISNET at: https://masnetsvc2.mas.gov.sg/cisnet/home/CISNetHome.action and submit an online notification. Where a complete submission is received by MAS, the offeror can normally expect the notification process to be completed in two to three business days. MAS may initially require an interested fund manager to complete a simple questionnaire related to the Maltese regulatory framework under which it has been authorised.
1. Exemptions under the Singapore Securities and Futures Act ("SFA")
Malta domiciled funds may be offered to institutional and accredited investors, as defined in section 4A of the Securities and Futures Act ("SFA"), in Singapore.
In terms of Section 304 of the SFA Malta domiciled funds may benefit from an exemption from the recognition and prospectus requirements for offers of collective investment schemes ("CIS") made to institutional investors. Section 305 of the SFA provides a similar exemption, subject to prescribed modifications, for offers made to accredited investors.
2. Online offering facilities:
The MFSA advised a recently launched online portal, CISNET, for the offering of CISs to accredited investors in Singapore. Offerors can log on to CISNET at: https://masnetsvc2.mas.gov.sg/cisnet/home/CISNetHome.action and submit an online notification. Where a complete submission is received by MAS, the offeror can normally expect the notification process to be completed in two to three business days. MAS may initially require an interested fund manager to complete a simple questionnaire related to the Maltese regulatory framework under which it has been authorised.
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