On 27 April 2010, the Monetary Authority of Singapore ("MAS") issued a consultation paper titled "Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries" (the "Consultation Paper 2010"). The key objectives of the review were to raise the quality and business conduct standards of fund management companies ("FMCs"), and to achieve long term sustainability in the growth of the fund management industry. MAS' policy response to the feedback received on the Consultation Paper 2010 was issued on 28 September 2010.
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