The latest stories about authorisations, punishments, regulations and actions involving the Asian wealth management sector.

The Monetary Authority of Singapore has brought out what it says is a simplified regime for managers of venture capital funds, a move seen as a way for the Asian jurisdiction to drive such business and compete against rival hubs such as Hong Kong. 

The new regime kicks in with immediate effect. A public consultation was held earlier this year. 

The watchdog said the new regulatory regime will simplify and shorten the authorisation process for VC managers. For example, MAS will no longer require VC managers to have directors and representatives with at least five years of relevant experience in fund management. VC managers will also not be subjected to the capital requirements and business conduct rules that currently apply to other fund managers.  

When it admits and supervises VC managers, MAS said it will mainly concentrate on safeguards to stop money launderers. MAS will also retain regulatory powers to deal with errant VC managers.    

“The simplified VC manager regime recognises the lower risks posed by VC managers given their business model and sophisticated investor base. It will enhance the operating environment for VC managers to play a greater role in supporting start-up and growth stage businesses,” Lee Boon Ngiap, assistant managing director, capital markets, MAS, said.