The MAS compliance officer training requirements were updated on 23rd February 2024. The Monetary Authority of Singapore (MAS) revised its Guidelines on Licensing and Business Conduct for Fund Management Companies [SFA 04-G05]. This update builds on the broader changes MAS introduced in November 2023. We covered those changes in our earlier article on the revised Guidelines. This guideline provides fund managers with the requirements necessary to qualify as fund managers, including MAS compliance officer training expectations. It also sets out how to supervise and regulate their businesses.
The Guidelines on Licensing and Business Conduct for Fund Management Companies [SFA 04-G05] set out the pre-requisite criteria and application procedures. They also cover ongoing business conduct requirements for Licensed Fund Management Companies (LFMCs), Venture Capital Fund Managers (VCFMs), and Registered Fund Management Companies (RFMCs).
MAS Compliance Officer Training Requirements: What Changed
| Key Changes | Previous Guideline | Revised Guideline |
|---|---|---|
| Compliance Arrangements | The revised guidelines (29 November 2023) required in-house compliance officers to be familiar with the rules and regulations applicable to the fund management company (FMC). They also needed to be regularly and appropriately trained on them. Where an FMC has an in-house compliance officer, MAS expects the individual to have relevant experience, for example in regulatory compliance, audit, or risk management. They should also be familiar with, and regularly and appropriately trained on, the rules and regulations applicable to the FMC. |
The revised guideline (23rd February 2024)
still requires in-house compliance officers
to be familiar with the rules and regulations
applicable to the FMC. They must also be
regularly and appropriately trained on them.
However, it provides additional information on
what an FMC should do when queries arise. This
includes where and how they can find this
information.
‘As a matter of principle, an FMC should consult its in-house compliance officer or third-party service provider. This applies whenever it has queries on the applicability of rules and regulations. If there is a need to seek clarification from MAS, the FMC should set out a detailed assessment of the specific regulatory query. This should clarify if the query is wants clarified or approved. MAS has information resources on our website. These assist FMCs in complying with the relevant requirements. These are set out in the Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Fund Managers. They also appear in the FAQs on the Licensing and Registration of Fund Management Companies. These resources cover aspects such as regulatory filing requirements and entry requirements for representatives.’ |
How can we help?
Our team based in Singapore offers regulatory and compliance support. We help organisations comply with MAS requirements across different regulatory areas. Contact us to ensure your compliance frameworks are well-suited for their intended purpose.
