How can a single family office be exempted from the requirement to hold a CMS licence to conduct fund management activity?

As set out in the FAQs on the Licensing and Registration of Fund Management Companies, a single family office (“SFO”) may rely on the class exemption provided for a corporation which manages funds for its related corporations under paragraph 5(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations , if it meets the conditions for the exemption.

SFOs that do not fall within the scope of the exemption may seek a case-by-case licensing exemption from the MAS under section 99(1)(h) of the Securities and Futures Act 2001 .
Applicants should submit their application via https://go.gov.sg/singlefamilyoffices  and include the below:

• Business profile for the incorporation of the SFO as filed with the Accounting and Corporate Regulatory Authority (“ACRA”) of Singapore; and
• Signed declaration letter from the ultimate beneficial owner(s) of the SFO.