MAS facilitate the authorisation process for VC fund managers
The Monetary Authority of Singapore (MAS), in an attempt to speed the authorization process for Venture Capital (VC), funds management loosened somehow the rules. The requirement of the five years’ experience of VC managers’ directors and representatives has now been abolished. In addition, VC managers will no longer be obliged to follow the business conduct rules and capital requirements are not applied to them.
Although MAS facilitates the VC authorization process, it will still regulate them in order to monitor the VC managers. For that reason, MAS authorizes VC managers only if (a) they invest in non-securities exchange business (b) they invest 80% in securities directly issued by fresh and new startups (c) they will not dispose of their funds’ units for a new subscription.