Singapore MAS Proposed Framework for Single Family Offices: Annual Reporting Timeline Increased to 4 Months after Financial Year-End from Current 14 Days at End of Calendar Year, Timeline to Notify Singapore MAS after Commencement of Business Increased to 14 Days from 7 Days, Will Recognise Family Trusts & Foundation Assets if Family Office is Not Appointed to Manage Assets of Charitable Organizations, Allows 10% Limit of AUM for Non-Family Key Employees to Co-Invest Alongside Family Office, Allows Maximum of 10% Equity to Non-Family Key Employees & 1-Year Timeline for ex-Employees to Sell or Divest Investments, Generation Limit of Maximum of 5 Generations Back from Youngest Generation Establishing the Family Office in Singapore, Allows Parents-in-Law & Siblings-in-Law to be Included as Family, Legally Adopted Children & Stepchildren are Already Included in Definition of Family
15th November 2024 | Hong Kong
Monetary Authority of Singapore (MAS) Proposed Framework for Single Family Offices (6/11/24) – Key updates include 1) Annual reporting timeline increased to 4 months after financial year-end from current 14 days at end of calendar year, 2) Timeline to notify Singapore MAS after commencement of business increased to 14 days from 7 days, 3) Will recognise family trusts & foundation assets if family office is not appointed to manage assets of charitable organizations, 4) Allows 10% limit of AUM for non-family key employees to co-invest alongside family office, 5) Allows maximum of 10% equity to non-family key employees & 1-year timeline for ex-employees to sell or divest investments, 6) Generation limit of maximum of 5 generations back from youngest generation establishing the family office in Singapore, 7) Allows parents-in-law & siblings-in-law to be included as family, 8) Legally adopted children & stepchildren are already included in definition of family. View MAS Proposed Framework for Single Family Offices here
“ Singapore MAS Proposed Framework for Single Family Offices: Annual Reporting Timeline Increased to 4 Months after Financial Year-End from Current 14 Days at End of Calendar Year, Timeline to Notify Singapore MAS after Commencement of Business Increased to 14 Days from 7 Days, Will Recognise Family Trusts & Foundation Assets if Family Office is Not Appointed to Manage Assets of Charitable Organizations, Allows 10% Limit of AUM for Non-Family Key Employees to Co-Invest Alongside Family Office, Allows Maximum of 10% Equity to Non-Family Key Employees & 1-Year Timeline for ex-Employees to Sell or Divest Investments, Generation Limit of Maximum of 5 Generations Back from Youngest Generation Establishing the Family Office in Singapore, Allows Parents-in-Law & Siblings-in-Law to be Included as Family, Legally Adopted Children & Stepchildren are Already Included in Definition of Family “
Singapore MAS Proposes to Allow Single Family Offices to Give Maximum of 10% Equity to Non-Family Key Employees to Allow Staff to Invest Alongside Family, New Incentive Will Allow Family Offices to Attract & Retain Staff
8th November 2024 – The Monetary Authority of Singapore (MAS) is reviewing industry proposal feedback to allow single family offices to give maximum of 10% equity to non-family key employees to allow staff to invest alongside family, with the new incentive to allow family offices to attract & retain staff.
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