2023年7月，新加坡金融管理局就新加坡单一家族办公室（"SFOs"）拟议框架发布了一份咨询文件。根据2001年《证券和期货法》（"SFA"），SFOs免于获得许可，这些提议旨在协调简化类别豁免制度的标准，并解决SFOs可能带来的洗钱（"ML"）风险。
Ownership structure of SFOs
MAS recognises that SFOs may operate under various ownership structures. The proposed class exemption is intended to be structure agnostic. Accordingly, an SFO can be held via a trust, foundation or any other structure, so long as the funding for such structures originate exclusively from the family. For instance, if an SFO is held via a family trust or foundation, the settlor or founder must be a member of the family.
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Non-family key employees
2.15. MAS acknowledges that an SFO may wish for other employees to invest alongside the family for better alignment of economic interests. Given the roles that Executive Directors, Chief Executive Officer, Chief Financial Officer, and investment professionals play in managing the SFO’s investments and finances, they would reasonably be expected to have sufficient financial sophistication, experience and knowledge to evaluate investment risks as well as to take steps to protect themselves. In consideration of the feedback, MAS will expand the definition of key employees to include Executive Directors, Chief Executive Officer, Chief Financial Officer and investment professionals.
2.16. In consideration of the feedback received, MAS will impose a limit of 10% on the percentage of AUM that can be attributed to non-family key employees.
2.18. MAS agrees with the feedback that the key employees who cease their employment with the SFO may need time to dispose of or divest their investments. MAS will provide a one-year time allowance for these ex-employees to divest their investments managed by the SFO.
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Definition of family members
To prevent abuse of the class exemption by individuals claiming to be descendants of an extremely remote ancestor, MAS will impose a generational limit at the time of commencement of the SFO’s business activities in Singapore. The common ancestor must not be more than five generations back from the youngest generation that established the SFO in Singapore and all family members within the five generations can be served by the SFO. Thereafter, subsequent generations can be included and be served by the SFO. We expect that the revised definition would accommodate most multi-generational SFOs in Singapore.
MAS is of the view that it is reasonable to include parents-in-law and siblings-in-law as family. The definition of family members will be expanded to include them. Further, we would like to clarify that legally adopted children and stepchildren of the common ancestor are also included in the definition of family.
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Anti-Money Laundering and Countering of Financing of Terrorism (“AML/CFT”) Checks
MAS agrees with the suggestion by the respondents to extend the requirement to the SFO FV in recognition that the bulk of transactions would be done through the FV, while transactions done through the SFO itself may be largely administrative in nature.
Where the SFO has a foreign-incorporated FV, the FV must open and maintain an account with a MAS-regulated bank in Singapore or with a regulated bank in a jurisdiction that complies with AML/CFT requirements consistent with the standards set by the FATF.
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Timeline for initial notification
In consideration of the feedback, MAS agrees to extend the timeline for initial notification to within 14 days after commencement of business. This is aligned with the notification requirements imposed on other exempt persons.
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Legal Opinion
As part of the notification, MAS proposed that SFOs obtain a legal opinion supporting their exemption qualification and furnish the name of the law firm that provided the legal opinion.
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Point of contact
MAS proposed that SFOs must have an employee who is resident in Singapore as the designated point of contact (designated person) between the SFO and MAS.
The purpose of having a designated point of contact is to facilitate communication between the MAS and the SFO. MAS will proceed with the proposal that the designated person must be directly employed by the SFO and be resident in Singapore. To be clear, MAS considers a person to be resident in Singapore if he is primarily based in Singapore and has a Singapore residential address.
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Timeline for annual reporting
4.13. MAS sought views on the proposed annual reporting requirements for SFOs. SFOs are required to submit an annual return within 14 days after the end of each calendar year.
4.15. MAS acknowledges the concerns raised by the respondents and will extend the reporting timeline to within four months from the SFO’s financial year end. This will relieve the reporting burden on SFOs and is aligned with S13O/S13U tax incentive scheme reporting requirements.
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Information reported in the annual declaration
MAS proposed for SFOs to report the following information in their annual return: (a) total assets under management; and (b) name(s) of MAS-regulated FI(s) with whom the SFO has established and maintained business relations with as at the end of the calendar year.
4.19. As SFOs do not serve third party customers and are exempted from licensing or regulation by MAS, it is not our intent to impose extensive reporting requirements on them. In this regard, MAS will not require more granular information to be reported in the annual return.
4.20. The SFO and its FVs should list all the MAS-regulated banks that they have opened and maintained accounts with.
