Bloomberg reported yesterday..
that Hedge-Fund Managers based in the city are? ?Keen for Clarity? on Singapore Regulation
They write:
Hedge-fund managers are ?keen for clarity? on what Singapore?s regulator will do to increase oversight of the industry, said Han Ming Ho, who heads the funds practice group in the city state at Clifford Chance.
The Monetary Authority of Singapore has yet to indicate what the new rules for hedge funds will be since consulting the industry in September last year. Clifford Chance was one of the first international law firms awarded a Singapore license.
The central bank said last year it will fine-tune its ?regulatory approach as appropriate,? after moves to make it easier for hedge funds to set up shop there than in other Asian cities such as Hong Kong and Tokyo helped fuel the industry?s growth in recent years. Hedge funds are under scrutiny from regulators and lawmakers worldwide, who say they are partly to blame for the worst financial crisis in a generation.
Hedge-fund managers in Singapore are currently exempt from holding a capital-markets services license, provided they manage funds on behalf of 30 or less of what the regulator describes as ?qualified? investors.
Licenses Likely
Hedge funds in the city-state will ?almost certainly? need to be licensed, Michael Coleman, chairman of the Singapore chapter of the Alternative Investment Management Association, said in October.
The industry expects the monetary authority to start this quarter public consultation about tightening regulations following discussions with the industry since September last year, Ho said
Full report at?? http://www.businessweek.com/news/2010-02-25/hedge-fund-managers-keen-for-clarity-on-singapore-regulation.html
