Revised framework for single family offices to take effect on Jun 15: MAS

[SINGAPORE] The Monetary Authority of Singapore (MAS) on Friday (Jun 12) said that the revised framework for single family offices (SFOs) will take effect on Jun 15.

Existing SFOs have a transition period of one year – until Jun 15, 2027 – to comply, the authority said in a press release.

The revised framework is meant to simplify the process for SFOs to establish operations in Singapore. It will streamline their documentation and reporting requirements, as well as expand the types of investments eligible.

Qualifying SFOs need only to notify MAS of their operations and maintain an account with a bank licensed by the authority.

SFOs will also have to file an annual return with information on the total assets under management and the bank name.

The revised framework comes after a public consultation and MAS’ policy responses to industry feedback published in November 2024.