MAS Targets to Repeal RFMC Regime on 1 August 2024, Shares Implementation and Transitional Arrangements
On 28 March 2024, the Monetary Authority of Singapore ("MAS") issued its Response to feedback received on the Consultation Paper on the Repeal of Regulatory Regime for Registered Fund Management Companies ("RFMCs") covering the following:

(a) Its intention to repeal the regulatory regime for RFMCs on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after the date of the repeal must apply to become licensed fund management companies that are restricted to serving accredited or institutional investors ("A/I LFMCs").

(b) The implementation and transitional arrangements, such as application to be an A/I LFMC, the continuity of operations during applications and applicable requirements.

This Update highlights key points RFMCS should note and action to prepare for the repeal of the RFMC regime.  

Tax Liability Insurance in Singapore: Benefits, Trends, and Challenges
Tax liability insurance products fully or partially indemnify the insured's tax risks, offering coverage for scenarios such as tax liabilities imposed by tax authorities, defence costs against tax claims, and gross-up taxes on proceeds. This coverage effectively transfers tax liability to the insurance company, providing businesses with financial protection against unexpected tax liabilities.

Compared to America and Europe, the tax liability insurance market in Asia is still nascent, presenting significant growth opportunities. Notable players in the region include India, Singapore, and Australia, where tax liability insurance is readily available.

In this Update, we discuss the benefits and coverage of tax liability insurance, global market trends, and the tax challenges that businesses may face in Singapore. Our Tax team possesses extensive experience in tax insurance, and are well-equipped to advise on any tax challenges you may face.