MAS surprises fund mangers with broad new legislation

The proposed law will allow foreign fund houses to bypass the current feeder fund structure and sell their wares directly to investors, giving them access to Singapore’s solid savings base. If enacted in its draft form, the Securities and Futures Act (SFA) will see a wave of new retail products hit the market. Local fund operators and those foreign ones that have already set up feeder structures will see competition for their products, while trustees and fund administrators will lose …