Minimum of 2 directors. At least 1 of whom should be full-time and resident in Singapore. Minimum of 2 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.

Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must be an Executive and must be a full-time resident of Singapore. Minimum of 2 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.

If investors are open to Retail: Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must have >10 years of relevant experience, be an Executive Director and Singapore-resident. If investors are only Accredited Investors (A/I): Minimum of 2 Directors with >5 years relevant industry experience. At least 1 must be an Executive and must be a full-time resident of Singapore. For CMS / LFMC licence holders: Minimum of 3 relevant professionals with at least 5 years experience and must be full-time residents of Singapore.

No specific requirements.

S$250,000

At least S$500,000 (non- CIS) and at least S$1,000,000 (CIS).

Accredited and Institutional only (no Retail).

Limited to Qualified Investors.

LFMC A/I – only Accredited Investors LFMC Retail – no restrictions.

Only in Venture Capital i.e., 80% of the fund’s portfolio should be in companies less than 10 years old.

No specific restriction.

No specific restriction.

No Limits- Accredited Investors or Qualified Investors.

Maximum of 30 investors (which may include up to 15 funds).

No restrictions.

This function can be outsourced if the AUM is <S$1bn.

Can be outsourced as per the complexity and scale of business.

For AUM >S$1bn, to be in-house or can be outsourced. For LFMC Retail, to be in-house.

Annual.

Annual.

Annual / Quarterly.

At least 120% of operational risk requirements.

None.

At least 120% of operational risk requirements.