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Singapore Regulator to Streamline 'Single Family Office' Framework

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The Monetary Authority of Singapore has revised its "single family office" (SFOs) framework to streamline the process for SFOs to establish operations in Singapore, according to a MAS release.

An SFO in Singapore is a privately held corporate entity set up by one "ultra-high-net-worth" family to manage assets, investments, and wealth of a single family.

The registration protocols have been simplified, effective June 15, with offices required to notify MAS of their operations through a MAS-licensed bank.

Annual reporting has been made more straightforward for SFOs, with information on total assets under management and the name of its bank.

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