MAS基金管理公司经营指引精选（2025）
本页展示 SFA 04-G05 中与基金行政及运营控制直接相关的必要短引文。适用牌照类别及例外须结合整份官方指引判断。
中文： 本页仅展示与基金行政、控制和申报直接相关的必要短引文。适用对象、例外、脚注及附录必须结合 MAS 官方 PDF 判断。
English: Only necessary short extracts directly relevant to fund administration, controls and filings are shown. Scope, exceptions, footnotes and appendices must be assessed against the official MAS PDF.
SG-FMC-GUIDELINEAn FMC shall ensure that assets under management are subject to independent custody. Independent custodians include prime brokers, depositories and banks that are suitably licensed, registered or authorised in their respective jurisdictions.
基金管理公司应确保受管理资产接受独立保管。独立保管人包括在各自辖区获适当许可、注册或授权的主经纪商、存管机构及银行。
SG-FMC-GUIDELINEAn FMC shall ensure that assets under management are subject to independent valuation and customer reporting. The requirement for independent valuation may be satisfied by having: (i) a third-party service provider, such as a fund administrator or custodian, perform the valuation; or (ii) an in-house fund valuation function that is segregated from the investment management function. Such arrangements may be adopted within larger financial services groups where there are sufficient resources and internal controls to provide for effective segregation of both functions.
基金管理公司应确保受管理资产接受独立估值并向客户报告。独立估值要求可通过以下方式满足：(i) 由基金行政管理人或保管人等第三方服务提供商执行估值；或 (ii) 设置与投资管理职能相隔离的内部基金估值职能。规模较大的金融服务集团如具备充足资源及内部控制，能够使两项职能有效隔离，也可在集团内部采用该等安排。
SG-FMC-GUIDELINEThe annual audit performed by the independent auditor is meant to serve as a periodic check on the valuation of the assets. Taken on its own, the annual audit will not fulfil the requirement for independent valuation.
独立审计师执行的年度审计旨在对资产估值进行定期检查。年度审计本身不足以满足独立估值要求。
SG-FMC-GUIDELINEAn FMC shall put in place measures to mitigate any actual or potential conflicts of interest. This may include taking steps to prevent circumstances that could lead to actual conflicts from arising, and where appropriate, disclose these conflicts of interest, and their implications, to its customers.
基金管理公司应采取措施减轻任何实际或潜在利益冲突，包括防止可能导致实际冲突的情形，并在适当情况下向客户披露冲突及其影响。
SG-FMC-GUIDELINE(iii) the valuation policy and performance measurement standards. Where there are investments in hard-to-value or illiquid assets, the methodology and procedures for their valuation should be disclosed;
(iii) 估值政策及业绩计量标准。如投资包含难以估值或缺乏流动性的资产，应披露其估值方法及程序；
SG-FMC-GUIDELINEAn FMC should ensure that the decision to terminate a fund and the process of termination is in the interests of investors in the fund, and that all investors are treated fairly and equitably. The FMC should: (i) maintain appropriate governance and oversight of the termination process; (ii) establish written policies for handling the termination process, covering areas such as the allocation of the costs of termination, investor communications, and treatment of unclaimed proceeds (where relevant); and (iii) provide timely information to all investors so that they are kept updated on the progress of the termination.
基金管理公司应确保终止基金的决定及终止程序符合基金投资者利益，并公平且公正地对待所有投资者。基金管理公司应：(i) 对终止程序维持适当治理及监督；(ii) 制定处理终止程序的书面政策，涵盖终止成本的分配、投资者沟通及无人申领款项的处理（如适用）等事项；及 (iii) 及时向所有投资者提供资料，使其持续了解终止工作的进展。
SG-FMC-GUIDELINEAn FMC shall comply with the anti-money laundering and countering the financing of terrorism requirements set out in the Notice to Capital Markets Service Licensees and Exempt Persons on Prevention of Money Laundering and Countering the Financing of Terrorism [SFA04-N02].
基金管理公司须遵守《向资本市场服务持牌人及豁免人士发出的防止洗钱及打击恐怖主义融资通知》[SFA04-N02] 所列反洗钱及反恐怖融资要求。
SG-FMC-GUIDELINEPrior to entering into arrangements with service providers (such as a compliance service provider or a fund administrator), an FMC should take into account the requirements set out in the MAS Guidelines on Outsourcing.
基金管理公司在与服务提供商（例如合规服务提供商或基金行政管理人）订立安排前，应考虑MAS《外包指引》所列要求。
SG-FMC-GUIDELINEAn FMC shall comply with its obligation to notify MAS or to seek MAS’ approval, as the case may be, for relevant transactions and changes in particulars, as required by the SFA, SF(LCB)R and SF(FMR)R. These requirements are summarised in the respective compliance toolkits published on the MAS website. An FMC shall also notify MAS immediately if it breaches any licensing requirement, as well as take immediate steps to rectify the breach.
基金管理公司须按照《证券及期货法》（SFA）、《证券及期货（发牌及业务行为）规例》（SF(LCB)R）及《证券及期货（金融及保证金要求）规例》（SF(FMR)R）的要求，就相关交易及资料变更履行通知MAS或取得MAS批准的义务（视情况而定）。该等要求概述于MAS网站发布的相应合规工具包。基金管理公司如违反任何牌照要求，亦须立即通知MAS并立即采取措施纠正该违反事项。
SG-FMC-GUIDELINEAn FMC shall submit periodic regulatory returns in relation to its fund management activities, in accordance with the SF(LCB)R and SF(FMR)R. The requirements are summarised in the respective compliance toolkits published on the MAS website.
基金管理公司须按照SF(LCB)R及SF(FMR)R，就其基金管理活动提交定期监管申报表。相关要求概述于MAS网站发布的相应合规工具包。
SG-FMC-GUIDELINEAn FMC shall conduct substantive fund management activity for all its segregated mandates and funds. Examples of when an FMC would not be deemed to be conducting substantive fund management activity are set out in paragraphs 3.3 to 3.4 above. The FMC should be able to demonstrate that it is conducting substantive fund management activity in respect of all its segregated mandates/funds, by retaining appropriate documentation.
基金管理公司须就其所有独立委托及基金开展实质性基金管理活动。上文第3.3至3.4段列举了基金管理公司不会被视为开展实质性基金管理活动的情形。基金管理公司应保留适当文件，以证明其就全部独立委托／基金开展实质性基金管理活动。