The Monetary Authority of Singapore (MAS) today published a consultation paper seeking feedback on proposed amendments to the Code on Collective Investment Schemes (CIS Code). The proposed amendments seek to enable a wider range of new fund product types to be authorised for retail offer through a more streamlined process, while ensuring that appropriate safeguards are in place for retail investors.
2 As investor sophistication grows in Singapore and investor needs continue to evolve, MAS has received interest from the industry to offer new retail fund product types that cater to a broader range of investment objectives. Such funds may not always fit within existing investment guidelines under the CIS Code.
3 To facilitate fund product innovation and broaden investor choice, MAS proposes amending the CIS Code to:
a. allow the adjustment of existing investment requirements; and
b. accommodate a wider range of innovative fund types.
4 A new Alternative Funds Appendix is proposed to cater to innovative fund types, to clearly differentiate them from traditional funds. Guardrails for these fund types will be put in place to safeguard retail investors’ interests:
a. Requirements specific to each type of fund will be put in place to address their unique risks; and
b. Fund products will be required to adhere to enhanced disclosures to ensure investors have the necessary information to make informed investment decisions.
5 Core requirements and responsibilities will continue to apply to these funds and their fund managers:
a. Funds must continue to meet key fundamental requirements that cover areas, such as asset safeguarding and liquidity standards; and
b. Fund managers and distributors should continue to focus on fair dealing outcomes in the design and distribution of fund products to retail investors
6 For most proposals of new fund types, MAS aims to take about three months to determine the necessary guardrails for their issuance. Once the guardrails are established, funds of the same type will take three weeks to be authorised if they fulfil the same requirements
7 This proposal forms part of efforts by MAS and the Singapore Exchange (SGX) to support a more dynamic financial products ecosystem in Singapore, while upholding safeguards for investors. It builds on MAS’ announced streamlining of the Complex Products framework and enhancements to Product Highlights Sheets (PHS) in May 2026.
8 MAS invites comments from interested parties on the proposals set out in this consultation paper which is available here (762.3 KB). Comments may be submitted via the FormSG link by 10 August 2026.
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[1] Fair dealing outcomes would include (i) financial institutions offering products and services that are suitable for their target customer segments, and (ii) customers receiving clear, relevant, and timely information that accurately represent the products and services offered and delivered. Refer to the Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers [FSG-G04] for more details.
[2] This is in line with the 21-day processing time for applications for authorisation of collective investment schemes that do not have novel features that could have a material impact on investors.
