April is always a busy season to prepare submissions to the Monetary Authority of Singapore (“MAS”). First, the quarterly returns (Form 1, Form 2 and the QIE form) must be submitted to the MAS by 14 April 2025. Second, holders of a capital markets services (“CMS”) licence whose financial year coincides with the calendar year are busy with their audit to finalise the financial statements and annual MAS returns by 31 May 2025. Finally, many fund management companies have been requested to complete the Fund Management Risk Assessment Questionnaire.

Luckily, the MAS did not publish any material new regulations relevant to external asset managers in March 2025. Nonetheless, the MAS published information on Countering Proliferation Financing—Industry Perspectives on Best Practices and issued responses to consultations and a new consultation paper regarding retail investors, namely the Consultation Paper on Providing Retail Access to Private Market Investment Funds.