Registered Fund Management Company

RFMC was a lighter-touch alternative to a Capital Markets Services Licence (FMC) for fund-management firms below S$250M AUM that served only accredited investors and qualified institutional clients. MAS repealed the RFMC regime on 1 August 2024: existing RFMCs that wished to continue regulated fund management applied (via Form 1AR, April–June 2024) to become A/I Licensed Fund Management Companies, with the S$250M AUM cap carried over for transitioned firms. Any firm still describing itself as an RFMC is referencing a regime that no longer exists — check its current CMS licence on the MAS Financial Institutions Directory.