MAS is consulting on proposed regulations for VCC insolvency and winding up

The Variable Capital Companies Act (“VCC Act”) was passed in Parliament on 1 October 2018. The VCC Act provides the legislative framework for the incorporation, operation, and regulation of a new corporate structure that is tailored for collective investment schemes, known as the variable capital company (“VCC”).

The Monetary Authority of Singapore has released a consultation paper on the proposed subsidiary legislation regarding the insolvency and the winding up of a VCC and its sub-funds. This is adapted from the existing subsidiary legislation under the Companies Act (Cap. 50).

The consultation concerns in particular:

  • The proposed draft VCC Bankruptcy Regulations
  • The proposed draft Variable Capital Companies (Filing of Documents) Regulations 2019
  • The proposed draft Variable Capital Companies (Maximum Amount Payable in Priority in Winding Up) Order 2019
  • The proposed draft Variable Capital Companies Regulations 2019
  • The proposed draft Variable Capital Companies (Winding Up) Rules

The interested parties may send their comments to MAS by 24th August 2019. We at Argus are happy to collect your response and submit it on your behalf to the MAS before the deadline.

Date: 29th July 2019

To read the Consultation Paper, click here.

 

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