The proposed law will allow foreign fund houses to bypass the current feeder fund structure and sell their wares directly to investors, giving them access to Singapores solid savings base.
If enacted in its draft form, the Securities and Futures Act SFA will see a wave of new retail products hit the market. Local fund operators and those foreign ones that have already set up feeder structures will see competition for their products, while trustees and fund administrators will lose some business as these functions move offshore.
In another move, the SFA defines investments as a collective scheme, leading market commentators to speculate that the approval of a raft of new product...
