Within IMAS, there are committees set up where representatives from participating member firms support activities and research which contributes to the industry guides on different topics ranging from regulatory, ESG, digital innovation and education, etc.
IMAS also actively engages with the regulatory bodies to produce industry guides that constantly elevates the soundness of policy implemented within the industry.
This model discretionary investment management agreement (“IMA”) is a work product developed under the auspices of the Investment Management Association of Singapore (“IMAS”). The IMA provides a comprehensive framework that sets out the key terms and conditions governing the relationship between clients and investment managers under a discretionary mandate. It is designed to meet baseline regulatory requirements while incorporating explanatory notes and detailed provisions to facilitate its adoption. By introducing this Model IMA, IMAS seeks to enhance operational efficiency, promote best practices, and support the sustainable growth of the asset management sector in Singapore, particularly smaller fund management companies that face resource constraints.
The IMA is intended to serve as a starting point only and should be tailored to meet your specific legal and commercial requirements. No information provided in the IMA should be construed as legal or professional advice (including for any fact or scenario described in such document or any assumptions made in relation to such document). Additional documents may be required for your transaction. Neither IMAS nor any of the Legal Committee members of IMAS or contributors take any responsibility or legal liability arising from or in connection with the accuracy, reliability, currency or completeness of any material contained in this model discretionary investment management agreement. Potential users should carefully consider their circumstances and decide whether and how the IMA can be used or tailored to suit their situation and to seek legal, tax and other professional advice accordingly.
You may access the document here.
This template provides general guidance to assessing money laundering and financing of terrorism risk.
MAS requires advertisements in relation to Authorised and Recognised funds to be prepared in accordance with the Code of Best Practices in Advertising Collective Investment Schemes and Investment-Linked Life Insurance Policies jointly issued by IMAS and the Life Insurance Association (“CBPA”). Illustrations of income statistics in advertisements should also be prepared in accordance with the Guidance Notes on Recommended Disclosures to Support the Presentation of Income Statistics in Advertisements issued by IMAS (“RDPA”).
These guidelines are drafted with the intention of their application to all funds except for Recognised Funds, regardless of whether they are part of the CPFIS. IMAS recommends that managers disclose to unit-holders of all Singapore approved funds, the latest available fund expense ratio in the half yearly and annual reports to unit-holders
The Statement of Recommended Accounting Practice, RAP 7, was approved by the Council of the Institute of Singapore Chartered Accountants (ISCA). This RAP sets out recommendations on the way in which the financial statements of investment funds should be prepared. This RAP is intended to be applicable to all authorised unit trusts and authorised Variable Capital Companies (“VCCs") in the Republic of Singapore, regardless of their constitution, size or complexity
This model discretionary investment management agreement (“IMA”) is a work product developed under the auspices of the Investment Management Association of Singapore (“IMAS”). The IMA provides a comprehensive framework that sets out the key terms and conditions governing the relationship between clients and investment managers under a discretionary mandate. It is designed to meet baseline regulatory requirements while incorporating explanatory notes and detailed provisions to facilitate its adoption. By introducing this Model IMA, IMAS seeks to enhance operational efficiency, promote best practices, and support the sustainable growth of the asset management sector in Singapore, particularly smaller fund management companies that face resource constraints.
The IMA is intended to serve as a starting point only and should be tailored to meet your specific legal and commercial requirements. No information provided in the IMA should be construed as legal or professional advice (including for any fact or scenario described in such document or any assumptions made in relation to such document). Additional documents may be required for your transaction. Neither IMAS nor any of the Legal Committee members of IMAS or contributors take any responsibility or legal liability arising from or in connection with the accuracy, reliability, currency or completeness of any material contained in this model discretionary investment management agreement. Potential users should carefully consider their circumstances and decide whether and how the IMA can be used or tailored to suit their situation and to seek legal, tax and other professional advice accordingly.
You may access the document here.
This template provides general guidance to assessing money laundering and financing of terrorism risk.
MAS requires advertisements in relation to Authorised and Recognised funds to be prepared in accordance with the Code of Best Practices in Advertising Collective Investment Schemes and Investment-Linked Life Insurance Policies jointly issued by IMAS and the Life Insurance Association (“CBPA”). Illustrations of income statistics in advertisements should also be prepared in accordance with the Guidance Notes on Recommended Disclosures to Support the Presentation of Income Statistics in Advertisements issued by IMAS (“RDPA”).
These guidelines are drafted with the intention of their application to all funds except for Recognised Funds, regardless of whether they are part of the CPFIS. IMAS recommends that managers disclose to unit-holders of all Singapore approved funds, the latest available fund expense ratio in the half yearly and annual reports to unit-holders
The Statement of Recommended Accounting Practice, RAP 7, was approved by the Council of the Institute of Singapore Chartered Accountants (ISCA). This RAP sets out recommendations on the way in which the financial statements of investment funds should be prepared. This RAP is intended to be applicable to all authorised unit trusts and authorised Variable Capital Companies (“VCCs") in the Republic of Singapore, regardless of their constitution, size or complexity
This paper lists the best practices in fair valuation for funds investing in exchange traded instruments. By documenting the fair valuation practices followed by different organizations, this document seeks to establish more clarity and transparency in the industry. This would also help industry players in reducing the risk and costs in dealing with such unexpected events and ensuring standardized fair valuation for their investors.
The Guiding Principles for Investment Risk & Performance Measurement Functions was produced by the IMAS Risk and Performance Committee to address the significant inconsistencies amongst investment management firms in the investment risk and performance functions that they undertake. This guidance provides a set of guiding concepts, principles and best practices to be considered when establishing, developing or reviewing the risk and performance function in an investment management company.
The document acts in concert with well-established standards, such as the Global Investment Performance Standards (“GIPS”), to provide a general roadmap for risk and performance professionals with oversight responsibilities, to strengthen their functional capabilities and build a best-in-class unit.
The Guidance on Determination of Outsourcing for Fund Management Companies was prepared by the IMAS Outsourcing Working Group to supplement the MAS Guidelines on Outsourcing. This Guidance seeks to help FMCs in their application of the definitions of “outsourcing arrangement” and “material outsourcing arrangement” to a non-exhaustive list of common service arrangements for FMCs in Singapore.
This paper lists the best practices in fair valuation for funds investing in exchange traded instruments. By documenting the fair valuation practices followed by different organizations, this document seeks to establish more clarity and transparency in the industry. This would also help industry players in reducing the risk and costs in dealing with such unexpected events and ensuring standardized fair valuation for their investors.
The Guiding Principles for Investment Risk & Performance Measurement Functions was produced by the IMAS Risk and Performance Committee to address the significant inconsistencies amongst investment management firms in the investment risk and performance functions that they undertake. This guidance provides a set of guiding concepts, principles and best practices to be considered when establishing, developing or reviewing the risk and performance function in an investment management company.
The document acts in concert with well-established standards, such as the Global Investment Performance Standards (“GIPS”), to provide a general roadmap for risk and performance professionals with oversight responsibilities, to strengthen their functional capabilities and build a best-in-class unit.
The Guidance on Determination of Outsourcing for Fund Management Companies was prepared by the IMAS Outsourcing Working Group to supplement the MAS Guidelines on Outsourcing. This Guidance seeks to help FMCs in their application of the definitions of “outsourcing arrangement” and “material outsourcing arrangement” to a non-exhaustive list of common service arrangements for FMCs in Singapore.
IMAS has been actively involved in setting standards on sustainable investing for the asset management industry in Singapore.
IMAS co-created the Guidelines on Environmental Risk Management for Asset Managers (“EnRM Guidelines”) with MAS, which seeks to enhance financial institutions’ resilience to and management of environmental risk. IMAS also solicited and consolidated members’ feedback for the MAS’ consideration throughout the consultation for the Guidelines.
IMAS subsequently sponsored the development of the Green Finance Industry Taskforce (GFIT) Handbook for Implementing Environmental Risk, which seeks to facilitate the operationalisation of the Guidelines. IMAS also published its own e-learning module on Sustainable Investing & MAS Guidelines on Environmental Risk Management with support of the IMAS Environmental Risk Management Working Group to provide further guidance to members.
IMAS continues to lead the industry in setting standards on sustainable investing through its participation in industry groups such as the GFIT and the Singapore Funds Industry Group.
1. Handbook for Implementing Environmental Risk Management
The Handbook for Implementing Environmental Risk Management (“Handbook”) is a document developed by the Green Finance Industry Taskforce to facilitate financial institutions’ implementation of MAS Guidelines on Environmental Risk Management. In particular, the Handbook facilitates operationalisation of governance and strategy, risk management practices, and disclosure of environmental risk information. The topics covered in the handbook mirror the scope of the Guidelines. The handbook also draws on best practice from the industry as well as guidelines established by relevant industry bodies.
This white paper seeks to develop and accelerate sustainable financing. It is the culmination of research and discussions by members of the GFIT Workstream-3 on green finance solutions. The members worked to identify best practices, as well as key measures and resources needed to develop the green finance ecosystem in Singapore; the paper also formulates recommendations for the industry and policymakers.
3. Financial Institutions Climate-Related Disclosure Document
This Financial Institutions Climate-related Disclosure Document (FCDD) provides a dedicated reference on climate reporting to complement the MAS Guidelines on Environmental Risk Management and GFIT Handbook for Implementing Environmental Risk Management.
The FCDD highlights leading environmental disclosures practices to serve as a practical reference as financial institutions step up their efforts in the area of environmental disclosures. The FCDD adopts the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) as the guiding framework for disclosure.
4. Singapore Stewardship Principles For Responsible Investors
The Stewardship Principles aim, by articulating the core behaviour and actions associated with investor stewardship, to enable investors to be active and responsible shareholders. They provide a view on the activities and functions that stewards should carry out, and how these should relate to the boards and management of investee companies.
IMAS has been actively involved in setting standards on sustainable investing for the asset management industry in Singapore.
IMAS co-created the Guidelines on Environmental Risk Management for Asset Managers (“EnRM Guidelines”) with MAS, which seeks to enhance financial institutions’ resilience to and management of environmental risk. IMAS also solicited and consolidated members’ feedback for the MAS’ consideration throughout the consultation for the Guidelines.
IMAS subsequently sponsored the development of the Green Finance Industry Taskforce (GFIT) Handbook for Implementing Environmental Risk, which seeks to facilitate the operationalisation of the Guidelines. IMAS also published its own e-learning module on Sustainable Investing & MAS Guidelines on Environmental Risk Management with support of the IMAS Environmental Risk Management Working Group to provide further guidance to members.
IMAS continues to lead the industry in setting standards on sustainable investing through its participation in industry groups such as the GFIT and the Singapore Funds Industry Group.
1. Handbook for Implementing Environmental Risk Management
The Handbook for Implementing Environmental Risk Management (“Handbook”) is a document developed by the Green Finance Industry Taskforce to facilitate financial institutions’ implementation of MAS Guidelines on Environmental Risk Management. In particular, the Handbook facilitates operationalisation of governance and strategy, risk management practices, and disclosure of environmental risk information. The topics covered in the handbook mirror the scope of the Guidelines. The handbook also draws on best practice from the industry as well as guidelines established by relevant industry bodies.
This white paper seeks to develop and accelerate sustainable financing. It is the culmination of research and discussions by members of the GFIT Workstream-3 on green finance solutions. The members worked to identify best practices, as well as key measures and resources needed to develop the green finance ecosystem in Singapore; the paper also formulates recommendations for the industry and policymakers.
3. Financial Institutions Climate-Related Disclosure Document
This Financial Institutions Climate-related Disclosure Document (FCDD) provides a dedicated reference on climate reporting to complement the MAS Guidelines on Environmental Risk Management and GFIT Handbook for Implementing Environmental Risk Management.
The FCDD highlights leading environmental disclosures practices to serve as a practical reference as financial institutions step up their efforts in the area of environmental disclosures. The FCDD adopts the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) as the guiding framework for disclosure.
4. Singapore Stewardship Principles For Responsible Investors
The Stewardship Principles aim, by articulating the core behaviour and actions associated with investor stewardship, to enable investors to be active and responsible shareholders. They provide a view on the activities and functions that stewards should carry out, and how these should relate to the boards and management of investee companies.
