May is typically a busy month for most fund managers. The annual returns are due at the end of the May for firms with the financial year ending in December.

During this period, some licensees may have received a circular on the Survey on Variable Capital Companies (“VCCs”). Firms are encouraged to check their MAS‑Tx portal to determine applicability, with submissions due by 16 June 2026.

In addition, MAS has announced the decommissioning of MASNET, which will no longer support authentication or the submission of returns and surveys via the Data Collection Gateway (“DCG”). Firms should ensure a smooth transition to MAS‑Tx for all regulatory filings.

On 22 May, MAS issued its response to feedback on the Consultation Paper on Enhancing Safeguards for Proper Conduct of Digital Advertising Activities. The response addresses proposed amendments to the Financial Advisers Regulations, the Securities and Futures (Licensing and Conduct of Business) Regulations, and Notice FAA‑N02 on Appointment and Use of Introducers, reinforcing expectations on responsible digital marketing practices.

Subsequently, on 25 May 2026, MAS released a circular emphasising the importance of effective and efficient Source of Wealth (“SoW”) establishment processes. The circular makes specific reference to the ACIP Best Practices on SoW Due Diligence, which consolidates industry guidance and sets out practical approaches to achieving greater consistency and robustness in SoW assessments.

Finally, on 29 May 2026, MAS published a circular introducing two Information Papers:

These papers outline MAS’s supervisory expectations on governance structures, frameworks, policies, procedures, and controls—particularly in relation to valuation of fund assets and overall risk management practices. MAS has indicated that it will continue to engage the industry to promote best practices and uplift standards in these areas.