December has been a relatively quiet month as 2025 comes to a close. The Monetary Authority of Singapore (“MAS”) issued few major updates, but there are still key reporting obligations to note. Fund Managers must submit their quarterly reports (Forms 1, 2, and QIE) and the annual declaration on Misconduct of Representatives by 14 January 2026.

On 4 December 2025, MAS released an Information Paper on the Thematic Review of Financial Institutions’ (“FIs”) Recruitment and Onboarding Training of Representatives. The paper identifies gaps observed during a review of four FIs regulated under the Financial Advisers Act (“FAA”) and outlines supervisory expectations, good practices, and common weaknesses. MAS reiterates that all FIs remain fully responsible for appointing fit and proper representatives, maintaining effective oversight, and implementing robust controls.

Additionally, on 17 December 2025, MAS issued a Consultation Paper on Updates to the Guidelines on Liquidity Risk Management Practices for Fund Management Companies. Industry participants are strongly encouraged to provide feedback to help refine MAS’ expectations on liquidity risk management by 28 February 2026.

We trust these updates will support your compliance efforts in 2026. Wishing you continued success and a Happy New Year!