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Variable Capital Companies Act 2018 receives presidential assent
By VCCGuide Editorial
Reviewed by the fund management team at JCube Capital Partners (JCP), a Monetary Authority of Singapore capital markets services licence holder (Licence No. CMS100895).
What changed?
President Halimah Yacob assented to the Variable Capital Companies Act 2018 on 31 October 2018, enacting it as Act 44 of 2018. The Act was published in the Government Gazette's Acts Supplement in November 2018, though it would not come into operation until 14 January 2020.
Why it matters for fund managers
The Act is the statutory foundation of every VCC. Incorporation, the segregation of sub-fund assets and liabilities, share redemption at net asset value, dividend payment out of capital, and the re-domiciliation of foreign funds into Singapore all trace to this statute. The current consolidated version is maintained on Singapore Statutes Online.