Regulatory tracker · MAS ·
Parliament passes the Variable Capital Companies Bill
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?
Parliament passed the Variable Capital Companies Bill on 1 October 2018. In the Second Reading speech, Second Minister for Finance Indranee Rajah described the VCC as a "game-changer" for Singapore's fund management industry, setting out the umbrella and sub-fund structure, the ability to share service providers across sub-funds, and Singapore's ambition to capture the full fund management value chain onshore.
Why it matters for fund managers
The Second Reading speech remains the key policy statement behind the regime. It explains the intent Parliament legislated for — cost-efficient umbrella structures, investor privacy through unpublished shareholder registers, and redemption at net asset value — which continues to inform how MAS and ACRA administer the framework.
Primary sources
- MAS Second Reading speech on the VCC Bill, 1 October 2018Accessed 20 July 2026