The Monetary Authority of Singapore (MAS) is proposing amendments to the Code on Collective Investment Schemes (CIS Code) that would allow quicker approvals for new fund product types for retail investors.
The proposed amendments were detailed in a consultation paper published on July 9 and MAS is seeking public feedback on the changes. All written comments have to be submitted to MAS by Aug 10, 2026.
MAS says it has received industry interest to offer new retail fund types that cater to a broader range of investment objectives. These include products such as future-based single commodity funds and single-country government bond funds.
However, such fund types do not adhere to existing investing guidelines under the CIS Code. As such, MAS is proposing amendments to the CIS Code that will allow for greater flexibility to accommodate new fund types. Specifically, the changes will result in a new appendix, the Alternative Funds Appendix.
New fund types that fall under this appendix will be permitted to deviate from existing investment requirements while being subject to additional guardrails and safeguards. The funds, as well as their fund managers and distributors, will still have to meet core requirements and responsibilities under the CIS Code. This includes areas such as asset safeguarding and liquidity standards as well as ensuring that there are fair dealing outcomes.
MAS says it aims to take about three months to assess new fund type proposals and to determine the necessary guardrails for their issuance. Subsequent proposals that fall under previously approved fund types will be authorised in a shorter duration of three weeks. This is line with the 21-day processing time for applications to authorise collective investment schemes that do not have novel features with a material impact on investors.
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The proposed amendments were first announced by Deputy Prime Minister Gan Kim Yong during his address at the Association of Banks in Singapore annual dinner on June 25, 2026.
“Our objective is not innovation at all costs – it is trusted innovation at greater speed,” says Gan, who is also MAS’s chairman. “The guardrails for these funds will be tailored to address the unique risks posed by each fund type, with enhanced disclosures on novel features, risk profiles and target customer segments. This is the balance Singapore must strike: support innovation, but anchor it in trust.”
