Parliamentary Reply: Variable Capital Companies Statistics
Summary
MAS provided parliamentary responses on Variable Capital Companies (VCCs) as of 1 April 2026. Singapore has 1,338 VCCs managed by licensed fund managers and banks. Last year, 25 VCCs were found to have held no assets without valid reason and their fund managers were directed to deregister them. MAS stated it conducts regular monitoring and review of fund managers, including regulatory compliance when using VCC structures.
What changed
MAS responded to parliamentary questions on Variable Capital Companies, providing current statistics on the VCC regime in Singapore. As of 1 April 2026, there are 1,338 VCCs managed by licensed fund managers and banks. MAS disclosed that 25 VCCs were found to have held no assets without valid reason, and their fund managers have been directed to deregister them.
Fund managers using VCC structures should note that MAS conducts regular monitoring and reviews of fund management activities, including compliance with VCC regulatory requirements. Managers are required to remediate any control weaknesses identified during these reviews. The information confirms Singapore's continued support for VCCs as part of its asset management value proposition while maintaining supervisory oversight.
What to do next
- Monitor MAS supervisory expectations for VCC fund structures
- Ensure VCCs hold valid assets and investors
- Review control weaknesses identified during MAS reviews
Archived snapshot
Apr 8, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Decrease font size Increase font size Print this page Parliamentary Replies Published Date: 08 April 2026
Written reply to Parliamentary Question on Variable Capital Companies (VCCs)
Date: For Parliament Sitting on 8 April 2026
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, Sengkang GRC Question
Mr Chua Kheng Wee Louis: To ask the Prime Minister and Minister for Finance since the last review of Variable Capital Companies (VCCs) and their managers conducted by the MAS (a) what is the current number of VCCs in Singapore; (b) how many VCCs currently do not (i) hold any assets and (ii) have any investors; and (c) what is the number of VCCs that have had supervisory interventions or regulatory actions directed. Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
As at 1 April 2026, there were 1,338 VCCs managed by licensed fund managers and banks. The use of VCCs, alongside our growing asset management industry, is part of Singapore’s value proposition as a trusted asset management and funds centre.
MAS carries out regular monitoring and review of fund managers as part of its supervision of the fund management industry. This involves reviewing the activities of fund managers, including their regulatory compliance when using the VCC fund structure. Fund managers are required to remediate any observed control weaknesses following such reviews. From time to time, MAS may also publish good practices for wider adoption across the industry.
Last year, 25 VCCs were found to have held no assets without a valid reason. The fund managers of these VCCs have been directed to de-register them. ***
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The plain-English summary, classification, and "what to do next" steps are AI-generated from the original text. Cite the source document, not the AI analysis.
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