Singapore legislation
Section 46
Section 46
Manager
(1)
A VCC must at all times have a manager that complies with subsection (2), to manage its property or operate the collective investment scheme or schemes that comprise the VCC.
(2)
A manager of a VCC must be —
a holder of a capital markets services licence for fund management under the Securities and Futures Act 2001;
a Registered Fund Management Company;
a person mentioned in section 99(1)(a), (b), (c) or (d) of the Securities and Futures Act 2001; or
such person, or a person within such class of persons, as may be prescribed.
(3)
A VCC cannot be its own manager.
(4)
To avoid doubt, the reference in subsection (2)(a) to a holder of a capital markets services licence for fund management does not include a holder of a suspended licence.