Under new rules that took effect at the start of this year, the Monetary Authority of Singapore said investors in the city-state must possess certain educational qualifications related to finance or have relevant work or trading experience to invest directly in certain investment products.
Those who fail to meet MAS's requirements had to first seek financial advice or prove their competence through various means, such as passing a series of online tutorials on the Singapore Exchange website.
The regulations were criticised by some fund managers in the city-state fearing a loss of business.
MAS now says that from October the rules will no longer apply to certain products, including some collective investment schemes and sub-funds of investment-linked life insurance policies.
Some products listed on foreign exchanges will also be exempt from the requirements, if the industry can show that they are the equivalent of exempted products listed in Singapore.
(Reporting by Rachel Armstrong; Editing by Kevin Lim)
Source: Reuters
