The Monetary Authority of Singapore (“MAS”) has issued a consultation paper to seek comments on the draft legislative amendments to give effect to the revised regulatory regime for fund management companies (“FMCs”), as well as additional proposals to further enhance the business conduct requirements for FMCs. MAS proposes to: (i) require FMCs to put in place a risk management framework over their fund management operations to identify, address and monitor the risks associated with the assets that they manage; (ii)  require FMCs which operate under the notification regime to undergo independent annual audits; and (iii) introduce a new Capital Markets and Financial Advisory Services examination requirement for representatives of Licensed Retail FMCs which manage or offer Specified Investment Products to persons who are not accredited or institutional investors.