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Breaking Down the MAS Circular on Governance and Management of VCCs
17 September, 2025 @ 8:30 am – 10:30 am
Venue: The Executive Centre – Capital Square, Level 7, Meeting Room 7A & 7B | 23 Church St, Singapore 049481
Event Details
On 26 June 2025, the Monetary Authority of Singapore (MAS) issued Circular No. IID 04/2025 (Circular) on the governance and management of variable capital companies (VCCs). The Circular follows MAS’ thematic review conducted in 2024 and outlines key observations, supervisory expectations, and good practices for VCC managers. These learnings may also impact how VCC directors carry out their duties.
MAS has clarified that while the Circular is premised on MAS’ observations in respect of VCCs, the supervisory expectations are also relevant to other types of fund structures where applicable.
The main segments below highlight the main observations and expectations outlined in the Circular:
- MAS clarifies key supervisory expectations in respect of VCCs, including custody arrangements and directorships
- MAS reiterates the need for VCC managers to carry out substantive fund management activity
- MAS expects VCCs to ensure compliance against key AML/CFT requirements and its directors to receive appropriate and regular training on ML/TF risk management
Our panel will talk through their experience with VCCs and practical hands-on experience, and feedback from the MAS and industry on the key points of the circular.
Agenda
08:30 – 09:00
Registration and Light Refreshments
09:00 – 09:45
Panel Discussion Armin Choksey, Emily Low, Damayanti Shahani and Martin O’Regan (Moderator)
09:45 – 10:00
Q&A
10:00 – 10:30
Networking and Light Refreshments
Speakers
Armin Choksey
Executive Director, Financial Services of Ernst & Young LLP
Armin joined EY as an executive director at Ernst & Young LLP where he focuses on serving wealth and asset management clients with over 22 years of asset management industry experience under his belt.
He started his career in India then traveled across USA, Luxembourg, and now Singapore. One of his notable highlights include spending some time with the central bank and financial regulatory authority of Singapore working on VCC 2.0 and other regulation conceptualization.
His other areas of focus include market entry, funds distribution strategies, ODD, responsible investments strategy and framework implementation, target operating model, policy initiatives, performance measurement and verification, product rationalization and operational efficiency.
Armin has Chartered Accounting qualification in Canada, United States of America and Singapore. He also has a diploma in business finance, along with a few certifications such as Trustee administration, ESG and GARP as part of his constant upskilling.
Emily Low
Senior Partner at Dentons Rodyk & Davidson LLP
Emily is a lawyer with over 20 years of experience advising fund managers on fund formation and regulatory matters. Her expertise spans multiple asset classes including private equity, VC, real estate and listed markets.
Damayanti Shahani
Managing Director of Principium Consulting Pte Ltd
Damayanti is a senior lawyer and compliance professional with more than 20 years of experience in both the private and public capital markets. She is the Founder and Managing Director of Principium, a compliance consulting firm that provides regulatory compliance consulting support to the financial services industry particularly in the fund management arena.
In the past, Damayanti has worked at and held leadership roles at blue-chip consulting and law firms in Singapore, New York and Mumbai in the capital markets service lines. Damayanti has also worked at a regulator during her stint at the US SEC in Washington DC, in the Division of Corporation Finance.
She is called to the bar in New York, England & Wales and India and has a Master’s in Law (Securities & Financial Regulation) on the Dean’s List and with Distinction, from Georgetown University in Washington DC.
Damayanti sits on the Executive Committee of the Singapore Fund Directors Association (SFDA), where she leads the DEI sub-committee. She is also a member of the Singapore Impact Committee of 100 Women in Finance, where she was Chair until recently.
Martin O’Regan (Moderator)
Managing Director of Solas
Martin O’Regan is the founder and managing director of Solas, providing a truly independent directorship service, based in, and privately owned in Asia. With over 25 years of experience in investments funds and other alternative investment vehicles, Martin has held senior roles for Deutsche, Citi, Apex and UBS in Bermuda, Dubai, Cayman Islands, Hong Kong, and Singapore. Martin is licensed as a director with the Cayman Islands Monetary Authority (CIMA). He is also Chairman of the Singapore Fund Directors Association (SFDA). He is an Executive Committee member of both the Singapore Funds Industry Group (SFIG) and Chinese Offshore Private Funds Association (COPFA).