Latest news with #VCC
Singapore Law Watch
6 days ago
- Business
- Singapore Law Watch
MAS scrutinises some VCC managers after review finds potential regulatory lapses
MAS scrutinises some VCC managers after review finds potential regulatory lapses Source: Business Times Article Date: 14 Jul 2025 Author: Tan Nai Lun The Monetary Authority of Singapore (MAS) says it is engaging with specific VCC managers to determine whether supervisory interventions or regulatory actions may be warranted. The Monetary Authority of Singapore (MAS) is looking more closely into certain variable capital companies (VCC) managers, after its review found potential lapses in regulatory compliance. Following its thematic review of VCCs and their managers in 2024, the central bank said it is engaging with specific managers to determine whether supervisory interventions or regulatory actions may be warranted. Despite the potential lapses, industry players noted that Singapore's fund management industry remains robust, with a majority of VCCs and their managers complying with regulatory requirements. VCCs are a corporate structure designed to house investment funds for a wide range of assets. In Singapore, they are managed by about 600 financial institutions, comprising MAS-regulated fund management companies and banks. It has become a popular vehicle among some family offices. A VCC allows for segregated funds to be created, where assets can be pooled together for private investments or individual sub-funds can be managed on behalf of each of their clients. MAS said the majority of these companies and their managers met key regulatory requirements: VCCs have to be used as collective investment schemes; and they will need to appoint a MAS-regulated manager, a director from the VCC manager, and an eligible financial institution. A VCC manager must also segregate its assets and maintain them with an independent custodian, as well as ensure anyone who conducts fund management for the company is a representative of the manager. VCCs also remain responsible for fulfilling their anti-money laundering obligations. MAS found that there were some of them that did not report custody arrangements, despite investing in certain types of assets that require them – such as listed equities and fixed-income instruments. Some had also appointed additional directors who are not directors or representatives of the VCC manager. Meanwhile, the central bank noted that some of these companies did not have substantive fund management activity. There were a few managers that were managing multiple VCCs that did not hold any assets or have any investors, despite having been incorporated for more than a year. Some of these companies also held illiquid assets on behalf of a single investor or a few connected investors, where these assets were previously owned by the investors. A routine survey Joel Shen, corporate partner at international law firm Withers, said the review is likely a routine survey, being conducted around five years after VCCs were first introduced to Singapore. 'It is about time MAS does some housekeeping, especially now that there is such a large number of VCCs in the market,' he said. According to the central bank, there were around 1,200 of these companies in Singapore as at Mar 31, 2025. Shen noted that this would mean the number of funds is a 'multiple of that number', since a VCC is essentially an umbrella of sub-funds, each with their own investment strategy and assets. He was 'quite encouraged by the findings that the vast majority of VCCs were compliant to regulations'. 'That speaks to Singapore's good reputation and high standards of regulation and governance,' he said. Urvi Guglani, who oversees growth and strategy at Silverdale Capital, said the review is a great step by MAS as it ensures that Singapore would not be caught infringing on the implementation of global corporate tax. This raises the level and perception of the Republic as a wealth centre, making it more attractive to big and long-term funds. 'Singapore is very well-reputed and perceived as a no-nonsense jurisdiction that has zero tolerance for shady deals,' she said. 'Removing (the) 'light-touch perception' will remove tourist fund managers and non-serious VCCs, leaving the field for professionally managed firms like us who have invested heavily in creating robust infrastructure to run VCC funds,' she added. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
Business Times
7 days ago
- Business
- Business Times
MAS scrutinises some VCC managers after review finds potential regulatory lapses
[SINGAPORE] The Monetary Authority of Singapore (MAS) is looking more closely into certain variable capital companies (VCC) managers, after its review found potential lapses in regulatory compliance. Following its thematic review of VCCs and their managers in 2024, the central bank said it is engaging with specific managers to determine whether supervisory interventions or regulatory actions may be warranted. Despite the potential lapses, industry players noted that Singapore's fund management industry remains robust, with a majority of VCCs and their managers complying with regulatory requirements. VCCs are a corporate structure designed to house investment funds for a wide range of assets. In Singapore, they are managed by about 600 financial institutions, comprising MAS-regulated fund management companies and banks. It has become a popular vehicle among some family offices. A VCC allows for segregated funds to be created, where assets can be pooled together for private investments or individual sub-funds can be managed on behalf of each of their clients. MAS said the majority of these companies and their managers met key regulatory requirements: VCCs have to be used as collective investment schemes; and they will need to appoint a MAS-regulated manager, a director from the VCC manager, and an eligible financial institution. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A VCC manager must also segregate its assets and maintain them with an independent custodian, as well as ensure anyone who conducts fund management for the company is a representative of the manager. VCCs also remain responsible for fulfilling their anti-money laundering obligations. MAS found that there were some of them that did not report custody arrangements, despite investing in certain types of assets that require them – such as listed equities and fixed-income instruments. Some had also appointed additional directors who are not directors or representatives of the VCC manager. Meanwhile, the central bank noted that some of these companies did not have substantive fund management activity. There were a few managers that were managing multiple VCCs that did not hold any assets or have any investors, despite having been incorporated for more than a year. Some of these companies also held illiquid assets on behalf of a single investor or a few connected investors, where these assets were previously owned by the investors. A routine survey Joel Shen, corporate partner at international law firm Withers, said the review is likely a routine survey, being conducted around five years after VCCs were first introduced to Singapore. 'It is about time MAS does some housekeeping, especially now that there is such a large number of VCCs in the market,' he said. According to the central bank, there were around 1,200 of these companies in Singapore as at Mar 31, 2025. Shen noted that this would mean the number of funds is a 'multiple of that number', since a VCC is essentially an umbrella of sub-funds, each with their own investment strategy and assets. He was 'quite encouraged by the findings that the vast majority of VCCs were compliant to regulations'. 'That speaks to Singapore's good reputation and high standards of regulation and governance,' he said. Urvi Guglani, who oversees growth and strategy at Silverdale Capital, said the review is a great step by MAS as it ensures that Singapore would not be caught infringing on the implementation of global corporate tax. This raises the level and perception of the Republic as a wealth centre, making it more attractive to big and long-term funds. 'Singapore is very well-reputed and perceived as a no-nonsense jurisdiction that has zero tolerance for shady deals,' she said. 'Removing (the) 'light-touch perception' will remove tourist fund managers and non-serious VCCs, leaving the field for professionally managed firms like us who have invested heavily in creating robust infrastructure to run VCC funds,' she added.
Globe and Mail
09-07-2025
- Business
- Globe and Mail
Velocity Commercial Capital Securitization Ratings Affirmed and Upgraded by Kroll Bond Rating Agency
Velocity Financial, Inc. (NYSE: VEL), ('Velocity' or the 'Company'), a leader in investor real estate loans, today announced that Kroll Bond Rating Agency ('KBRA') has reviewed the ratings on 26 of the outstanding securitizations issued by its wholly-owned subsidiary, Velocity Commercial Capital, LLC, ('VCC') resulting in 344 rating affirmations and 14 rating upgrades of the underlying tranches. These ratings actions occurred in conjunction with KBRA's completion of a comprehensive surveillance review. KBRA's rating affirmations reflect 'generally stable collateral and structure performance, as evidenced by increased credit support for the rated classes and minimal losses since issuance.' The rating upgrades considered each bond's increased credit support compared to KBRA's updated loss expectations and positive performance trends in the underlying loan pool since issuance. Cumulative loss levels in Velocity's outstanding securitizations ranged from 0.00% to 0.58%, with 13 of 26 VCC outstanding securitizations experiencing no losses since issuance. 'The strong and consistent performance of Velocity's securitizations continues to drive positive ratings momentum,' said Jeff Taylor, Executive Vice President of Capital Markets. 'Velocity prioritizes strong alignment with investors by retaining credit risk in our securitizations. Our differentiated performance stems from our underwriting discipline and proprietary loss mitigation strategies that result in consistently minimal cumulative losses as we grow our portfolio.' About Velocity Financial, Inc. Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages investor loans secured by 1-4 unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers it has built and refined over 21 years. For additional information, please visit the Company's investor relations website at
The Hindu
02-07-2025
- Entertainment
- The Hindu
Cooking snails and winged termites: How unusual ingredients have always been part of Tamil cuisine
Nathai Perattal, a lightly curried snail meat dish, has become trendy in recent weeks ever since New York-based Chef Vijay Kumar won the James Beard Award for Best Chef: New York State in June. The dish is one of the many delicacies on Chef Vijay's menu featuring rustic and regional recipes that hark back to his native small farming village in rural Tamil Nadu. 'My grandparents lived in Arasampatti, where there wasn't even a bus. We would go there on school holidays, and we were not such a rich family, so they kept us busy with fishing, hunting and searching for snails,' he said in an interview to The Hindu. It spotlights the variety of Indian cuisine with rare, ethnic recipes using edible molluscs and insects. 'Foraging for and preparing dishes from scratch with nathai, eesal (winged termites) and oomachi (a smaller variety of snail) is common to many farming communities in Tamil Nadu. Snails and termites are season-specific, and cannot be bought commercially. Snails, for example, are not available when the rivers run dry. Termites on the other hand, start teeming over riverbeds a day or two after a spell of rain, and will vanish with the slightest hint of water. That's why, when the time is right, very often, the entire village is involved in collecting them for a cookout session,' says V Subramanian, the farmer-chef who helms the popular Village Cooking Channel (VCC) on YouTube with his cousins V Murugesan, V Ayyanar, G Tamilselvan and T Muthumanickam, led by their grandfather and former caterer M Periyathambi. Homestyle delicacies VCC, that operates from the village of Chinna Veeramangalam in Pudukottai district, was among the first to put out videos on hunting and preparing winged termites. The 2018 episode clocked up over eight million views, and made the team braver about showing food rarely seen on urban platters. 'People can be very judgmental and political about food choices. Though we were initially worried about the reception to our eesal recipe, the positive reactions convinced us that we were on the right path. We released three videos on snail recipes, again, to rave reviews,' says Subramanian. Snails are usually found clustered around the riverbed vegetation. Families step out with earthen pots and wade into a river's shallower spots to pluck the snails out from the mud. 'Once collected, the snails are soaked in river water and left overnight to remove impurities. Snail flesh is removed using a pointed stick, and cooked over a medium flame for a few minutes. We prefer to keep the spices simple, such as patta milagai (dried red chilli) and salt ground with shallots, to sauté the meat. The shells are discarded after the flesh is removed,' says Subramanian. Owing to its small size, the oomachi is cooked inside its shell, and diners suck out the flesh flavoured with salt and pepper. 'It is one of the most blissful gourmet experiences in our village,' laughs Subramanian. Preparing eesal takes more effort. As the VCC video shows, the termites are trapped with the help of cloth canopies and dry-roasted over a low flame. Sundried and cleaned with hand-held winnowers to remove their wings, the insects are then further cooked and eaten with jaggery or puffed rice, as a snack. The fisherfolks' favourite Fisherfolk consume snails on a regular basis. In Chennai, snails are available at the Kasimedu fish market in January and February, according to fisherman M Suman. 'There are around 10,000 fishermen who depend on snails during the season,' he explains, adding that a kilogram of sea snails can cost up to ₹200. 'To catch them, fishermen tie several tonnes of stale fish in nets and submerge them in water, leaving the arrangement overnight,' says the Pulicat-based fisherman, adding: 'Snails, attracted to the strong smell, cling to the nets.' Catching snails is labour-intensive, especially since only 25% of the weight amounts to meat, while the rest constitutes the shell. While sea snails have a shiny white shell, Suman points out that freshwater snails are brownish in colour. 'Both are delicious, but sea snails are more special since they are not easy to come by,' he says, adding that he first boils them until the flesh is released. 'I then fry the meat with onions, tomatoes, pepper, chilli powder, and cumin to make a semi-gravy that can be had with rice,' he explains. In Pulicat, fishermen gather snails that end up in nets with their catch. 'We will rush home to cook them,' laughs Suman, 'The meat is tastier than mutton. The flavour retains the sweet smell of the soil in which the snail spends a major part of the day.' Within the fishing community, it is believed that consuming snails is good for the skin. 'They are also good for the gut,' says Suman. The flamingos love them too. 'There is an unlimited supply of snails and prawns at the Pulicat river, and the birds are experts at picking them from the soil with their beaks,' he adds. Freshwater snails, caught in Chennai's waterbodies such as Narayanapuram eri and Retteri, are sometimes sold in the city's fish markets as well. The seaweed collectors at Chinnapalam village in Ramanathapuram district too gather snails. M Lakshmi from the village near Rameshwaram says that women pick snails in the Tamil months of Thai, Maasi and Panguni when they set out for seaweed collection in shallow waters. 'During other parts of the year too, we bring in a handful that we cook together,' she says. Lakshmi likes to cook snails like she cooks chicken. 'Once the meat is removed from the shell after boiling, I make a thokku-like preparation using plenty of tomatoes, and also add ground coconut for some variation,' she says. Rising profile The charm of rural cuisine lies in its simplicity and the implements used, says celebrity chef and Padmashri awardee K Damodharan (Damu), a pioneer in bringing southern Indian cooking to the attention of a wider audience through his television shows and online tutorials. 'Besides the actual ingredients like snails or baby crabs and the spices that are ground on stone tools like the ammikkal or ural, what also adds flavour, is the cook's physical touch, what we call kai manam or the fragrance of the hand, in Tamil cooking. You will lose the authentic taste of traditional food if you overcook the dish or smother it in readymade spice powders,' says the chef. Both Subramanian and Damu are thrilled with the buzz around rural Tamil cuisine in recent weeks due to Chef Vijay's award. 'I am happy to see a young chef promote rare recipes from our State on a global forum. I wish him greater success,' says Damu. Subramanian says the news had filtered down to their village, thanks to the Internet. 'We were so thrilled on Chef Vijay Kumar's behalf, and excited to see our humble ingredients being held in such esteem. I feel his award is an honour for ournathai,' he says.
Gulf Today
26-06-2025
- Business
- Gulf Today
DIFC announces consultation of new Variable Capital Company regulations
Dubai International Financial Centre (DIFC) proposes to enact new Variable Capital Company (VCC) Regulations. The proposed regulations seek to significantly enhance investment structuring and asset management options for proprietary investment in the DIFC. Jacques Visser, Chief Legal Officer at DIFC Authority, said: 'DIFC Authority is pleased to announce the public consultation for our new Variable Capital Company Regulations. The proposed regime offers a unique vehicle with flexible share capital structuring for proprietary investment activities.' The proposed VCC framework is designed to accommodate proprietary investment activities and will not require DFSA authorisation or a requirement for a regulated fund manager, unless the vehicle engages in regulated financial services activities. This positions the VCC as an efficient vehicle for investors seeking the benefits of collective investment activity, or segregated investment strategies, whilst leveraging the flexibility and reduced procedural requirements for managing share capital. Key features of the proposed VCC Regulations include: Structure: A VCC may be established as a standalone company, or an umbrella structure with either incorporated or segregated Share Capital: Share capital is equal to net asset value, providing flexibility for issuing and redeeming shares and enabling efficient capital inflows and A VCC is not restricted to paying dividends out of its profits but can make distributions from capital based on the VCC's (or relevant Cell's) net asset segregation: A VCC enables segregation of assets and investment strategies through incorporated or segregated cells, facilitating different risk profiles and the ringfencing of asset liability, whilst allowing for economies of scale through centralised management and oversight. The proposed VCC model will be of particular interest to family-owned businesses, high-value multi asset holdings and complex proprietary investment portfolios, such as secondaries structures, that wish to benefit from consolidated management and the structuring options and flexibility that a VCC provides. Meanwhile, Wealthbrix Capital Partners Limited, a newly launched independent wealth management firm, today announced its official market entry from Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA region). Founded by a team of seasoned professionals from private banking and asset management, the firm brings together over 150 years of collective leadership experience and a track record managing more than USD30 bn in AUM from Middle Eastern, Asian, and European clients. Wealthbrix enters the market with a clear purpose: to deliver a client-first approach to wealth management that is independent, holistic, and agile - reflecting the ambitions of global upwardly mobile wealth creators and the shifting centre of gravity in global capital. 'This is the Dubai moment - an inflection point where global capital, regional ambition, and client expectations are converging,' said Dr. Hamad Buamim, Chairman of the Advisory Board, Wealthbrix Capital Partners Limited. 'Today's wealth creators want more than access to products. They expect a partner who can build and preserve their legacy, support their ambitions, and provide unbiased, high-impact advice.' This launch comes at a pivotal moment for wealth managers. An estimated USD85-100 tn in global wealth is expected to change hands by 2050 in what is being called the 'Great Wealth Transfer' – including approximately USD1 tn in the GCC alone. This represents an unprecedented opportunity driven by next gen millionaires. This is juxtaposed by the UAE benefitting from this seismic shift, with more than 6,700 new millionaires having relocated to Dubai in 2024 alone, over 68,000 HNWIs and UHNWIs now based in the country, and more than 30,000 expected to arrive over the next five years, solidifying the UAE's status as a leading global hub for the new generation of high-net-worth individuals. A growing share of global capital is concentrated in two fast-expanding, high-growth segments: Mid-Tier Millionaires (MTMs) with investable assets between USD5 mn and USD30 mn, and UHNWIs with over USD30 mn. MTMs alone account for nearly USD55 tn in global wealth and are growing faster than the broader HNWI population. Often self-made and globally mobile, many in this group sit between upper-tier affluent and ultra-high-net-worth tiers - requiring a more tailored and sophisticated approach than standardised models typically provide. Meanwhile, the UHNWI population is projected to surge by 38 per cent over the next five years, with Asia and the Middle East driving the fastest growth globally. Together, MTMs and UHNWIs represent a rapidly expanding opportunity - one that sits at the heart of Wealthbrix's mission. These clients demand more than transactional advice; they seek a holistic approach that reflects their ambitions. This is where Wealthbrix steps in: bridging the gap between legacy models and modern client expectations through an independent platform that combines global structuring expertise with regional insight. Whether it's wealth preservation, succession, asset diversification, or fundraising, Wealthbrix is purpose-built to meet the needs of this influential and under-served segment. WAM
