A.

Money Lending and Crowd Funding

1. Business and Risk of lending- Crowd lending as on subgroup of crowd funding is access to traditional
bank financing. Mas has communicated its general support of crowdfunding activities by pointing to the
fact that start ups and small and medium-sized enterprises create about 70% of all jobs in singapore, and
that securities based crowdfunding offers a new source of financing to such companies.

2.Regulation applicable to crowd funding and P2P lending- Anynody engaged in the business of money
lending is subject to prior authorization by a license from the registrar of money lenders in singapore.
Relevant excemptions to this licensing requirement apply "excluded money lenders" comprising inter alia
lending solely to business entities or to accredited investors.

B. Investment Funds

1.Licensing Requirement and operative restrictions for CIS- Every CIS constituted to singapore and
offered to the public must be authorize by MAS. Real state investment trust are covered under the
definition of CIS and as such require authorization unless they choose to register as business trusts
instead.

2. Specific Principle applied to MMF's- MMF's are globalky considered the most systematically relevant
non bank financial intermediaries. they accept investment from the public, and units are redeemable
upon demand. MMFs engage in credit intermediation as well as maturity and liquidity transformation,
but their investment portfolio is restricted to short term debt securities such as government security,
commercial papers, certificate of deposit, repos, short term, bond and other MMFs, so that liquidity
issues can be resolved relatively easily.

3. Specific principle applied to hedge funds-

C. Brokers-dealers

Brokers and dealers are required to hold a license under the SFA because they engaged in regulated
activities, in particular dealings in society and trading in future contracts. Specific regulations set out the
requirements under which such a license is granted and obligations for the conduct of such license
brokers and dealers.