As hedge fund managers looking to establish a presence in Asia consider Singapore, they must be aware of licensing requirements imposed by Singapore as well as the impact of external regulatory regimes on such entities.  Morgan Lewis offered an overview of the regulation of managers and fund distribution in Singapore – as well as how other countries’ regulatory regimes affect hedge fund managers established there – as part of the first presentation in its “Going Global” series on forming and operating hedge fund management companies outside the U.S.  Moderated by Morgan Lewis partner Timothy W. Levin, the discussion featured partners Joo Khin Ng, Wai Ming Yap, Daniel Yong and William Yonge.  This second article in our two-part series addresses the main points raised during the presentation with respect to Singapore licensing requirements; “dual-hatting” arrangements; product distribution; and the impact of U.S. and U.K. regulatory regimes on Singapore-based managers.  The first article summarized Singapore corporate structures; employment laws; tax laws; and regulation of financial services activities.  For more on the licensing and regulatory issues involved in establishing a Singapore-based manager, see “Singapore Monetary Authority Proposes New Rules to License Larger Hedge Fund Management Firms,” Hedge Fund Law Report, Vol. 3, No. 19 (May 14, 2010); and “Structuring, Regulatory and Tax Guidance for Asia-Based Hedge Fund Managers Seeking to Raise Capital from U.S. Investors (Part Two of Two),” Hedge Fund Law Report, Vol. 5, No. 32 (Aug. 16, 2012).