Carmen Lee


Practice Area:

Funds and Investment Management

LLB (Hons), University College London
Graduate Diploma in Singapore Law, National University of Singapore
Advocate & Solicitor, Singapore

T +65 6232 0610

Carmen has more than a decade’s experience specialising in investment funds, particularly in the establishment and advising on the ongoing operations of retail collective investment schemes and exchange traded funds offered to the retail public in Singapore.


Carmen has a wealth of experience assisting local and offshore fund management companies with the establishment, authorisation, recognition, structuring and restructuring of onshore and offshore retail and restricted collective investment schemes in Singapore, as well as providing ongoing regulatory advice in connection with the offerings of such schemes.

She also has substantial experience in the listing of onshore and offshore exchange traded funds on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the inbound/outbound passporting of collective investment schemes under the ASEAN CIS Framework that was established between Singapore, Malaysia and Thailand.

In addition, Carmen also regularly advises trustees of collective investment schemes on ongoing offering and regulatory matters and fund management companies on a wide variety of fund management-related documentation such as investment management agreements, distribution agreements, marketing/advertising materials, Singapore representative agreements and regulatory documents.

Part of Carmen’s day-to-day work includes:

  • the structuring and formation of Singapore-domiciled and offshore investment funds managed by Singapore based managers;
  • the structuring, drafting and negotiation of managed account agreements;
  • advising on all aspects of fund management licensing and the drafting of licence applications and regulatory submissions on behalf of fund managers pursuing different business models and managing a diverse range of investment strategies, and the provision of ongoing regulatory and legal advices to fund managers carrying on fund management business in Singapore;
  • advising on securities offerings under Singapore law; and
  • advising on ongoing business conduct requirements that apply to the carrying on of fund management business in Singapore.
Notable Cases & Transactions
  • Acted for a leading asset management company in Thailand in a complex transaction involving the application for the first recognition of a Thailand-constituted index fund in Singapore pursuant to the ASEAN CIS Framework and the primary listing of the index fund on the SGX-ST.
  • Acted for a large Asian asset management company with its application for the authorisation of an Asia Pacific ex Japan REIT ETF and the primary listing of the ETF on the SGX-ST.
  • Acted for multiple Asian and European asset managers in their applications for authorisation of Singapore-constituted collective investment schemes and recognition of UCITS schemes as well as acting as Singapore counsel in the ongoing advisement in relation to authorised and recognised schemes under Singapore law.
  • Member, The Law Society of Singapore
  • Member, Singapore Academy of Law
  • Member of Legal Committee, Investment Management Association of Singapore
  • Treasurer, Binjai Neighbourhood Committee
  • Contributor, “Regulatory Framework: Singapore”, Exchange Traded Funds in Asia by Courses & Seminars (2010/2011)