As part of the proposals, open for public consultation until March 15, the central bank won’t demand that VC managers have directors and representatives with at least five years of relevant experience in fund management.  It also won’t require VC managers to provide independent valuation, internal audits and audited financial statements -- a proposed change that Paul Santos, Singapore-based managing partner at VC firm Wavemaker Partners, described as “very encouraging.” “The holding values of startup portfolios are just like mid-term marks,” he said. “Nobody makes any money from these mid-term marks. The only time the values are real are when the companies are wound up or are sold or listed.”

https://www.bloomberg.com/news/articles/2017-02-15/singapore-plans-to-ease-vc-rules-to-promote-startup-financing