The Monetary Authority of Singapore (“MAS”) announced in September 2021 that to facilitate transparency and reduce greenwashing risk at the fund level, it would set out early in 2022 its expectations on the disclosure standards that ESG retail funds in Singapore with an ESG investment objective must meet. The much-anticipated expectations were issued by MAS vide Circular CFC 02/2022 Disclosure and Reporting Guidelines for Retail ESG Funds (“Circular”) on 28 July 2022, setting out its expectations on how existing requirements under the Code on Collective Investment Schemes (“CIS Code”) and the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations (“SF(CIS)R”) apply to retail ESG funds.