singapore - Banking & Finance

MAS responds to Feedback on the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act

The MAS' response to feedback received on Parts 3 and 4 of the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act is set out below.
Date: 09 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Fees (Refund of Unclaimed Surplus) (Amendment) Order 2018

This is to notify that Paragraph 2 of the Fees (Refund of Unclaimed Surplus) Order (O 22A) is amended.
Date: 09 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 461; Source: Singapore Statutes Online

SGX proposes to recalibrate Financial and Capital Requirements of Bank and Remote Members

Singapore Exchange (SGX) have sought feedback on proposed recalibrations of the financial and capital requirements of Remote Clearing Members, Remote Trading Members, Bank Clearing Members and Bank Trading Members (“RCMs”, “RTMs”, “BCMs” and “BTMs” respectively).
Date: 05 July 2018; Type: Industry Updates; Source: Singapore Exchange

Public Consultation on Revisions to Misconduct Reporting Requirements and Proposals to Mandate Reference Checks for Representatives

The Financial Institutions are currently required under the Securities and Futures Act, Financial Advisers Act, and Insurance Act to lodge a report with Monetary Authority of Singapore (MAS) when they become aware of any misconduct committed by their representatives and also have in place a robust and transparent process to investigate possibl ...
Date: 06 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Regulations pursuant to the SFA and FAA

The Monetary Authority of Singapore (MAS) had issued a consultation paper inviting comments on proposed amendments to the Regulations pursuant to the Securities and Futures Act and Financial Advisers Act and the consultation period closed on 17 October 2013. MAS has carefully considered the feedback received, and where it agrees with the comments, ...
Date: 08 June 2018; Type: Feedback; Source: Monetary Authority of Singapore

Securities and Futures (Offers of Investments) (Disapplication of Division 2 of Part XIII) (No. 3) Order 2018

This Order comes into operation on 29 June 2018.
Date: 28 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 426; Source: Singapore Statutes Online

Sunrise Industries (India) Ltd v PT OKI Pulp & Paper Mills and Another

Credit and security - Performance bond - Fraud exception; Credit and security - Performance bond - Unconscionability exception

Date: 21 June 2018; Court: High Court; Citation: [2018] SGHC 145; Source: Singapore Law Watch

Securities and Futures (Offers of Investments) (Business Trusts) (No. 2) (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 383; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 384; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 382; Source: Singapore Statutes Online

Financial Advisers (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 385; Source: Singapore Statutes Online

Securities and Futures (Capital Markets Products) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 380; Source: Singapore Statutes Online

Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 381; Source: Singapore Statutes Online

Financial Advisers (Amendment No. 2) Regulations 2018

These Regulations come into operation on 10 December 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 386; Source: Singapore Statutes Online

Consultation Paper on the Guidelines on Provision of Financial Advisory Service and Design of Advisory and Sales Forms

The Monetary Authority of Singapore (MAS) proposes to issue guidelines to provide greater clarity on what would constitute the provision of financial advisory service under the Financial Advisers Act. The guidelines set out the context and circumstances which MAS considers when assessing if a person is acting as a financial adviser. MAS invite ...
Date: 04 June 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Payment and Settlement Systems (Finality and Netting) (Amendment) Act 2018 (Commencement) Notification 2018

The Payment and Settlement Systems (Finality and Netting) (Amendment) Act 2018 comes into operation on 6 June 2018.
Date: 05 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 371; Source: Singapore Statutes Online

Payment and Settlement Systems (Finality and Netting) (Designated System) (CLS System) (Amendment) Order 2018

This Order comes into operation on 6 June 2018.
Date: 05 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 372; Source: Singapore Statutes Online

Payment and Settlement Systems (Finality and Netting) (Designated System) (New MAS Electronic Payment and Book-Entry System) (Amendment) Order 2018

This Order comes into operation on 6 June 2018.
Date: 05 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 373; Source: Singapore Statutes Online

Payment and Settlement Systems (Finality and Netting) (Designated Systems) (Cheque Clearing and GIRO Systems) (Amendment) Order 2018

This Order comes into operation on 6 June 2018.
Date: 05 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 374; Source: Singapore Statutes Online

CAD and MAS warn Investors about trading on unregulated Online Platforms

Singapore, 31 May 2018 - The Commercial Affairs Department (CAD) of the Singapore Police Force and Monetary Authority of Singapore (MAS) advise the public to exercise extreme caution when dealing with unregulated online trading platforms.
Date: 31 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Legal 'Stalwart' Senior Counsel Jeffrey Chan retires after 45 Years

Jeffrey Chan, the longest-serving legal service officer have retired as a principal senior consultant at the Attorney-General's Chambers last week after completing 45 years of service.

Read More

INDUSTRY UPDATES

350 Major Firms to act as Mentors for SMEs under DIP's Campaign

BANGKOK, 11 July 2018 (NNT) - Some 350 major firms have agreed to perform as mentors for Thai SMEs under the Department of Industrial Promotion's (DIP) campaign and to introduce some 20,000 SMEs in international markets.

Read More

INDUSTRY UPDATES

Comelec Lawyers to handle Poll Body’s Defense in VP Recount Case

MANILA, July 12 (PNA) - The law department of the Commission on Elections (Comelec) will take charge of the poll body's defense in the ongoing electoral protest case for the May 2016 vice presidential race at the Presidential Electoral Tribunal (PET).

Read More

INDUSTRY UPDATES

Judges Group endorses Marquez for SC Post

MANILA, July 12 (PNA) - The Philippine Judges Association (PJA) expressed its support for the nomination of Court Administrator Midas Marquez as Supreme Court (SC) Associate Justice.

Read More

INDUSTRY UPDATES

SEC sets up Online Kiosks for Business Registration

MANILA, July 12 (PNA) - The Securities and Exchange Commission (SEC) on Thursday announced the availability of on-line kiosks that allow faster and trouble-free registration of new corporations, partnerships and associations, to enhance ease of doing business in the country.

Read More

INDUSTRY UPDATES

President Jokowi to familiarize Public with PPPh Policy for MSMEs

Jakarta, July 12 (ANTARA News) - President Joko Widodo will disseminate information on a policy in which the Final Income Tax (PPh) for Micro, Small, and Medium Enterprises (MSMEs) is set at 0.5 percent during the 71st National Cooperatives Day 2018.

Read More

INDUSTRY UPDATES

New Chief Justice proposes Panel of Nine Judges in Constitutional Cases

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed that court cases involving constitutional issues be heard by a panel of nine judges of the Federal Court including the top four judges.

Read More

INDUSTRY UPDATES

Government to follow Rule of Law in Zakir Naik's Case - Gobind Singh

SHAH ALAM, July 12 (Bernama) - The government will act accordingly and by always applying the 'follow the rule of law' policy in any case and not only with regard to the controversial preacher Dr Zakir Naik, said Communications and Multimedia Minister Gobind Singh Deo.

Read More

INDUSTRY UPDATES

New Chief Justice proposes Balloting Selection of Federal Court Judges Panel

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed selection by balloting of the panel of Federal Court judges to hear cases in the Federal Court.

Read More

INDUSTRY UPDATES

ASEAN should relook Policies in Transformative Digital Economy

KUALA LUMPUR, July 12 (Bernama) - ASEAN needs to relook at its various policy initiatives, including trade and investment policies, in response to the transformative digital economy, said CIMB ASEAN Research Institute (CARI).

Read More

INDUSTRY UPDATES

Bank Negara Malaysia maintains OPR at 3.25 per cent

KUALA LUMPUR, July 11 (Bernama) - Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today.

Read More

INDUSTRY UPDATES

Richard Malanjum is the new Chief Justice

Richard Malanjum is the new Chief Justice

Kuala Lumpur, 11 July 2018 (Asean LIP News): Tan Sri Datuk Seri Panglima Richard Malanjum has sworn in as the new Chief Justice of Malaysia. He replaces Tun Md Raus Sharif as the top judge of Malaysia. Richard Malanjum was the Chief Judge of Sabah and Sarawak. He was elevated to the Federal Court in June 2005 and was appointed as the Chief Judge of Sabah and Sarawak in 2006.

Read More

INDUSTRY UPDATES

Pioneer Batch of 24 Lawyers receive Professional Certification in Building and Construction Law

24 lawyers have received professional certification in building and construction law from the Singapore Academy of Law under the ' Specialist Accreditation Scheme'.

Read More

INDUSTRY UPDATES

DOLE warns PLDT: Regularize 7K Workers or face Sanctions

MANILA, July 11 (PNA) - The Department of Labor and Employment (DOLE) warned anew telecommunications firm Philippine Long Distance Telephone Company (PLDT) to comply with its order on the regularization of more than 7,000 workers from its contractors.

Read More

INDUSTRY UPDATES

Four New DOJ Officials named

MANILA, July 11 (PNA) - The Department of Justice (DOJ) on Wednesday confirmed that Malacañang has appointed three new undersecretaries and one assistant secretary to the agency.

Read More

INDUSTRY UPDATES

House receives ConCom's Draft Federal Charter

MANILA, July 11 (PNA) - Speaker Pantaleon Alvarez on Wednesday formally received the draft federal constitution prepared by the 22-member Consultative Committee (ConCom) on Charter Change.

Read More

INDUSTRY UPDATES

Indonesia promotes Strategic Industries in Central, South America

Jakarta, July 10 (ANTARA News) - The Ministry of Foreign Affairs promoted Indonesia's strategic industry in Central and South American countries to encourage penetration into non-traditional markets.

Read More

INDUSTRY UPDATES

Thai Court to rule in Defamation Trial of 14 Myanmar Workers

A court in Bangkok is to rule today on 14 Myanmar migrant workers who have been charged with defaming their employer after accusing the company of serious labour rights violations.

Read More