singapore - Banking & Finance

Consultation Paper on Proposed Payment Services Regulations

The Payment Services Bill (the Bill) was introduced and passed in Parliament on 19 November 2018 and 14 January 2019 respectively. Under the Payment Services Act 2019 (PS Act), the Monetary Authority of Singapore (MAS) will regulate significant payment systems and the provision of payment services in Singapore. To effect the objectives of the PS Ac ...
Date: 10 April 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

Financial Advisers (Amendment No. 3) Regulations 2019

This is to notify that except for Regulation 5(c), the rest is deemed to have come into operation on 8 October 2018 and Regulation 5(c) is deemed to have come into operation on 8 January 2019.
Date: 05 April 2019; Type: Federal Subsidiary Legislation; Citation: No. S 294; Source: Singapore Statutes Online

Appointments to the Accounting and Corporate Regulatory Authority Board

This is to notify that the Minister for Finance has appointed of a new member and re-appointed five members to the Accounting and Corporate Regulatory Authority Board. The appointments will take effect from 1 April 2019.
Date: 26 March 2019; Type: Press Release; Source: Ministry of Finance

Banking (Exemption from Sections 15A and 15B) (Amendment) Order 2019

This Order is deemed to have come into operation on 1 October 2018.
Date: 21 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 145; Source: Singapore Statutes Online

Moneylenders (Amendment) Act 2018 (Commencement) Notification 2019

This is to notify that sections 3(1)(c) and (2), 4(1)(a) and (2), 5(a), 6, 7(2), 9(2), 10(2) and (3), 17, 18(2) and 20(6) of the Moneylenders (Amendment) Act 2018 come into operation on 29 March 2019.
Date: 20 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 141; Source: Singapore Statutes Online

Moneylenders (Amendment) Rules 2019

These Rules come into operation on 29 March 2019.
Date: 20 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 142; Source: Singapore Statutes Online

Moneylenders (Composition of Offences) (Amendment) Rules 2019

These Rules come into operation on 29 March 2019.
Date: 20 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 144; Source: Singapore Statutes Online

Moneylenders (Prevention of Money Laundering and Financing of Terrorism) (Amendment) Rules 2019

These Rules come into operation on 29 March 2019.
Date: 20 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 143; Source: Singapore Statutes Online

Currency (Amendment) Act 2019 (Commencement) Notification 2019

The Currency (Amendment) Act 2019 comes into operation on 14 March 2019.
Date: 13 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 131; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) (Amendment) Regulations 2019

These Regulations come into operation on 14 March 2019.
Date: 13 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 132; Source: Singapore Statutes Online

Securities and Futures (Trading of Derivatives Contracts) Regulations 2019

These Regulations come into operation on 14 March 2019.
Date: 13 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 134; Source: Singapore Statutes Online

Securities and Futures (Trading Venues for Derivatives Contracts in the United States of America) Regulations 2019

These Regulations come into operation on 14 March 2019.
Date: 13 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 133; Source: Singapore Statutes Online

MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines

The Monetary Authority of Singapore (MAS) today released two consultation papers on proposed changes to the Technology Risk Management (TRM) Guidelines and the Business Continuity Management (BCM) Guidelines. The changes will require financial institutions' (FIs) to put in place enhanced measures to strengthen operational resilience. These take int ...
Date: 07 March 2019; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Revisions to Guidelines on Business Continuity Management

The Monetary Authority of Singapore (MAS) first issued the Business Continuity Management (BCM) Guidelines in 2003 which were supplemented by additional guidance on pandemic and physical security measures in 2006. MAS proposes changes to the existing Guidelines on BCM in order to strengthen Financial Institutions (FIs). FIs are expected t ...
Date: 07 March 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

Currency (Amendment) Act 2019

This Act seeks to amend the Currency Act and to make related amendments to the Private Security Industry Act.
Date: 18 February 2019; Type: Federal Amendment Act; Citation: No. 6; Source: Singapore Statutes Online

Consultation Paper on Proposed Amendments to the Banking Act

In addition to the Domestic Banking Unit (DBU)-Asian Currency Unit (ACU) related amendments, Monetary Authority of Singapore (MAS) proposes to amend the Banking Act, aimed at strengthening the licensing and regulation of banks and credit card or charge card licensees, formalising existing supervisory requirements and clarifying other ...
Date: 07 February 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Outsourcing by Banks and Merchant Banks

The Monetary Authority of Singapore (MAS) seeks comments from banks, merchant banks, and other interested parties on the proposed revisions to the regime governing banks' and merchant banks' outsourcing arrangements, including proposed amendments to the Banking Act. MAS proposes to issue an Outsourcing Notice for Banks and an Outsourcing Notic ...
Date: 07 February 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

Accounting Standards Act (Amendment of Schedule) Order 2019

This Order comes into operation on 1 April 2019.
Date: 04 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 80; Source: Singapore Statutes Online

Monograph MAS Approach to Macroprudential Policy

The Monetary Authority of Singapore (MAS) is an integrated financial supervisor responsible for "fostering a sound and reputable financial centre and promoting financial stability" in Singapore. MAS achieves these objectives through microprudential supervision of individual financial institutions and macroprudential oversight of ...
Date: 18 January 2019; Type: Guideline; Source: Monetary Authority of Singapore

Guidelines to MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism

These Guidelines provide guidance to all holders of a money-changer’s licence and holders of a remittance licence on the requirements in Monetary Authority of Singapore (MAS) Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer’s Licence and Remittance Licence.
Date: 09 January 2019; Type: Guideline; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Tax Academy offers Online Courses for BIR, BOC Employees

MANILA, Jul 18 (PNA) - The Philippine Tax Academy (PTA) has completed the development of 14 competency-based mandatory online studies required for new hires at the Bureau of Customs (BOC) as well as refresher courses for existing BOC employees, the Department of Finance (DOF) announced in a statement on Thursday.

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INDUSTRY UPDATES

PRRD to only face PH Court

MANILA, Jul 17 (PNA) - President Rodrigo Duterte has no intention to face the international tribunal stressing that he would only answer to the Philippine courts.

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INDUSTRY UPDATES

Court cautions Najib against posting Statements on his Trial

KUALA LUMPUR, Jul 18 (Bernama) - The High Court here today cautioned Datuk Seri Najib Tun Razak against posting any more statements in social media pertaining to his SRC trial or risk being cited for contempt of court.

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INDUSTRY UPDATES

Bank Muamalat: 'Court did not find us Guilty of Union-Busting'

KUALA LUMPUR, Jul 18 (Bernama) - Bank Muamalat Malaysia Bhd today said it was never found guilty of union-busting or had breached any law.

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INDUSTRY UPDATES

Labour Ministry opens Automation Center

BANGKOK, Jul 17 (NNT) - On efforts to push the Thai industrial sector into the 4.0 era, human resources must be capable of operating technology and automated systems, especially in the Eastern Economic Corridor (EEC) development project. To achieve this goal, the Ministry of Labour has established a human resources development center on automation and robots at the Institute for Skills Development 3, located in Chonburi.

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INDUSTRY UPDATES

Guidebook on Parliamentary Constituencies launched

KUALA LUMPUR, Jul 17 (Bernama) - Dewan Rakyat Speaker Datuk Mohamad Ariff Md Yusof today launched Wakil Kita di Parlimen, a 228-page guidebook containing relevant information on all the 222 parliamentary constituencies.

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INDUSTRY UPDATES

Students among Plaintiffs in Lawsuit over Sungai Kim Kim Pollution

JOHOR BAHRU, Jul 17 (Bernama) - Thirty-four students are among 171 individuals who are suing the Johor state government, Menteri Besar Datuk Osman Sapian and 10 others over the pollution in Sungai Kim Kim near Pasir Gudang last March.

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INDUSTRY UPDATES

Mandalay Region Hluttaw approves New High Court Judge

Mandalay Region Hluttaw was unanimously appointed a new regional high court judge on the second day of the second session of the hluttaw after being nominated by the regional chief minister.

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INDUSTRY UPDATES

DOJ forms Special Team to probe Kidapawan Broadcaster's Slay

MANILA, Jul 12 (PNA) - Department of Justice (DOJ) Secretary Menardo Guevarra on Friday said he has ordered a special investigation team to look into the killing last Wednesday of radio commentator Eduardo Dizon who was gunned down on the way home in Kidapawan City, Cotabato.

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INDUSTRY UPDATES

New BSP Deputy Governor sworn in

MANILA, Jul 12 (PNA) - Francisco G. Dakila Jr. received his oath of office as Deputy Governor for Monetary and Economics Sector (MES) in ceremonies administered by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Thursday.

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INDUSTRY UPDATES

Chief Justice heads Penang Honours List

GEORGE TOWN, Jul 12 (Bernama) - Chief Justice Datuk Tengku Maimun Tuan Mat heads the list of 877 recipients of state honours and honorary medals in conjunction with the 81st birthday of the Yang Dipertua Negeri of Penang Tun Abdul Rahman Abbas.

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INDUSTRY UPDATES

Prosecution failed to serve Summons on Shahrizat's Children, Court sets new Mention Date

KUALA LUMPUR, Jul 12 (Bernama) - The Sessions Court here today set Aug 5 for mention of a lawsuit filed by the Companies Commission of Malaysia (CCM) against two children of former Women, Family and Community Development Minister Tan Sri Shahrizat Abdul Jalil in connection with several offences allegedly committed by their company.

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INDUSTRY UPDATES

Free Legal Service to be provided for the Poor

Legal aid groups will provide free legal services to poor people and those in need of legal assistance across the country in an effort to support the rule of law and restore public trust in the judiciary.

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INDUSTRY UPDATES

Bill to increase Sabah State Seats to be tabled on July 17

KOTA KINABALU, Jul 11 (Bernama) - Sabah Chief Minister Datuk Seri Mohd Shafie Apdal is confident the Bill for the additional 13 seats, to increase the number of state seats from 60 to 73, will be approved when it is tabled in Parliament on July 17.

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INDUSTRY UPDATES

SolGen asks SC to dismiss Writ of Kalikasan Suit on WPS

MANILA, Jul 9 (PNA) - Solicitor General Jose Calida on Tuesday asked the Supreme Court (SC) to dismiss the petition filed against government agencies, which seeks unspecified action on the disputed areas in the West Philippine Sea.

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INDUSTRY UPDATES

IRB records 486,360 Cases of Voluntary Tax Declaration

KUALA LUMPUR, Jul 8 (Bernama) - The Inland Revenue Board of Malaysia (IRB) has recorded 486,360 cases of voluntary tax declaration under the special voluntary declaration programme (PKPS) as of June 23.

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INDUSTRY UPDATES

Sugar Tax: SME Traders can file Postponement Appeal

PARIT BUNTAR, Jul 7 (Bernama) - Small and Medium Enterprise (SME) traders affected by the sugar tax on sweetened drinks which came into effect this month, can file a postponement appeal to the relevant authorities.

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INDUSTRY UPDATES

Sarawak Government has not Officially responded on the RM1 Loan Offer - MOF

KUALA LUMPUR, Jul 6 (Bernama) - The Sarawak state government has yet to provide any official feedback to the Federal government on the proposed loan offer, amounting to RM1 billion, which will be allocated for repairs of dilapidated schools in the state.

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