singapore - Banking & Finance

Malayan Banking Bhd v Barclays Bank PLC

Banking - Electronic banking - Electronic funds transfer; Contract - Implied contracts; Contract - Illegality and public policy

Date: 12 April 2019; Court: High Court; Citation: [2019] SGHC(I) 4; Source: Singapore Law Watch

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

Liberty Sky Investments Ltd v Goh Seng Heng and Another

Credit and Security - Guarantees and indemnity - Contracts of indemnity; Credit and Security - Guarantees and indemnity - Discharge

Date: 20 February 2019; Court: High Court; Citation: [2019] SGHC 40; Source: Singapore Law Watch

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

INDUSTRY UPDATES

SC, DOJ Buildings declared Safe

MANILA, Apr 24 (PNA) - Work resumed at the Supreme Court (SC) and the Department of Justice (DOJ) on Wednesday, after the magnitude 6.1 earthquake that shook parts of Luzon including Metro Manila last Monday.

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INDUSTRY UPDATES

SC asked to allow Poll Watchers to take Photos

MANILA, Apr 24 (PNA) - Various individuals and groups asked the Supreme Court (SC) to lift the ban imposed by the Commission on Elections (Comelec) on digital photo taking by watchers of candidates in the May 13 mid-term polls.

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INDUSTRY UPDATES

Makati Court hears Drug Case vs Ex-NBI Exec

MANILA, Apr 24 (PNA) - A prosecution witness positively identified the former acting regional director of the National Bureau of Investigation (NBI) in Central Mindanao as the owner of a 1,000-square meter lot in Virac, Catanduanes, where a shabu laboratory was uncovered three years ago.

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INDUSTRY UPDATES

Mobile Application on Labour Market Information Launched

PUTRAJAYA, Apr 23 (Bernama) - Information on Malaysia's labour market is now available at the fingertips with the launch of a new mobile application, Labour Market Information Gateway or LMI Gateway today.

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INDUSTRY UPDATES

Former Lawyer Pleads not Guilty to CBT Over Client's House Sale Proceeds

KUALA LUMPUR, Apr 23 (Bernama) - A former lawyer pleaded not guilty at the Sessions Court here today to a charge of criminal breach of trust amounting to RM338,000 which was the proceeds from the sale of a house belonging to his client three years ago.

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INDUSTRY UPDATES

Manila Court orders Arrest of Acierto, Seven Others

MANILA, Apr 23 (PNA) - A Manila court has ordered the arrest of former police official Eduardo Acierto and seven others implicated in the smuggling of shabu shipments inside magnetic lifters last year.

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INDUSTRY UPDATES

SC orders Inspection of Court Houses in Quake-Affected Areas

MANILA, Apr 23 (PNA) - Chief Justice Lucas Bersamin on Tuesday ordered an inspection of all court houses in areas affected by the magnitude 6.1 earthquake that hit Luzon on Monday afternoon.

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INDUSTRY UPDATES

Cybersecurity Challenge should be viewed as an Opportunity - Gobind

CYBERJAYA, Apr 23 (Bernama) - A national innovation ecosystem needs to be developed to transform cybersecurity challenges towards forming new opportunities, ideas and solutions, Communications and Multimedia Minister Gobind Singh Deo said today.

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INDUSTRY UPDATES

Malaysia signs ASEAN Trade in Services Agreement

KUALA LUMPUR, Apr 23 (Bernama) - Malaysia has signed the ASEAN Trade in Services Agreement (ATISA) and the Fourth Protocol to Amend the ASEAN Comprehensive Investment Agreement (ACIA).

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INDUSTRY UPDATES

Former Lawyer charged with Criminal Breach of Trust

SEREMBAN, Apr 23 (Bernama) - A former lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving RM198,592.50, nine years ago.

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INDUSTRY UPDATES

PCC seeks Own Probe on Luzon Power Outages

MANILA, Apr 22 (PNA) - The Philippine Competition Commission (PCC) announced that it will investigate allegations of collusion or abuse of dominance among energy companies that led to the recent series of power outages in Luzon.

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INDUSTRY UPDATES

Right to Freedom of Religion guaranteed under Federal Constitution

KOTA BELUD, Apr 21 (Bernama) - The right to freedom of religion of every Malaysian is guaranteed under the Federal Constitution, said Sabah Rural Development Minister Datuk Ewon Benedick.

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INDUSTRY UPDATES

Sabah and Sarawak High Court Registrar's Office to move to Kota Kinabalu

SANDAKAN, Apr 21 (Bernama) -- Minister in the Prime Minister’s Department Datuk Liew Vui Keong today confirmed that the Office of the Registrar of the Sabah and Sarawak High Court will be relocated from Kuching to Kota Kinabalu.

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INDUSTRY UPDATES

Government awaits Approval from Malay Rulers on New Chief Justice - Mahathir

KUALA LUMPUR, Apri 19 (Bernama) - The government is awaiting approval from the Malay Rulers for the appointment of a new Chief Justice, Prime Minister Tun Dr Mahathir Mohamad said today.

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INDUSTRY UPDATES

Double Pay for Workers on Maundy Thursday, Good Friday

MANILA, Apr 17 (PNA) - Workers who will report to work on April 18 and 19 will receive twice their regular daily wages as both days have been declared regular holidays, the Department of Labor and Employment (DOLE) said Wednesday.

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INDUSTRY UPDATES

Palace suspends Government Work for Holy Week Exodus

MANILA, Apr 17 (PNA) - Malacañang suspended work on Wednesday (April 17), 12 noon onwards, to allow government employees to travel to their respective regions in time for the observance of Maundy Thursday (April 18) and Good Friday (April 19).

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INDUSTRY UPDATES

JBC asks Applicant to comment on Gadon Opposition

MANILA, Apr 16 (PNA) - The Judicial and Bar Council (JBC) has asked an applicant for a vacancy in the Court of Tax Appeals (CTA) to comment on an opposition to her appointment filed last month by senatorial candidate and lawyer, Lorenzo "Larry" Gadon.

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INDUSTRY UPDATES

PCC approves Ayala-PHINMA Energy Deal

MANILA, Apr 15 (PNA) - The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy.

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