Wednesday, 20 September 2017
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singapore - Banking & Finance

SIAS, Rajah & Tann seek MAS Action on Insurance for Singapore Bonds

The proposal calls for bond issuers to take up an insurance policy at the time of issuance, so that aggrieved investors will be protected in the event of a default.
Date: 13 September 2017; Type: Legal News; Source: Singapore Law Watch

Retired Stockbroker sues Credit Suisse for Loss

A retired stockbroker who lost US$26 million in investments with Credit Suisse during the 2008 financial crisis is suing the Singapore branch of the bank for breaching its duties to manage his account with care.
Date: 31 August 2017; Type: Legal News; Source: Singapore Law Watch

MAS' Approach to Resolution of Financial Institutions in Singapore

A principal objective of the Monetary Authority of Singapore ("MAS") is to promote financial stability and foster a sound and reputable financial centre.  MAS seeks to reduce the risk and impact of a failure, through rigourous financial supervision coupled with robust recovery and resolution planning.
Date: 23 August 2017; Type: Guide; Source: Monetary Authority of Singapore

Response to Feedback Received on Review of Mandatory Audit Firm Rotation for Local Banks

On 30 September 2016, Monetary Authority of Singapore (MAS) issued a consultation paper to seek comments on policy proposals on the appointment and rotation of auditors. MAS has considered the feedback received and is responding to feedback deemed to be of wider interest.
Date: 22 August 2016; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Prem Hirubalan for Unauthorised Share Trading and Misappropriation of Customers’ Monies

Singapore, 17 August 2017 - The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Prem Hirubalan, prohibiting him for a period of 7 years from:
Date: 17 August 2017; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to the Payment and Settlement Systems (Finality and Netting) Act

The Payment and Settlement Systems (Finality and Netting) Act was enacted to ensure the finality and irrevocability of transactions made through payment and settlement systems. In order for the laws to remain ready and relevant to the new landscape, MAS proposes to amend the Act to incorporate global best practice developments from leading jurisdic ...
Date: 03 August 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS clarifies Regulatory Position on the Offer of Digital Tokens in Singapore

Singapore, 1 August 2017 - The Monetary Authority of Singapore (MAS) clarified today that the offer or issue of digital tokens in Singapore will be regulated by MAS if the digital tokens constitute products regulated under the Securities and Futures Act (Cap. 289) (SFA). MAS’ clarification comes in the wake of a recent increase in the number ...
Date: 01 August 2017; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Capital Requirements for Singapore-Incorporated Banks in MAS Notice 637

This consultation paper proposes amendments to MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore ("the Notice") to introduce a minimum leverage ratio requirement of 3%.
Date: 25 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Disclosure Requirements under MAS Notices

Date: 10 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS reprimands Accel-X Management Pte Ltd

On 7 July 2017, MAS has reprimanded Accel-X Management Pte Ltd (Accel-X) for its breaches of (i) section 99(A)(1) of the Securities and Futures Act (SFA), (ii) paragraph 5(7J) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR) and (iii) paragraph 5(7I)(a) of the Second Schedule to the SFR. MAS ...
Date: 07 July 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS streamlines Framework for Banks carrying on Permissible Non-financial Businesses

The Monetary Authority of Singapore (MAS) announced today that it will streamline the regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses.
Date: 27 June 2017; Type: Press Release; Source: Monetary Authority of Singapore

Financial Penalties imposed on Credit Suisse and UOB for 1MDB-Related Transactions

Singapore, 30 May 2017 - The Monetary Authority of Singapore (MAS) announced today that it has completed its two-year review of banks involved in 1MDB-related transactions known to-date. In its latest regulatory actions, MAS has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB), as well as issued Prohibition Orders (POs) a ...
Date: 30 May 2017; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper II on Draft Regulations Pursuant to the Securities and Futures Act

The Securities and Futures (Amendment) Act 2017 is aimed at ensuring that the capital markets regulatory framework in Singapore keeps pace with market developments and is aligned to international standards and best practices.
Date: 26 May 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

BOK, HKMA, MAS, RBA and RBI welcome the Publication of the FX Global Code

Singapore, 25 May 2017 - The Bank of Korea (BOK), the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia (RBA) and the Reserve Bank of India (RBI) today welcome the publication of the FX Global Code (the Code), a single global code of conduct for the wholesale foreign exchange (FX) market. ...
Date: 25 May 2017; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Regulatory Requirements in relation to Credit Loss Provisioning

MAS is consulting on the proposed amendments to MAS Notices 612, 1005, 637 and 1111 in relation to the changes in the recognition and measurement of allowance for Credit Losses introduced in IFRS 9 and SFRS 109. The proposals are set out in Section 3 to 5 of this Consultation Paper.
Date: 12 May 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Proposed Legislative Amendments to enhance the Resolution Regime for Financial Institutions in Singapore

MAS' review of the resolution regime for financial institutions in Singapore, MAS will be amending the Monetary Authority of Singapore Act (MAS Act) to strengthen our powers to resolve distressed financial institutions while maintaining continuity of their critical economic functions.
Date: 29 April 2016; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper I on Draft Regulations pursuant to the Securities and Futures Act

The Securities and Futures (Amendment) Act 2017 aimed at ensuring that the capital markets regulatory framework in Singapore keeps pace with market developments and is aligned to international standards and best practices.
Date: 28 April 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Review of Policy Owners’ Protection Scheme - Scope, Coverage & Operational Issues

This consultation sets out a review, including clarification, of issues related to the scope, coverage and operation of the PPF Scheme, for more effective implementation by the scheme members.
Date: 18 April 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS imposes Composition Amount of $10,000 on MAMPL

MAS imposes Composition Amount of $10,000 on Maiora Asset Management Pte Ltd for late regulatory submissions due to poor controls.
Date: 30 March 2017; Type: Legal News; Source: Monetary Authority of Singapore

New Guide to help Investors gain Deeper Insights into Listed Companies' Financial Statements and their Audit Processes

Investors will soon have more insightful information to help them make investment decisions. The Accounting Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and the Securities Investors Association Singapore (SIAS) have jointly produced a guide to help investors better engage company directors, manageme ...
Date: 30 March 2017; Type: Guide; Source: Accounting and Corporate Regulatory Authority

Industry Updates

Singapore and China Mediation Centres work together to help Businesses resolve Disputes along Belt and Road

1. The Singapore International Mediation Centre (SIMC) and the Mediation Center of the China Council for the Promotion of International Trade / China Chamber of International Commerce (CCPIT/CCOIC Mediation Center) will work together to support businesses and help them resolve disputes that may arise in cross-border commercial transactions under China’s Belt and Road Initiative (BRI). The two mediation centres signed a Memorandum of Understanding (MOU) today at the International Mediation Summit held in Hangzhou, China.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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Veteran Lawyer Leo Fernando dies at 85

He was counted among the "legends" in criminal law in the 70s and 80s.

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Five Court Volunteers lauded for Dedication

These volunteers of the Supreme Court, the State Courts and the Family Justice Courts received awards for their outstanding commitment and dedication to pro bono work.

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Halimah Yacob is Singapore's Eighth President

SINGAPORE, Sept 14 (Bernama) - Halimah Yacob was sworn in as Singapore's eighth President at the Istana today, marking her first day of a six-year term.

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ASEAN to promote Trade with Russia and EAEU

Jakarta (ANTARA News) - ASEAN Economic Ministers agreed to expand trade with Russia and those grouped in the Eurasian Economic Union (EAEU).

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Conclusion of the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong, China Investment Agreement (AHKIA)

The Economic Ministers of ASEAN and Hong Kong, China (HKC) announced the conclusion of the ASEAN-HKC Free Trade Agreement (AHKFTA) and the ASEANHKC Investment Agreement (AHKIA) at the Second ASEAN Economic Ministers (AEM)-HKC Consultations held on 9 September 2017 in Pasay City, the Philippines.

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SGX RegCo announces Board Members; Operational Start on 15 September

Singapore Exchange Regulation (SGX RegCo) has appointed Mr Alan Shaw, Ms Jane Diplock AO and Mr Ronny Tan to its board. The company will begin operations on 15 September 2017.

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Public Alert on Scam IRAS Email

IRAS would like to alert the public that a scam email titled “Inland Revenue Authority of Singapore-Refund-Online-Confirmation” has been circulating. The email carries a message that the recipients are eligible to receive a tax refund and that they are to click on the link provided in the email to download and fill out the tax refund form.

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ASEAN Meet explores Issues related to Tariff Commitments, Rules under ATIGA

KUALA LUMPUR, Sept 12 (Bernama) - The discussions on Association of South-East Asian Nations' (ASEAN) internal economic-related affairs, which were held in the Philippines at the 31th ASEAN Free Trade Agreement Council, explored issues related to tariff commitments and applicable rules under the ASEAN Trade in Goods Agreement (ATIGA).

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ASEAN-Korea Free Trade Area increases Bilateral Trade by 92.3 per cent

KUALA LUMPUR, Sept 10 (Bernama) - Bilateral trade between ASEAN and South Korea has increased by 92.3 per cent to US$118.84 billion in 2016 from US$61.81 billion in 2006 since the ASEAN-KOREA Free Trade Area (AKFTA) took effect in 2007.

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ASEAN MSMEs need More Financial, Technical Support: Study

MANILA - While the Association of Southeast Asian Nations (ASEAN) has available programs and pushing for policies that will boost micro, small, and medium enterprises (MSMEs), the region needs to introduce more financial and technical support to MSMEs, an ASEAN study said.

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