singapore - Banking & Finance

Parliament: Law to tackle Money Laundering passed

The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, which is part of efforts to boost Singapore's standards of anti-money laundering and countering the finance of terrorism have been passed by the parliament.
Date: 12 February 2019; Type: Legal News; Source: Singapore Law Watch

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

Singapore to tighten Audit, Valuation Rules

Auditors are to come under greater scrutiny in one of the biggest overhauls of accountancy oversight in Singapore, which could see the Singapore Exchange Regulation (SGX RegCo) ordering second audit on listed companies with clean audits if something does not smell right.
Date: 28 January 2019; Type: Legal News; Source: Singapore Law Watch

MAS revises Takeover Rules for Dual-Class Shares

The Monetary Authority of Singapore (MAS) has revised Singapore's Code on Take-overs and Mergers to clarify that independent shareholders of dual-class companies will not be required to make a general offer if their share of voting rights is pushed past regulatory thresholds under certain circumstances.
Date: 25 January 2019; Type: Legal News; Source: Singapore Law Watch

Reminder: Crypto Currencies are not Legal Tender

Singapore's Ministry of Law (MinLaw) has reiterated that crypto currencies are not legal tender and businesses should do due diligence before accepting this form of payment.
Date: 24 January 2019; Type: Legal News; Source: Singapore Law Watch

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

Financial Advisers (Amendment No. 2) Regulations 2019

These Regulations come into operation on 8 April 2019.
Date: 07 January 2019; Type: Federal Subsidiary Legislation; Citation: No. S 29; Source: Singapore Statutes Online

Financial Advisers (Amendment) Regulations 2019

These Regulations come into operation on 8 January 2019.
Date: 07 January 2019; Type: Federal Subsidiary Legislation; Citation: No. S 28; Source: Singapore Statutes Online

Accountants (Public Accountants) (Amendment No. 2) Rules 2018

These Rules come into operation on 1 January 2019.
Date: 31 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 901; Source: Singapore Statutes Online

Financial Advisers (Amendment No. 6) Regulations 2018

These Regulations come into operation on 1 January 2019.
Date: 28 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 886; Source: Singapore Statutes Online

Monetary Authority of Singapore (Dispute Resolution Schemes) (Amendment) Regulations 2018

These Regulations come into operation on 1 January 2019.
Date: 18 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 843; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment No. 3) Regulations 2018

These Regulations come into operation on 19 December 2018.
Date: 18 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 823; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) (Amendment) Regulations 2018

These Regulations come into operation on 19 December 2018.
Date: 18 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 824; Source: Singapore Statutes Online

Securities and Futures (Prescribed Futures Contracts) (Revocation) Regulations 2018

These Regulations come into operation on 19 December 2018.
Date: 18 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 825; Source: Singapore Statutes Online

Currency (Denominations and Characteristics of Coins) Notification 2018

This is to notify that the denominations and characteristics of the coins to be issued on 1 January 2019 by the Monetary Authority of Singapore are as per the Schedule.
Date: 19 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 846; Source: Singapore Statutes Online

MAS bans Goldman Sach's Ex-Director for Life

SINGAPORE, Dec 19 (Bernama) - The Monetary Authority of Singapore (MAS) has increased the ban against former Goldman Sachs (Singapore) Pte director, Tim Leissner, to a lifetime prohibition order (PO), following his admission to the criminal charges brought against him by the United States Department of Justice (US DOJ), MAS said in a statement toda ...
Date: 19 December 2018; Type: Legal News; Source: Bernama

Sabyasachi Mukherjee and Another v Pradeepto Kumar Biswas and Another Suit

Banking - Relationship Manager - Investments - Fiduciary Duties - Tort of Deceit - Trust

Date: 11 December 2018; Court: High Court; Citation: [2018] SGHC 271; Source: Singapore Law Watch

MOF invites Feedback on Budget 2019

The Ministry of Finance is seeking views and suggestions from Singaporeans in preparation for Budget 2019 from 3 December 2018. The public can visit the REACH Budget 2019 microsite (www.reach.gov.sg/budget2019) to submit their views. The six-week feedback exercise will conclude on 11 January 2019.
Date: 02 December 2018; Type: Press Release; Source: Ministry of Finance

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) (Amendment No. 2) Regulations 2018

These Regulations come into operation on 7 December 2018.
Date: 06 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 791; Source: Singapore Statutes Online

A Guide to Digital Token Offerings

The Monetary Authority of Singapore (MAS) has clarified that if a digital token constitutes a product regulated under the securities laws administered by MAS, the offer or issue of digital tokens must comply with the applicable securities laws. This paper provides general guidance on the application of the securities laws administered by MAS i ...
Date: 30 November 2018; Type: Guide; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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INDUSTRY UPDATES

Government affirms NCPO Order 2/2019 is Fake

BANGKOK, Feb 11 (NNT) - The Government has affirmed that the circulating NCPO Order 2/2019 is fake.

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INDUSTRY UPDATES

ASEAN Secretariat calls for Nominations for ASEAN Prize 2019

Jakarta(ANTARA News) - Jakarta-based ASEAN Secretariat calls for nominations for the prestigious regional award ASEAN Prize 2019 acknowledging an individual`s or organization`s inspiring and outstanding achievements in fostering the ASEAN identity, promoting ASEAN spirit, and championing ASEAN way.

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INDUSTRY UPDATES

Thousands of Workers march for stronger Labour Laws

Thousands of workers on Sunday marched in downtown Yangon to demand that the country’s labour laws meet International Labour Organisation (ILO) standards.

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INDUSTRY UPDATES

ASEAN NCAP labelling Guideline Compliance to become Compulsory from March 2020

PUTRAJAYA, Feb 12 (Bernama) - Starting March 1 next year, automotive companies selling motor vehicles in Malaysia will be compelled to comply with the ASEAN New Car Assessment Programme (ASEAN NCAP) Labelling Guideline.

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INDUSTRY UPDATES

New Policies, Incentives needed under EAC to spur Investments

KUALA LUMPUR, Feb 12 (Bernama) - New policies and incentives must be formulated to encourage both domestic and foreign private investments for the newly minted Economic Action Council (EAC) to achieve its aim of stimulating sustainable growth.

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INDUSTRY UPDATES

SC Chairman elected Vice Chair of International Organisation of Securities Commission

KUALA LUMPUR, Feb 12 (Bernama) - The Securities Commission Malaysia (SC) chairman Datuk Syed Zaid Albar has been elected vice-chair of the International Organisation of Securities Commissions (IOSCO) Growth and Emerging Markets (GEM) Committee.

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INDUSTRY UPDATES

Economic Action Council formed

PUTRAJAYA, Feb 11 (Bernama) - The Prime Minister’s Office (PMO) today announced the establishment of the Economic Action Council, which is tasked with scrutinising and making decisions regarding economic and financial affairs as well as the people's well-being.

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INDUSTRY UPDATES

NGOs call for Speedy Passage of Information Freedom Law

A group of 19 non-governmental organisations and associations have urged the Kingdom’s legislative and executive bodies to expedite the passage of a draft law on freedom of information, which the group said had been delayed for years.

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INDUSTRY UPDATES

Najib's New Money Laundering Case transferred to High Court

KUALA LUMPUR, Feb 11 (Bernama) - The case of former prime minister Datuk Seri Najib Tun Razak involving three additional charges of money laundering to the tune of RM27 million of SRC International funds will be heard in the High Court.

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INDUSTRY UPDATES

Labor Minister holds event to Promote Health Insurance

CHONBURI, Feb 8, (NNT) - The Ministry of Labour has held an event to promote health among insurance policyholders in Amata City Industrial Estate in Chonburi Province, providing medical check-ups for employees from various companies operating in the estate.

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INDUSTRY UPDATES

CA Justice, Judge named to Court Rules Revision Body

MANILA, Feb 8 (PNA) - The Supreme Court (SC) has named two new members to the high court's committee on the revision of the Rules of Court.

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INDUSTRY UPDATES

Sabah Government should Consider amending Wildlife Conservation Enactment 1997 - Lee Lam Thye

KUALA LUMPUR, Feb 10 (Bernama) - The Sabah State Government should consider amending its Wildlife Conservation Enactment 1997 to make the killing of fully protected animals as a strict liability offence, animal rights activist Tan Sri Lee Lam Thye urged.

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INDUSTRY UPDATES

Cases at Court in push to tackle Jail Overcrowding

A working group established to streamline court procedures, with the aim of resolving prison overcrowding, last week began sending cases to municipal and provincial courts throughout the country, Ministry of Justice spokesman Chin Malin said on Wednesday.

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