Monday, 18 December 2017
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singapore - Banking & Finance

New Measure to help Individuals manage Unsecured Debts

Singapore, Dec 15 - The Monetary Authority of Singapore (MAS) has announced a new measure to help borrowers avoid accumulating excessive unsecured debts.
Date: 15 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes to fix Weak Spots in Disclosure Rules

The Singapore Exchange has suggested that three areas - secondary fund-raising, interested-person transactions, and significant transactions and loans - be tweaked to improve the transparency and accountability of companies.
Date: 08 December 2017; Type: Legal News; Source: Singapore Law Watch

SGX, ABS, ISCA, Law Society and SID jointly launch Guide on Prevention of Insider Trading

Singapore Exchange (“SGX”), together with the Association of Banks in Singapore (ABS), the Institute of Singapore Chartered Accountants (ISCA), the Law Society of Singapore and the Singapore Institute of Directors (SID), is launching a guide on the prevention of insider trading.
Date: 05 December 2017; Type: Legal News; Source: Singapore Exchange

Nam Cheong sweetens Terms for US$336m Debt Restructuring

The revised terms for debt restructuring, though some way off from some noteholders' expectations, were publicly unveiled by Nam Cheong.  
Date: 06 December 2017; Type: Legal News; Source: Singapore Law Watch

Proposed Framework to strengthen the Process of determining of SGS and MAS Bills Closing Prices

Singapore, Dec 1 - The Monetary Authority of Singapore (MAS) today published a consultation paper proposing a framework to strengthen the process of determining Singapore Government Securities (SGS) and MAS Bills end-of-day prices (Closing Prices). This is in line with MAS’ broader efforts to enhance the integrity of the processes for setting ...
Date: 01 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

Financial (Amendment) Regulations 2017

These Regulations come into operation on 1 December 2017.
Date: 30 November 2017; Type: Federal Subsidiary Legislation; Citation: No. S 678; Source: Singapore Statutes Online

Fidrec's Role in resolving Cases

This article by Lorna Tan gives answers to the general doubts regarding how Financial Industry Disputes Resolution Centre (Fidrec) works and how it helps to resolve cases.
Date: 26 November 2017; Type: Media Article; Author: Lorna Tan; Source: Singapore Law Watch

Consultation Paper on the Proposed Payment Services Bill

The Monetary Authority of Singapore (MAS) proposes to enact a new payments legislation in the form of the proposed Payment Services Bill to regulate the payment activities along the payment value chain and mitigating attendant risks in order to promote greater confidence among consumers and merchants to adopt electronic payments (e-paymen ...
Date: 21 November 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Errant Licensed Moneylender, Tan Kim Wah Steven, fined $187,500

The charges were brought by the Registry of Moneylenders, a department under the Ministry of Law, against Tan Kim Wah Steven, the sole director and shareholder of the moneylending company, WST Credit Pte Ltd
Date: 21 November 2017; Type: Legal News; Source: Ministry of Law

MAS seeks Power to make Competing Banks open e-Payment Rails

The Monetary Authority of Singapore wants more power to ensure the interoperability for payment systems.
Date: 22 November 2017; Type: Legal News; Source: Singapore Law Watch

BNP Paribas SA v Jacob Agam and Another

Credit and Security - Guarantees and Indemnities
Date: 17 November 2017; Court: Singapore International Commercial Court; Citation: [2017] SGHC(I)10; Source: Singapore Law Watch

Pereira, Dennis John Sunny v United Overseas Bank Ltd

Credit and Security - Mortgage of real property - Mortgagee’s rights
Date: 09 November 2017; Court: Court of Appeal; Citation: [2017] SGCA 62; Source: Singapore Law Watch

Explanatory Brief for Payment and Settlement Systems (Finality and Netting) (Amendment) Bill

Mr Lim Hng Kiang, Minister for Trade and Industry (Trade), and Deputy Chairman, Monetary Authority of Singapore, on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of the Monetary Authority of Singapore (“MAS”), today moved the Payment and Settlement Systems (Finality and Netting) (Amendment) Bill (the ...
Date: 06 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS obtains Higher Civil Penalties regarding Civil Penalty Enforcement Action for unauthorized Share Trading

Singapore, Nov 1 - The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng (Wang) and Ms Foo Jee Chin (Foo) for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purch ...
Date: 01 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) (Amendment No. 2) Regulations 2017

These Regulations come into operation on 4 November 2017.
Date: 03 November 2017; Type: Federal Subsidiary Legislation; Citation: No. S 637; Source: Singapore Statutes Online

Payment and Settlement Systems (Finality and Netting) (Amendment) Bill

This Bill seeks to amend the Payment and Settlement Systems (Finality and Netting) Act.
Date: 06 November 2017; Type: Federal Bill; Citation: Bill No. 44/2017; Source: Parliament of Singapore

Moneylenders (Amendment) Bill

The Bill seeks to amend the Moneylenders Act.
Date: 06 November 2017; Type: Federal Bill; Citation: Bill No. 48/2017; Source: Parliament of Singapore

Monetary Authority of Singapore v Wang Boon Heng and Another

Courts and jurisdiction - Appeals - Standard of review; Financial and securities markets - Civil penalties - Quantum
Date: 31 October 2017; Court: High Court; Citation: [2017] SGHC 268; Source: Singapore Law Watch

Audit (Amendment) Act 2017 (Commencement) Notification 2017

This notification comes into operation on 1 November 2017.
Date: 31 October 2017; Type: Federal Subsidiary Legislation; Citation: No. S 626; Source: Singapore Statutes Online

The Bank of East Asia Ltd v Lerida Pte Ltd and Another and Another Matter

Credit and security – Mortgage of real property – Mortgagee’s rights – Entry into possession – Notice
Date: 23 October 2017; Court: High Court; Citation: [2017] SGHC 261; Source: Singapore Law Watch

Industry Updates

Foreign Ministry launches Book on 50 Years of ASEAN

Jakarta (ANTARA News) - The Ministry of Foreign Affairs has launched a book on 50 years of the Association of Southeast Asian Nations (ASEAN) to commemorate the history of the organisation and determine the steps forward for the association`s development.

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Rights Group calls for fewer Curbs on Speech, Assembly

The Human Rights Watch in its first report on Singapore in 12 years, set out about 60 recommendations after taking interviews, and conducting research and analysis of laws which are allegedly tend to limit individual rights to speech and assembly.

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Licences for Four Foreign Law Firms to run till 2020

The Law Ministry defers decision on whether to renew the licences issued four legal firms until 2020, as their report cards showed they did not contribute enough to the growth of legal sector.

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Dealmaking in key Asean Economies at all-time high

Overall transaction value in the Singapore, Malaysia and Indonesia saw a high of over US$130 billion, exceeding the last high of US$115 billion in 2015, driven by a significant increase in PE buyouts.

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ASEAN, UN hold Workshop on Law of the Sea

Jakarta, Dec 13 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN), in cooperation with the United Nations (UN), is holding a workshop on the Law of Sea for government officials and diplomats in the Southeast Asian region to address maritime issues.

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SGX to hike Derivatives Member Fees as much as 10-Fold from January

The Singapore Exchange, in their first revision in 15 years, has decided to hike membership fees for derivatives trading members as much as 10 times.

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AGC sets out Arguments for bringing Case against Li Shengwu

The Attorney-General's Chambers has argued that putting Facebook settings to 'friends only' does not entitle Mr Li Shengwu to publish a post attacking the independence of Singapore's judiciary.

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Tax Agreement with Ethiopia Enters Into Force

The Avoidance of Double Taxation Agreement (DTA) between Singapore and the Federal Democratic Republic of Ethiopia has entered into force today.

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Citizenship can be revoked even if Person is not prosecuted or a Convict, Lawyers say

The Lawyers and law academics pointed out that the government can strip the citizenship of a naturalized citizen if is satisfied that a person had engaged in activities harmful to public safety and order, subject to conditions.

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ASEAN to tackle Crimes at Sea: Deputy minister

Jakarta, Dec 7 (ANTARA News) - Deputy Foreign Affairs Minister A.M. Fachir stated that member countries of the Association of Southeast Asian Nations (ASEAN) should unite to fight crimes at sea, noted a written statement released by the Foreign Affairs Ministry.

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Singapore's First Bitcoin Case heads for Trial

Singapore is gearing up for the first legal dispute involving the cryptocurrency bitcoin, as a case filed by an electronic market maker against a bitcoin exchange operator is heading for trial at the Singapore International Commercial Court.

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Indonesia backs ASEAN to continue Capacity Building for Timor Leste

Jakarta, Dec 7(ANTARA News) - Indonesia has expressed its support for ASEAN to continue capacity building assistance to Timor Leste to prepare it to become an ASEAN member, the Foreign Ministry said.

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