Monday, 18 December 2017
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singapore - Banking & Finance - News

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

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

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

SGX proposes Changes to Rules on Securities Trading and Market Practices

Singapore Exchange (SGX) is seeking public feedback on a raft of proposed changes to SGX’s rules on securities trading and market practices.
Date: 10 October 2017; Type: Legal News; Source: Singapore Exchange

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

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

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

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

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

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

MAS takes Civil Penalty Enforcement Action for Unauthorized Share Trading

Singapore, 8 March 2017 - The Monetary Authority of Singapore (MAS) has successfully obtained a civil penalty judgment 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 subscripti ...
Date: 08 March 2017; Type: Legal News; Source: Monetary Authority of Singapore

Legislative Changes to enhance Singapore as a Trusted International Financial Centre

The Ministry of Law (MinLaw) has submitted the Trustees (Amendment) Bill 2017 for First Reading in Parliament today. The proposed amendments underline Singapore’s commitment as a responsible member of the international community to international standards and global efforts in countering money laundering, terrorism financing and tax evasion.
Date: 28 February 2017; Type: Legal News; Source: Ministry of Law

Singapore's Budget 2017 to help Companies and Workers manage Economic Transition

SINGAPORE, Feb. 20 (PNA/Xinhua) - Singapore's Finance Minister Heng Swee Keat on Monday delivered the Budget statement for financial year 2017, which mainly aims to help companies and workers manage economic transition.
Date: 20 February 2017; Type: Legal News; Source: Philippine News Agency

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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