singapore - Banking & Finance

Financial Advisers (Amendment No. 3) Regulations 2018

These Regulations come into operation on 14 August 2018.
Date: 13 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 493; Source: Singapore Statutes Online

Proposed Changes to the Stamp Duties Act

The Ministry of Finance (MOF) have introduced the Stamp Duties (Amendment) Bill 2018 in Parliament on Monday.
Date: 06 August 2018; Type: Legal News; Source: Ministry of Finance

SGX tweaks Listing Rules after Code of Governance Revision

The Singapore Exchange said it will amend its listing rules following the Monetary Authority of Singapore's acceptance of a slew of recommendations to encourage board renewal and diversity as well as strengthen director independence.
Date: 07 August 2018; Type: Legal News; Source: Singapore Law Watch

MAS slaps Five-Year Prohibition Order on former CIMB VP for Insider Trading

A former vice-president of CIMB Bank Bhd, who was found guilty for insider trading, has been issued a five-year prohibition order by the Monetary Authority of Singapore.
Date: 01 August 2018; Type: Legal News; Source: Singapore Law Watch

MAS issues Four-Year Prohibition Orders against Ex-GE Agent

Former Life Assurance representative Chan Seet Fun has been issued four-year prohibition order by the Monetary Authority of Singapore from providing any financial advisory service and taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm, after she was found guilty to mis ...
Date: 25 July 2018; Type: Legal News; Source: Singapore Law Watch

MAS directs Financial Institutions to tighten Customer Verification Process

Singapore, July 24 - The Monetary Authority of Singapore (MAS) has issued a circular to all financial institutions, directing them to tighten their customer verification processes. This follows the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed and stolen.
Date: 24 July 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Chan Seet Fun for Misappropriation of Client Monies

Singapore, 24 July 2018 - The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders against Ms Chan Seet Fun for the misappropriation of client monies.
Date: 24 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

Securities Industry Council consults on Amendments to Singapore Code on Take-Overs and Mergers

Singapore, July 19 - The Securities Industry Council (the Council) has proposed amendments to the Singapore Code on Take-overs and Mergers (the Code) to clarify the application of the Code provisions to companies with a dual class share structure (DCS companies) that have a primary listing on the Singapore Exchange.
Date: 19 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes to enhance Default Management Capabilities of Derivatives and Securities Clearing Houses

Singapore Exchange (“SGX”) is seeking public feedback on proposed amendments to the clearing rules of Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) and the Central Depository (Pte) Limited (“CDP”) (the “SGX-DC Clearing Rules” and the “CDP Clearing Rules” respectively) to enhan ...
Date: 19 July 2018; Type: Industry Updates; Source: Singapore Exchange

Strengthening AML and CFT Regulation for the Precious Stones and Metals Dealers Sector

The Ministry of Law (MinLaw) announced today that it will put in place a new anti-money laundering and countering the financing of terrorism (AML/CFT) regulatory regime for precious stones and metals dealers (PSMDs) in Singapore. Under the new regime, PSMDs will be required to identify, assess and understand the money laundering and terrorism finan ...
Date: 17 July 2018; Type: Legal News; Source: Ministry of Law

Consultation Paper on Proposed Regulations to Enhance the Resolution Regime for Financial Institutions in Singapore

The Monetary Authority of Singapore (MAS) has reviewed the resolution regime for Financial Institutions (FIs) and accordingly amended the MAS Act in order to strengthen its powers to resolve the distressed FIs. To exercise these new resolution powers under the MAS Act, MAS will be amending the Monetary Authority of Singapore (Control and Resolution ...
Date: 16 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Legislative Changes relating to AGMs and ARs timelines will take effect on 31 August

As part of on-going efforts to keep Singapore business friendly and competitive, legislative changes to the Companies (Amendment) Act 2017 that will reduce the regulatory burden for companies will take effect on 31 Aug 2018.
Date: 16 July 2018; Type: Legal News; Source: Accounting and Corporate Regulatory Authority

MAS responds to Feedback on the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act

The MAS' response to feedback received on Parts 3 and 4 of the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act is set out below.
Date: 09 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Fees (Refund of Unclaimed Surplus) (Amendment) Order 2018

This is to notify that Paragraph 2 of the Fees (Refund of Unclaimed Surplus) Order (O 22A) is amended.
Date: 09 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 461; Source: Singapore Statutes Online

SGX proposes to recalibrate Financial and Capital Requirements of Bank and Remote Members

Singapore Exchange (SGX) have sought feedback on proposed recalibrations of the financial and capital requirements of Remote Clearing Members, Remote Trading Members, Bank Clearing Members and Bank Trading Members (“RCMs”, “RTMs”, “BCMs” and “BTMs” respectively).
Date: 05 July 2018; Type: Industry Updates; Source: Singapore Exchange

Public Consultation on Revisions to Misconduct Reporting Requirements and Proposals to Mandate Reference Checks for Representatives

The Financial Institutions are currently required under the Securities and Futures Act, Financial Advisers Act, and Insurance Act to lodge a report with Monetary Authority of Singapore (MAS) when they become aware of any misconduct committed by their representatives and also have in place a robust and transparent process to investigate possibl ...
Date: 06 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Regulations pursuant to the SFA and FAA

The Monetary Authority of Singapore (MAS) had issued a consultation paper inviting comments on proposed amendments to the Regulations pursuant to the Securities and Futures Act and Financial Advisers Act and the consultation period closed on 17 October 2013. MAS has carefully considered the feedback received, and where it agrees with the comments, ...
Date: 08 June 2018; Type: Feedback; Source: Monetary Authority of Singapore

Securities and Futures (Offers of Investments) (Disapplication of Division 2 of Part XIII) (No. 3) Order 2018

This Order comes into operation on 29 June 2018.
Date: 28 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 426; Source: Singapore Statutes Online

Sunrise Industries (India) Ltd v PT OKI Pulp & Paper Mills and Another

Credit and security - Performance bond - Fraud exception; Credit and security - Performance bond - Unconscionability exception

Date: 21 June 2018; Court: High Court; Citation: [2018] SGHC 145; Source: Singapore Law Watch

Securities and Futures (Offers of Investments) (Business Trusts) (No. 2) (Amendment) Regulations 2018

These Regulations come into operation on 9 July 2018.
Date: 08 June 2018; Type: Federal Subsidiary Legislation; Citation: No. S 383; Source: Singapore Statutes Online

INDUSTRY UPDATES

CJ Bets face JBC Grilling Over Income, Properties in SALN

MANILA, Aug 16 (PNA) - The contents of the Statements of Assets, Liabilities and Net Worth were among the issues raised by members of the Judicial Council (JBC) in Thursday's public interview for aspirants vying for the Chief Justice post.

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INDUSTRY UPDATES

Reyes, Tejano-Ang Wrap up JBC Interview for CJ Post

MANILA, Aug 16 (PNA) - Supreme Court Associate Justice Andres Reyes Jr., and Judge Virginia Tejano-Ang of the Regional Trial Court Branch 1 in Tagum City, Davao del Norte were the last two aspirants for Chief Justice who went under questioning by the Judicial and Bar Council (JBC) on Thursday.

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INDUSTRY UPDATES

De Castro to revive Key Reform Projects once picked as CJ

MANILA, Aug 16 (PNA) - Despite her imminent retirement from the judiciary in less than two months, Associate Justice Teresita Leonardo-De Castro on Thursday said she will be able to introduce reforms in the Supreme Court (SC) once named Chief Justice.

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INDUSTRY UPDATES

Bersamin: No Pressure Felt from Gov't in Rulings on Cases

MANILA, Aug 16 (PNA) - Associate Justice Lucas Bersamin on Thursday said he has never felt any pressure from other government branches in rendering decisions on various cases.

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INDUSTRY UPDATES

Court of Appeal Judge reprimanded by His Superior over Dissenting Judgment

KUALA LUMPUR, Aug 16 (Bernama) – A Court of Appeal Judge has today disclosed that he had been reprimanded by a top judge for writing a dissenting judgment in unilateral conversion of M.Indira Gandhi case two years ago.

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INDUSTRY UPDATES

Judicial Activism has Led to Renaissance in Administrative Law, says Academician

KUALA LUMPUR, Aug 15 (Bernama) – There is more judicial activism now which has led to a renaissance in administrative law, according to an academician.

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INDUSTRY UPDATES

Cabinet acknowledges Progress in Thailand-Myanmar Cooperation in fighting Drug Trade

BANGKOK, Aug 15 (NNT) - The Cabinet has acknowledged progress made in Thailand’s cooperation with Myanmar in tackling drug problems in the border area.

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INDUSTRY UPDATES

NLA whip to decide on proposed Amendment of EC Act - VP Surachai

BANGKOK, Aug 15 (NNT) - The National Legislative Assembly whip will be the person responsible for the ultimate decision to proceed with a proposed amendment of the Election Commission Act, says the legislature’s Vice President Surachai Liengboonlertchai.

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INDUSTRY UPDATES

CA confirms Poll Exec, Foreign Service, Military Officers' Appointment

MANILA, Aug 15 (PNA) - Commission on Elections (Comelec) Commissioner Marlon Casquejo and several foreign service and military officers hurdled the Commission on Appointments (CA) on Wednesday.

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INDUSTRY UPDATES

House installs Yap, Pichay as New Deputy Speakers

MANILA, Aug 15 (PNA) - The House of Representatives on Wednesday elected two new deputy speakers following the ascension of Pampanga Rep. Gloria Macapagal-Arroyo to the speakership.

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INDUSTRY UPDATES

Five CJ bets to face JBC Interview Thursday

MANILA, Aug 15 (PNA) - The five candidates for the post of Chief Justice of the Supreme Court (SC) will walk into the line of fire with their Judicial and Bar Council (JBC) interview set on Thursday.

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INDUSTRY UPDATES

IRD to build ICT System enabling Tax Payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD).

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INDUSTRY UPDATES

Law Enforcement remains weak: Deputy Minister

Laos has enacted over 100 laws since national liberation in 1975, but law enforcement remains weak, a senior official has admitted.

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INDUSTRY UPDATES

Exercise of Freedom must be in accordance to Federal Constitution - Eddin Syazlee

JOHOR BAHRU, Aug 14 (Bernama) - The exercise of individual’s right to freedom, be it freedom of religion or speech, must be done in accordance to the provisions in the Federal Constitution, says Deputy Communications and Multimedia Minister Eddin Syazlee Shith.

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INDUSTRY UPDATES

International Malaysia Law Conference 2018

The 4-day International Malaysia Law Conference (“IMLC”) 2018, the flagship biennial event of the Malaysian Bar themed “Raising the Bar: Innovate. Integrate. Emulate.” is underway.

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INDUSTRY UPDATES

IMLC 2018: Change of Government an impetus for strengthening the Rule of Law, says Sultan Nazrin Shah

KUALA LUMPUR, Aug 14 (Bernama) - The recent change of government in Malaysia has given a fresh impetus to strengthen the rule of law in the country, the Sultan of Perak, Sultan Nazrin Shah said today.

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INDUSTRY UPDATES

1Mine urges Government to postpone SST

KUALA LUMPUR, Aug 14 (Bernama) - The government has been urged to postpone implementation of the Sales and Services Tax (SST) come Sept 1 until a directive on the newly passed tax law is clearly outlined.

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INDUSTRY UPDATES

Seizure of Equanimity made according to Legal Procedures - Liew Vui Keong

KUALA LUMPUR, Aug 14 (Bernama) - Minister in the Prime Minister’s Department Datuk Liew Vui Keong told the Dewan Rakat today that the seizure of the superyatch Equanimity was made according to Malaysian procedures and laws.

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