singapore - Banking & Finance

Consultation Paper on Proposed Regulatory Capital Treatment of Banks' Holdings of Total Loss-Absorbing Capacity (TLAC) Liabilities under Mas Notice 637

This consultation paper proposes to amend the Risk-Based Capital Adequacy Requirements for Banks incorporated in Singapore (the Notice) to implement the relevant requirements under the final standard issued by the Basel Committee on Banking Supervision. The proposed amendments are intended to take effect from 1 January 2019.
Date: 09 April 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS reminds Financial Institutions to stay Vigilant against Cyber Security Threats

Singapore, Apr 6 - The Monetary Authority of Singapore (MAS) has issued an advisory to remind financial institutions to remain vigilant, following recent reports of cyber incidents overseas where attackers attempted fraudulent fund transfers using the SWIFT system.
Date: 06 April 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

SGX flags Possible breaches at YuuZoo, issues Second Notice

The Singapore Exchange has handed a second notice of compliance to YuuZoo Corp, after a draft report from their independent reviewer showed that the company has not given them necessary access to information and data.
Date: 03 April 2018; Type: Industry Updates; Source: Singapore Law Watch

Money-changing and Remittance Businesses (Exemption from Section 13) Notification 2018

This Notification comes into operation on 1 April 2018.
Date: 28 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 152; Source: Singapore Statutes Online

Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2018

These Regulations come into operation on 1 April 2018.
Date: 28 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 153; Source: Singapore Statutes Online

Securities and Futures (Reporting of Derivatives Contracts) (Exemption) (Revocation) Regulations 2018

These Regulations come into operation on 1 April 2018.
Date: 28 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 151; Source: Singapore Statutes Online

Monetary Authority of Singapore (Safeguards for Compulsory Transfer of Business and Exemption from Moratorium Provisions) Regulations 2018

These Regulations come into operation on 30 March 2018.
Date: 26 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 143; Source: Singapore Statutes Online

Supplementary Supply (FY 2017) Act 2018

An Act to make supplementary provision to meet additional expenditure for the financial year 1 April 2017 to 31 March 2018.
Date: 16 March 2018; Type: Federal Act; Citation: No. 12; Source: Singapore Statutes Online

Securities and Futures (Disclosure of Interests) (Amendment) Regulations 2018

These Regulations come into operation on 19 March 2018.
Date: 16 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 134; Source: Singapore Statutes Online

Accounting and Corporate Regulatory Authority (Assignment of Function) Notification 2018

This Notification comes into operation on 23 March 2018.
Date: 19 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 137; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Disapplication of Division 2 of Part XIII) Order 2018

This Order comes into operation on 22 March 2018.
Date: 19 March 2018; Type: Federal Subsidiary Legislation; Citation: No. S 135; Source: Singapore Statutes Online

MAS and CAD to Jointly Investigate All Capital Markets and Financial Advisory Offences

Singapore, Mar 13 - The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force announced today that they will extend the Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA). This will allow for greater efficiency a ...
Date: 13 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS and Bank of Lithuania strengthen Cooperation in FinTech

Mar 14 - The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to work together to support the development of the FinTech ecosystems and encourage greater financial innovation in the two countries. The FinTech Co-operation Agreement between the two countries was signed on the sidelines of the Money 20/20 Asia conferen ...
Date: 14 March 2018; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Measures to Address the Risks Posed by the Use of Sign-on Incentives in the Recruitment of Financial Advisory Representatives

The Monetary Authority of Singapore (MAS) is concerned about the risk of mis-selling and improper switching of insurance policies, in particular life insurance policies and accident and health policies. The proposed rules set out in this consultation paper will require all sign-on incentives to be paid out over a minimum pe ...
Date: 07 March 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Register for the Common Reporting Standard by 15 March 2018

This Circular is to inform all Financial Institutions in Singapore to complete the Common Reporting Standard (CRS) registration by 15 March 2018 rather than the deadline 31 March 2018, to avoid any unexpected issues during the registration process. Failure to register on time is an offence under the CRS Regulations.
Date: 26 February 2018; Type: Circular; Source: Inland Revenue Authority of Singapore

Closer FinTech Cooperation between Maharashtra State and Singapore

Maharashtra, 26 February 2018 - The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM) signed a Memorandum of Understanding (MoU) on 18 February 2018 to strengthen cooperation in promoting FinTech innovation in the two markets. The MoU was signed at a ceremony at the Magnetic Maharashtra event in India.
Date: 26 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS Consults on Regulations to require OTC Derivatives to be traded on Organized Markets

Singapore, Feb 21 - The Monetary Authority of Singapore (MAS) issued for consultation today proposed regulations to require the trading of Over-The-Counter (OTC) derivatives on organised markets, to help improve market transparency. This requirement will complete MAS’ implementation of the G20 OTC derivatives reforms.
Date: 21 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Draft Regulations for Mandatory Trading of Derivatives Contracts

The Monetary Authority of Singapore (MAS) invites comments and feedback on the draft Securities and Futures (Trading of Derivatives Contracts) Regulations ("SF(TDC)R"). The details of how to implement the initial set of products and persons subject to derivatives trading obligations under the new Part VIC of the Securities and Futures Act (Cap. 289 ...
Date: 21 February 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Moneylenders (Amendment) Act 2018

This Bill seeks to amend various sections of the Moneylenders Act. Furthermore, the long title to the Moneylenders Act is repealed and substituted to “An Act for the regulation of moneylending, the designation and control of a credit bureau, the collection, use and disclosure of borrower information and data, and for connected matte ...
Date: 20 February 2018; Type: Federal Amendment Act; Citation: No. 5; Source: Singapore Statutes Online

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

INDUSTRY UPDATES

Role of In-house Lawyers must evolve, says Judge

In an event that unveiled a study of local general counsel by the Singapore Corporate Counsel Association and global law firm CMS, Judge of Appeal Steven Chong has given in-house counsel several pointers on what they need to do in their evolving role.

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INDUSTRY UPDATES

Passenger-Facing Cameras: encrypt Recordings and restrict Access

The new rule that allows the cab and private-hire car drivers to install infacing cameras should not threaten the passenger privacy according to customer feedback.

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INDUSTRY UPDATES

Cabinet confirms Appointment of New Permanent Secretary of Finance

BANGKOK, Apr 18 (NNT) - The Cabinet has officially confirmed the appointment of the new Permanent Secretary of the Finance Ministry.

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INDUSTRY UPDATES

Thailand preparing to host 12th ASEAN Skills Competition

BANGKOK, Apr 18 (NNT) - Thailand is making preparations to host the 12th ASEAN Skills Competition, the objective of which is to urge adolescents and workers in the region to be enthusiastic about developing their skills in line with new technology.

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INDUSTRY UPDATES

Government pardons nearly 8500 Prisoners, including Student Activists’ Killer

The Presidential Office announced on Tuesday that 8541 prisoners, including 51 foreigners, were released from prisons across the country.

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INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

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INDUSTRY UPDATES

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

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INDUSTRY UPDATES

Illegal OFWs in Kuwait have until Thursday to avail of Amnesty Program

KUWAIT, Apr 18 (PNA) - Philippine Ambassador to Kuwait Renato Villa has announced that the Kuwaiti Department of Immigration under the Ministry of Interior has officially declared Thursday (April 19) as the last day for Filipinos to file their application for the amnesty program set to expire on April 22.

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INDUSTRY UPDATES

Indonesia, Vietnam discuss Cooperation in Fisheries and Maritime Affairs

Jakarta Apr 18 (ANTARA News) - Indonesian Foreign Minister Retno Marsudi discussed cooperation in maritime affairs and fisheries with her Vietnamese counterpart, Pham Bihn Mihn, during the third joint commission meeting between the two countries.

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INDUSTRY UPDATES

Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.

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INDUSTRY UPDATES

Government approves Sekolah Menengah Chong Hwa's Federal Land Lease Application - Wan Junaidi

KUALA LUMPUR, Apr 17 (Bernama) - The government has approved the application of Sekolah Menengah Persendirian Chong Hwa, Sentul, for a 1.2 hectare of federal land under 99 years' lease for the purpose of building the school's sports complex.

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INDUSTRY UPDATES

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.

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INDUSTRY UPDATES

DILG has New Undersecretary, Assistant Secretary

MANILA, Apr 17 (PNA) - The Department of the Interior and Local Government (DILG) on Tuesday welcomed the appointment of two retired Philippine National Police (PNP) officials as the department’s new undersecretary and assistant secretary.

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INDUSTRY UPDATES

Indonesia calls on UNESCO to legitimize 19 Cultural Properties

Jakarta, Apr 16 (ANTARA News) - Indonesia is striving for its 19 cultural properties in the temporary list of World Heritage Center of United Nations Educational, Scientific and Cultural Organization (UNESCO) to be recognized soon.

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INDUSTRY UPDATES

Sri Mulyani named Best Finance Minister in Asia Pacific

Jakarta, Apr 16 (ANTARA News) - Finance Minister, Sri Mulyani Indrawati, was named the best Finance Minister in Asia and the Pacific for 2018 by Hong Kong-based financial magazine FinanceAsia for the second time in a row.

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