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

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

Consultation Paper on Proposed Revisions to the Exemption Framework for Cross-Border Business Arrangements of Capital Markets Intermediaries

This is to notify that the Monetary Authority of Singapore (MAS) had proposed changes to the exemption framework for business arrangements between financial institutions in Singapore and their foreign related corporations (the FRC Framework), which allows FRCs to provide cross-border financial services to customers in Singapore, without subjecting ...
Date: 04 December 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

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INDUSTRY UPDATES

Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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INDUSTRY UPDATES

DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

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INDUSTRY UPDATES

Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

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INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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INDUSTRY UPDATES

CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

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INDUSTRY UPDATES

Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

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INDUSTRY UPDATES

Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

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INDUSTRY UPDATES

Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

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INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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INDUSTRY UPDATES

Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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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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