Monday, 19 February 2018
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singapore - Banking & Finance

MAS sets out e-Payment Guidelines for Banks, Consumers

The Monetary Authority of Singapore has moved to set standards for consumer rights regarding mobile payments options provided by major retail banks. It has, amongst others, outlined the liabilities of customers in case of unauthorised transactions and the responsibilities of the banks to notify customers ...
Date: 14 February 2018; Type: Legal News; Source: Singapore Law Watch

SGX proposes Updates to Rules on Mineral, Oil and Gas Companies for Greater Relevance and Alignment

Singapore Exchange (SGX) is proposing changes to the Mainboard and Catalist Listing Rules for Mineral, Oil and Gas (MOG) companies so that they remain aligned with industry developments.
Date: 31 January 2018; Type: Legal News; Source: Singapore Exchange

Datapulse Technology Saga presents a Challenge to SGX Rules

This article by Mak Yuen Teen questions whether the rules of Singapore Exchange are effective in protecting minority shareholders' interests, amid the Datapulse Technology saga.
Date: 31 January 2018; Type: Media Article; Author: Mak Yuen Teen; Source: Singapore Law Watch

Banking on a Fair Resolution

This article by Lorna Tan describes the procedure to resolve the disputes that may arise from the various services offered by the banks, including the insurance and investment products.
Date: 28 January 2018; Type: Media Article; Author: Lorna Tan; Source: Singapore Law Watch

New Code of Practice for Fund-Raising Efforts Online

The new Code of Practice for Online Charitable Fund raising, developed by the Commissioner of Charities, includes regulations which gives accurate information to donors, keeping proper records of donations received and using the money for its intended purpose.
Date: 24 January 2018; Type: Legal News; Source: Singapore Law Watch

Unlicensed Lending: Firm loses Bid to recover $10M

A company that had engaged in unlicensed moneylending business lost a bid to recover over 10 million dollars after the  Court of Appeal refused to allow their claim saying it would "make a nonsense" of the purpose of the Moneylenders Act.
Date: 24 January 2018; Type: Legal News; Source: Singapore Law Watch

Securities and Futures (Prescribed Futures Contracts) (Amendment) Regulations 2018

These Regulations come into operation on 23 January 2018.
Date: 22 January 2018; Type: Federal Subsidiary Legislation; Citation: No. S 45; Source: Singapore Statutes Online

Securities and Futures (Markets) (Amendment) Regulations 2018

 These Regulations come into operation on 23 January 2018.
Date: 22 January 2018; Type: Federal Subsidiary Legislation; Citation: No. S 44; Source: Singapore Statutes Online

Second Conviction for Market Misconduct under the Joint Investigations Arrangement with the Commercial Affairs Department

Singapore, Jan 22 - Mok Piak Liang (Mok) was sentenced to four months’ imprisonment on 19 January 2018 as a result of a conviction arising from a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force. The State Courts of Singapore convicted Mok for ...
Date: 22 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

Moneylenders (Amendment) Bill 2018 to Support Safer Access to Credit for Borrowers

Parliament has passed the Moneylenders (Amendment) Bill. It supports safer access to credit by providing better protection for borrowers, strengthening the regulation of licensed moneylenders and professionalizing the moneylending industry.
Date: 08 January 2018; Type: Legal News; Source: Ministry of Law

Singapore’s Laws do not make any Distinction between Transactions effected by Different Type of Currencies, says Deputy Prime Minister

When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value, said the Deputy Prime Minister and Minister in charge of MAS while answering a question in Parliament.
Date: 08 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Revisions to the Regulatory Framework for Large Exposures of Singapore-Incorporated Banks

Monetary Authority of Singapore (MAS) proposes to set out the regulatory requirements on large exposures of banks under the Banking Act and MAS Notice 639 on Exposures to Single Counterparty Groups, with an intention to limit the concentration and contagion risks arising from a bank’s exposures to a counterparty or a single counterparty ...
Date: 03 January 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

2018 Budget Statement to be delivered on 19 February 2018

Singapore’s FY2018 Budget Statement will be delivered by the Minister for Finance, Mr Heng Swee Keat, on Monday, 19 February 2018 in Parliament.
Date: 01 December 2017; Type: Legal News; Source: Ministry of Finance

Response to Feedback received on Proposed amendments to Disclosure Requirements under MAS Notices 637, 651 and 653

The revised MAS Notices 637 and 651 will take effect from 31 December 2017 while MAS Notice 653 will take effect from 1 January 2018.
Date: 28 December 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed amendments to Disclosure Requirements under MAS Notices 637, 651 and 653

The proposed amendments to MAS Notices 637 and 651 are intended to take effect from 31 December 2017 while MAS Notice 653 will take effect from 1 January 2018.
Date: 10 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Securities and Futures (Offers of Investments) (Business Trusts) (No. 2) (Amendment) Regulations 2017

These Regulations come into operation on 1 January 2018.
Date: 29 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 807; Source: Singapore Statutes Online

Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2017

These Regulations come into operation on 1 January 2018.
Date: 29 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 806; Source: Singapore Statutes Online

Currency (Denominations and Characteristics of Coins) Notification 2017

The Monetary Authority of Singapore notifies the denominations and characteristics of the coins to be issued on 5 January 2018 through a Schedule.
Date: 27 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 758; Source: Singapore Statutes Online

Securities and Futures (Markets) (Amendment No. 3) Regulations 2017

These Regulations come into operation on 22 December 2017.
Date: 21 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 741; Source: Singapore Statutes Online

MAS issues Prohibition Orders against Dennis Tey Thean Yang for Unauthorized Trading and Fraud

Singapore, Dec 21 - The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Tey Thean Yang Dennis. Mr Tey will be prohibited for a period of 5 years from:
Date: 21 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Industry Updates

Three New Judicial Commissioners of High Court appointed

Tan Puay Boon, Mavis Chionh and Ang Cheng Hock have been appointed as the Judicial Commissioners of the High Court by the President Halimah Yacob.

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Singapore must help shape International Law: Indranee

Senior Minister of State for Finance and Law Indranee Rajah urged that Singapore must actively help to shape International Law as its impact on domestic economic and social life will continue to grow.

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Experts from Asia affirm Need to push towards Convergence of Legal Frameworks to facilitate Cross-Border Data Flows

Singapore, Feb 7 - For the first time in Asia, representatives from government, data protection regulators, industry and the legal community across 19 countries met to discuss how to achieve a common Asian framework to share and transfer information across international borders.

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MAS Encourages Financial Institutions to use Technology to On-board Customers more Efficiently

Singapore, Feb 7 - The Monetary Authority of Singapore (MAS) has issued a new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

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State Courts launch Online Filing for Neighbour Disputes

The second phase of the State Courts’ Community Justice and Tribunals System (CJTS) was launched by the Community Justice and Tribunals Division (CJTD) today.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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Law Society seeks to boost Gender Diversity

In a move to boost gender diversity in the legal industry, the Law Society has formed a task force to look at women-in-workplace issues like mentoring and office harassment.

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New Programme to help Legal Sector go Global

A new programme, Lawyers Go Global, was launched recently to help Singapore law firms take their practice abroad with overseas mission trips, training and marketing.

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Industry Updates

Singapore Top Asian Nation in Rule of Law Ranking, and 13th globally

Singapore is ranked thirteenth globally and also became the top Asian nation out of 113 countries in the Rule of Law Index compiled by the World Justice Project, an independent advocacy group based in the United States.

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