singapore - Banking & Finance - News

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

New Regulatory Framework to enhance Payment Services in Singapore

SINGAPORE, Nov 19 - The Monetary Authority of Singapore (MAS) has finalised the new regulatory framework for payment services in Singapore. The Payment Services Bill (the “Bill”) will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.
Date: 19 November 2018; Type: Legal News; Source: Monetary Authority of Singapore

MAS proposes New Regulatory Sandbox with Fast-Track Approvals

Singapore, Nov 14 - The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of pre-defined sandboxes, known as Sandbox Express, to complement the existing FinTech Regulatory Sandbox that was launched in 2016. The aim is to enable firms which intend to conduct regulated activities to embark on experiments more qui ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Key Agreements concluded to enhance Regulatory Cooperation, launch of China Bond Index, and Cross-border Payments Tie-up

Singapore, Nov 14 - In a landmark year for financial cooperation between China and Singapore, four milestone agreements were concluded this week between financial regulators and between Financial Institutions (FIs) from both countries. The exchange of regulatory agreements was witnessed by Chinese Premier Li Keqiang and Singapore Prime Minister Lee ...
Date: 14 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS to place up to US$5 Billion with Private Equity and Infrastructure Fund Managers

Singapore, Nov 13 - The Monetary Authority of Singapore (MAS) has announced that they have taken initiatives to enhance private markets financing channels, including a programme to place up to US$5 billion for management with Private Equity (PE) and infrastructure fund managers.
Date: 13 November 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

Singapore rated Overall Compliant with International Standards on Exchange of Information

Singapore’s exchange of information upon request regime has been rated as compliant with international tax transparency standards, by the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”). This is the highest overall rating a jurisdiction can receive. The assessment is conducted through a p ...
Date: 25 October 2018; Type: Industry Updates; Source: Inland Revenue Authority of Singapore

Warning on Fraudulent Emails impersonating MAS

Singapore, Oct 6 - The Monetary Authority of Singapore (MAS) have warned the public of fraudulent emails purportedly sent from @mas.gov.sg email accounts with subject titles like “Fund Transmittal” and “Singapore Compliance Information”. The emails ask recipients to click on links or open attachments which con ...
Date: 06 October 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

MAS issues Guidelines to facilitate Provision of Digital Advisory Services

Singapore, Oct 8 - The Monetary Authority of Singapore (MAS) today issued the Guidelines on Provision of Digital Advisory Services, to facilitate the provision of these services in Singapore. The guidelines incorporate feedback from the public consultation as well as learning points from MAS’ engagements with the industry.
Date: 08 October 2018; Type: Legal News; Source: Monetary Authority of Singapore

SGX proposes New “trade at close” Session for Securities Market

Singapore Exchange (SGX) is seeking public feedback on the proposed introduction of a new trading session for the securities market, the “trade at close” (TAC), which will take place after the closing auction routine ends.
Date: 21 September 2018; Type: Industry Updates; Source: Singapore Exchange

MAS outlines Enforcement Approach to deter, detect and investigate Breaches of Rules and Regulations

Singapore, Sept 24 - The Monetary Authority of Singapore (MAS) has published an Enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers. The monograph outlines how MAS’ Enforcement Department works together with t ...
Date: 24 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

USCFTC and MAS sign Arrangement to cooperate on FinTech Innovation

Singapore, Sept 13 (MAS) - The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is t ...
Date: 13 September 2018; Type: Legal News; Source: Monetary Authority of Singapore

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

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

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

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

CAD and MAS warn Investors about trading on unregulated Online Platforms

Singapore, 31 May 2018 - The Commercial Affairs Department (CAD) of the Singapore Police Force and Monetary Authority of Singapore (MAS) advise the public to exercise extreme caution when dealing with unregulated online trading platforms.
Date: 31 May 2018; Type: Industry Updates; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Championing Rule of Law, Speedy Justice under Guevarra's Helm

MANILA, Jul 21 (PNA) - It has been a little over a year this month when the team led by Secretary Menardo I. Guevarra took over the helm of the Department of Justice (DoJ) and has since proven to be a dynamic organization dedicated to President Rodrigo Duterte's commitment towards transparency in governance and the elimination of corruption in all levels of the bureaucracy.

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INDUSTRY UPDATES

NegOcc MSMEs upbeat on PH Innovation Act

BACOLOD CITY, Jul 20 (PNA) - The signing of the Philippine Innovation Act has made Micro, Small and Medium Enterprises (MSMEs) in Negros Occidental optimistic about the growth and development of local entrepreneurs.

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INDUSTRY UPDATES

Tax Academy offers Online Courses for BIR, BOC Employees

MANILA, Jul 18 (PNA) - The Philippine Tax Academy (PTA) has completed the development of 14 competency-based mandatory online studies required for new hires at the Bureau of Customs (BOC) as well as refresher courses for existing BOC employees, the Department of Finance (DOF) announced in a statement on Thursday.

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INDUSTRY UPDATES

PRRD to only face PH Court

MANILA, Jul 17 (PNA) - President Rodrigo Duterte has no intention to face the international tribunal stressing that he would only answer to the Philippine courts.

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INDUSTRY UPDATES

Court cautions Najib against posting Statements on his Trial

KUALA LUMPUR, Jul 18 (Bernama) - The High Court here today cautioned Datuk Seri Najib Tun Razak against posting any more statements in social media pertaining to his SRC trial or risk being cited for contempt of court.

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INDUSTRY UPDATES

Bank Muamalat: 'Court did not find us Guilty of Union-Busting'

KUALA LUMPUR, Jul 18 (Bernama) - Bank Muamalat Malaysia Bhd today said it was never found guilty of union-busting or had breached any law.

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INDUSTRY UPDATES

Labour Ministry opens Automation Center

BANGKOK, Jul 17 (NNT) - On efforts to push the Thai industrial sector into the 4.0 era, human resources must be capable of operating technology and automated systems, especially in the Eastern Economic Corridor (EEC) development project. To achieve this goal, the Ministry of Labour has established a human resources development center on automation and robots at the Institute for Skills Development 3, located in Chonburi.

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INDUSTRY UPDATES

Guidebook on Parliamentary Constituencies launched

KUALA LUMPUR, Jul 17 (Bernama) - Dewan Rakyat Speaker Datuk Mohamad Ariff Md Yusof today launched Wakil Kita di Parlimen, a 228-page guidebook containing relevant information on all the 222 parliamentary constituencies.

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INDUSTRY UPDATES

Students among Plaintiffs in Lawsuit over Sungai Kim Kim Pollution

JOHOR BAHRU, Jul 17 (Bernama) - Thirty-four students are among 171 individuals who are suing the Johor state government, Menteri Besar Datuk Osman Sapian and 10 others over the pollution in Sungai Kim Kim near Pasir Gudang last March.

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INDUSTRY UPDATES

Mandalay Region Hluttaw approves New High Court Judge

Mandalay Region Hluttaw was unanimously appointed a new regional high court judge on the second day of the second session of the hluttaw after being nominated by the regional chief minister.

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INDUSTRY UPDATES

DOJ forms Special Team to probe Kidapawan Broadcaster's Slay

MANILA, Jul 12 (PNA) - Department of Justice (DOJ) Secretary Menardo Guevarra on Friday said he has ordered a special investigation team to look into the killing last Wednesday of radio commentator Eduardo Dizon who was gunned down on the way home in Kidapawan City, Cotabato.

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INDUSTRY UPDATES

New BSP Deputy Governor sworn in

MANILA, Jul 12 (PNA) - Francisco G. Dakila Jr. received his oath of office as Deputy Governor for Monetary and Economics Sector (MES) in ceremonies administered by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Thursday.

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INDUSTRY UPDATES

Chief Justice heads Penang Honours List

GEORGE TOWN, Jul 12 (Bernama) - Chief Justice Datuk Tengku Maimun Tuan Mat heads the list of 877 recipients of state honours and honorary medals in conjunction with the 81st birthday of the Yang Dipertua Negeri of Penang Tun Abdul Rahman Abbas.

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INDUSTRY UPDATES

Prosecution failed to serve Summons on Shahrizat's Children, Court sets new Mention Date

KUALA LUMPUR, Jul 12 (Bernama) - The Sessions Court here today set Aug 5 for mention of a lawsuit filed by the Companies Commission of Malaysia (CCM) against two children of former Women, Family and Community Development Minister Tan Sri Shahrizat Abdul Jalil in connection with several offences allegedly committed by their company.

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INDUSTRY UPDATES

Free Legal Service to be provided for the Poor

Legal aid groups will provide free legal services to poor people and those in need of legal assistance across the country in an effort to support the rule of law and restore public trust in the judiciary.

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INDUSTRY UPDATES

Bill to increase Sabah State Seats to be tabled on July 17

KOTA KINABALU, Jul 11 (Bernama) - Sabah Chief Minister Datuk Seri Mohd Shafie Apdal is confident the Bill for the additional 13 seats, to increase the number of state seats from 60 to 73, will be approved when it is tabled in Parliament on July 17.

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INDUSTRY UPDATES

SolGen asks SC to dismiss Writ of Kalikasan Suit on WPS

MANILA, Jul 9 (PNA) - Solicitor General Jose Calida on Tuesday asked the Supreme Court (SC) to dismiss the petition filed against government agencies, which seeks unspecified action on the disputed areas in the West Philippine Sea.

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INDUSTRY UPDATES

IRB records 486,360 Cases of Voluntary Tax Declaration

KUALA LUMPUR, Jul 8 (Bernama) - The Inland Revenue Board of Malaysia (IRB) has recorded 486,360 cases of voluntary tax declaration under the special voluntary declaration programme (PKPS) as of June 23.

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