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

Ex-CJ speaks out against Lawyers' Tendency to seek Postponements

KUALA LUMPUR, Jun 16 (Bernama) - Former Chief Justice Tun Zaki Azmi has spoken out against the tendency by certain defence lawyers to seek postponements of cases being heard in court.

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New Competition Commission already under Fire

Myanmar’s professed commitment to competition reform has come under fire after the government packed the new Competition Commission with bureaucrats serving under a minister.

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INDUSTRY UPDATES

NA Deputies give Opinions on Revised Labour Code

Hanoi, Jun 12 (VNA) - The revised Labour Code will the focus during the sitting of lawmakers on June 12 in the ongoing 7th session of the 14th National Assembly.

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INDUSTRY UPDATES

Ability to pay Taxes Online a Boon for Vietnam’s Import-Export Businesses

Hanoi, Jun 6 (VNS/VNA) - Around 99 percent of import and export tax payments in Ho Chi Minh City are made online, according to the customs department.

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INDUSTRY UPDATES

OWWA joins Urban Poor Caravan

MANILA, Jun 8 (PNA) - The Overseas Workers Welfare Administration (OWWA) will be joining the Presidential Commission for the Urban Poor (PCUP) caravan to inform the public of its programs on overseas employment.

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INDUSTRY UPDATES

Palace declares June 24 Holiday in Manila

MANILA, Jun 6 (PNA) - Malacañang has declared June 24 as a special, non-working holiday in the City of Manila in celebration of its 448th founding anniversary.

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INDUSTRY UPDATES

Legal Profession faces inherent Risks not Exclusive to NUPL

MANILA, Jun6 (PNA) - A state lawyer of the Office of the Solicitor General said Thursday the legal profession faces "inherent risks not exclusive to the National Union of People’s Lawyers (NUPL)".

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DOJ forms Panel to probe Jacky Co Case

MANILA, Jun 6 (PNA) - A prosecution panel has been assigned for the preliminary investigation on the complaints filed against alleged Chinese drug lord Jacky Co and others implicated in the smuggling of PHP1.8 billion worth of illegal drugs into the country.

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INDUSTRY UPDATES

Myanmar still short of Judges, says Supreme Court

The number of judges in the country is just two thirds of the number required, according the 2018 annual report of the Union Supreme Court.

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INDUSTRY UPDATES

RCI on Judicial Misconduct is what People Want - Dr Mahathir

PUTRAJAYA, Jun 5 (Bernama) - The government agreed to set up a Royal Commission of Inquiry (RCI) on judicial misconduct because this is what the people want, said Prime Minister Tun Dr Mahathir Mohamad.

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CJ stresses Importance of beefing up Legal Education

MANILA, Jun 3 (PNA) - Chief Justice Lucas P. Bersamin emphasized the commitment of his administration to leave no stone unturned in reforming the country's legal education system.

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INDUSTRY UPDATES

Double Pay for Workers on June 5

MANILA, Jun 3 (PNA) - Private sector workers, who will report to duty on Wednesday, June 5, will be paid twice their regular daily wages, the Department of Labor and Employment (DOLE) said Monday.

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INDUSTRY UPDATES

Complaints via Whatsapp: RTD issues More than 200 Notices

KUALA LUMPUR, June 3 (Bernama) - More than 200 notices have been issued by the Road Transport Department (RTD) as result of consumer complaints via the Whatsapp application during the three days enforcement operation, in conjunction with Adilfitri, which began on May 29.

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INDUSTRY UPDATES

Online Trader benefits from Industrial Revolution 4.0

KOTA BHARU, Jun 2 (Bernama) - The Industry Revolution 4.0, which is occurring all over the world, has given huge benefit to online traders in marketing their products to consumers.

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INDUSTRY UPDATES

Vietnam attends ASEAN Plus Three, EAS SOMs

Bangkok, May 30 (VNA) - Deputy Foreign Minister Nguyen Quoc Dung, who is head of the country’s SOM ASEAN, attended the ASEAN Plus Three SOM and East Asia Summit (EAS) SOM, which were held within the framework of the ASEAN Senior Officials' Meeting (SOM) in Bangkok on May 30.

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INDUSTRY UPDATES

JBC sets Public Interviews for SC Aspirants

MANILA, May 31 (PNA) - The Judicial and Bar Council (JBC) has released the schedule of the public panel interview of hopefuls vying for a Supreme Court (SC) post, to be vacated by Associate Justice Mariano del Castillo who will compulsorily retire on July 29.

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INDUSTRY UPDATES

Mohd Roze Shaari is New Intelligence/Operations Deputy Director

KUALA LUMPUR, June 1 (Bernama) - Bukit Aman's Criminal Investigation Department (CID) has a new Intelligence/Operations deputy director.

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INDUSTRY UPDATES

Give Mandatory Counselling, Community Service Sessions to Road Bullies - MCPF

KUALA LUMPUR, May 31 (Bernama) - The Malaysian Crime Prevention Foundation (MCPF) has suggested that compulsory counselling and community service sessions be meted out to individuals detained for dangerous driving and road rage.

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