singapore - Banking & Finance - Notices & Directives

Appointments to the Accounting and Corporate Regulatory Authority Board

This is to notify that the Minister for Finance has appointed of a new member and re-appointed five members to the Accounting and Corporate Regulatory Authority Board. The appointments will take effect from 1 April 2019.
Date: 26 March 2019; Type: Press Release; Source: Ministry of Finance

MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines

The Monetary Authority of Singapore (MAS) today released two consultation papers on proposed changes to the Technology Risk Management (TRM) Guidelines and the Business Continuity Management (BCM) Guidelines. The changes will require financial institutions' (FIs) to put in place enhanced measures to strengthen operational resilience. These take int ...
Date: 07 March 2019; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Revisions to Guidelines on Business Continuity Management

The Monetary Authority of Singapore (MAS) first issued the Business Continuity Management (BCM) Guidelines in 2003 which were supplemented by additional guidance on pandemic and physical security measures in 2006. MAS proposes changes to the existing Guidelines on BCM in order to strengthen Financial Institutions (FIs). FIs are expected t ...
Date: 07 March 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to the Banking Act

In addition to the Domestic Banking Unit (DBU)-Asian Currency Unit (ACU) related amendments, Monetary Authority of Singapore (MAS) proposes to amend the Banking Act, aimed at strengthening the licensing and regulation of banks and credit card or charge card licensees, formalising existing supervisory requirements and clarifying other ...
Date: 07 February 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

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

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

Guidelines to MAS Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism

These Guidelines provide guidance to all holders of a money-changer’s licence and holders of a remittance licence on the requirements in Monetary Authority of Singapore (MAS) Notice 3001 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Money-Changer’s Licence and Remittance Licence.
Date: 09 January 2019; Type: Guideline; Source: Monetary Authority of Singapore

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

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

Response to Feedback Received on the Proposed Payment Services Bill

The Monetary Authority of Singapore (MAS) had proposed to combine the current regulatory frameworks relating to the Payment Systems (Oversight) Act and the Money-changing and Remittance Businesses Act, into a single activity-based framework in the Payment Services Bill (PSB). The consultation period closed on 8 January 2018. MAS will incorporate th ...
Date: 19 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

New Moneylending Regulations to Better Protect Borrowers to Come into Force on 30 Nov 2018

The Ministry of Law seeks to provide better protection for borrowers and strengthen the regulation of licensed moneylenders by implementing the first phase of the Moneylenders (Amendment) Act 2018 and Moneylenders (Amendment) Rules 2018 from 30 November 2018.
Date: 16 November 2018; Type: Press Release; Source: Ministry of Law

Consultation Paper on Sandbox Express

The Monetary Authority of Singapore (MAS) launched the FinTech Regulatory Sandbox (sandbox) in 2016 to facilitate live experiments of innovative financial services and business models within boundaries. MAS now proposes the creation of Sandbox Express, to complement the current sandbox approach in order to enable firms which intend to conduct certa ...
Date: 14 November 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Response to Feedback Received on Proposed Amendments to Widen the Scope of Eligible Collateral in MAS Notice 637

The Monetary Authority of Singapore (MAS) issued a consultation paper on the proposed amendments to MAS Notice 637 on Risk-based Capital Adequacy Requirements for Banks Incorporated in Singapore to widen the scope of eligible collateral relating to commodities and equity securities that may be recognised for credit risk mitigation pu ...
Date: 13 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

Principles to promote FEAT in the use of Artificial Intelligence and Data Analytics in Singapore’s Financial Sector

This document sets out generally accepted Principles for firms to consider when assessing existing or developing new internal frameworks to govern the use of Artificial Intelligence and Data Analytics (AIDA).
Date: 12 November 2018; Type: Guideline; Source: Monetary Authority of Singapore

Response to Feedback Received on Proposed Regulatory Capital Treatment of Banks’ Holdings of TLAC Liabilities in MAS Notice 637

The Monetary Authority of Singapore (MAS) issued a consultation paper on the proposed regulatory capital treatment of banks' holdings of Total Loss-Absorbing Capacity (TLAC) liabilities in MAS Notice 637 on Risk-based Capital Adequacy Requirements for Banks Incorporated in Singapore. The consultation closed on 9 May 2018. MAS will incorpo ...
Date: 13 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

New Requirements for Registration as a Public Accountant from 1 Jan 2019

In April 2013, transitional arrangements were announced for stakeholders impacted by changes ensuing from the introduction of the Singapore Chartered Accountant Qualification and the Chartered Accountant of Singapore designation which included changes in the requirements for registration as a public accountant with ACRA. With effect from 1 January ...
Date: 08 November 2018; Type: Regulation; Source: Accounting and Corporate Regulatory Authority

Response to Feedback Received on Strengthening the Process for Determining SGS & MAS Bills Closing Prices

The Monetary Authority of Singapore (MAS) issued a consultation paper on strengthening the process for determining Singapore Government Securities ("SGS") and MAS bills closing prices. The consultation closed on 19 January 2018. MAS will incorporate the feedbacks on which they concur and responds to those comments that are of wider intere ...
Date: 07 November 2018; Type: Feedback; Source: Monetary Authority of Singapore

Response to Feedback Received on Proposed Regulations to Enhance the Resolution Regime for Financial Institutions in Singapore

As part of the Monetary Authority of Singapore's (MAS) review of the resolution regime for Financial Institutions (FIs) in Singapore, the MAS Act was amended by the Monetary Authority of Singapore (Amendment) Act 2017 (MAS (A) Act) to strengthen its powers to resolve distressed FIs while maintaining continuity of their critical economic functions. ...
Date: 26 October 2018; Type: Feedback; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Notice for Product Notification Regime

The Monetary Authority of Singapore (MAS) had issued a Consultation Paper on the Draft Notice for Product Notification Regime which sets out the criteria and process for the listing, de-listing or trading of derivatives products on approved exchanges and locally-incorporated recognised market operators. The consultation period closed on 22 June 201 ...
Date: 05 October 2018; Type: Feedback; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

Palace suspends Government Work for Holy Week Exodus

MANILA, Apr 17 (PNA) - Malacañang suspended work on Wednesday (April 17), 12 noon onwards, to allow government employees to travel to their respective regions in time for the observance of Maundy Thursday (April 18) and Good Friday (April 19).

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JBC asks Applicant to comment on Gadon Opposition

MANILA, Apr 16 (PNA) - The Judicial and Bar Council (JBC) has asked an applicant for a vacancy in the Court of Tax Appeals (CTA) to comment on an opposition to her appointment filed last month by senatorial candidate and lawyer, Lorenzo "Larry" Gadon.

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INDUSTRY UPDATES

PCC approves Ayala-PHINMA Energy Deal

MANILA, Apr 15 (PNA) - The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy.

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INDUSTRY UPDATES

8,254 Workers Re-employed after getting Assistance from ESO

KUALA LUMPUR, Apr 16 (Bernama) - A total of 8,254 unemployed workers have been re-employed after receiving assistance from the employment service officers (ESOs) since the Re-Employment Placement Programme for Employment Insurance System (EIS) commenced in August 2018.

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INDUSTRY UPDATES

Two Indonesians fined RM100,000 for Possessing Illicit Cigarettes

KLANG, Apr 16 (Bernama) - Two Indonesian retail shop workers were fined RM100,000 by the Magistrate Court here today after pleading guilty to possessing 854 packs of illegal cigarettes of various brands valued at RM1,668.56.

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INDUSTRY UPDATES

"Go to the Mosque, get Closer to God," Judge advises Robber

IPOH, Apr 16 (Bernama) - "Go to the mosque, get closer to God, be a good person and stop taking drugs," Sessions Court judge Azman Abu Hassan told a palm oil fruit collector.

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INDUSTRY UPDATES

Fake News Bill: Law Society refutes Online Flak over Alleged Silence

Law Society president Gregory Vijayendran said that the organization will share their views over the draft Protection from Online Falsehoods and Manipulation Act privately with policymakers, and has refuted online flak about its so-called "deafening silence".

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INDUSTRY UPDATES

SC suspends Work in Courts for Holy Week

MANILA, Apr 15 (PNA) - The Supreme Court (SC) on Monday announced its modified work schedule for the Holy Week, starting with a half-day work on Wednesday.

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INDUSTRY UPDATES

Fourth 'Justice Zone' opens in Pampanga

MANILA, Apr 13 (PNA) - The fourth Justice Zone in the country has been formally opened in Angeles, Pampanga by the Justice Sector Coordinating Council (JSCC).

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INDUSTRY UPDATES

Indonesia Industrial Summit to be held on April 15-16

Jakarta, April 13 (ANTARA) - The Industry Ministry will organize the 2019 Indonesia Industrial Summit (IIS) themed "Implementation of Making Indonesia 4.0 Toward Top Ten Global Economies", in ICE BSD, Tangerang, Banten Province, on April 15 and 16.

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INDUSTRY UPDATES

200 Lawyers gather in Kuala Lumpur for TerraLex

KUALA LUMPUR, Apr 13 (Bernama) - A total of 200 lawyers from 50 countries have gathered here for the TerraLex Global Meeting to discuss a wide variety of legal and economic issues impacting Malaysia.

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INDUSTRY UPDATES

Chief Justice pens Touching Farewell to Colleagues

PUTRAJAYA, Apr 13 (Bernama) - "All I ask from you is to protect the judiciary no matter what others may say," said Tan Sri Richard Malanjum in his farewell message to the judges, officers and employees of the judiciary upon his retirement yesterday.

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INDUSTRY UPDATES

Chief Justice Richard Malanjum retires

PUTRAJAYA, Apr 12 (Bernama) - Chief Justice Tan Sri Richard Malanjum retires today after serving 27 years in the judiciary.

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INDUSTRY UPDATES

SC launches New Public-Friendly Website

BAGUIO CITY, Apr 11 (PNA) - Supreme Court Chief Justice Lucas Bersamin on Thursday launched the High Court's new and improved website, which includes a court locator directory for lower courts and an e-library of the tribunal's decisions and resolutions.

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INDUSTRY UPDATES

Appointment of Suhakam Commissioner for Children to be announced this Month

KUALA LUMPUR, Apr 11 (Bernama) - The Legal Affairs Division in the Prime Minister's Department is expected to announce the appointment of a Suhakam (Human Rights Commission of Malaysia) commissioner for the portfolio of children this month.

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INDUSTRY UPDATES

Proposed Amendment to Constitution not done in haste - Liew

KUALA LUMPUR, Apr 10 (Bernama) - Minister in the Prime Minister's Department Datuk Liew Vui Keong today brushed off claims that the proposed amendment to Article 1(2) of the Federal Constitution was done in haste, saying the MPs from Sabah and Sarawak were given ample time to deliberate the matter.

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INDUSTRY UPDATES

Re-tabling of Amendment Bill depends on Needs - Dr Mahathir

KUALA LUMPUR, Apr 10 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad said re-tabling of the bill to amend the Federal Constitution to give Sabah and Sarawak equal status with Peninsular Malaysia, which failed to get two-thirds majority support in the Dewan Rakyat yesterday, would depend on needs.

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INDUSTRY UPDATES

Hearing of Najib's Appeal to disqualify Gopal Sri Ram as Prosecutor Rescheduled to April 23

PUTRAJAYA, Apr 10 (Bernama) - The Court of Appeal has rescheduled to April 23 to hear Datuk Seri Najib Tun Razak's appeal against a High Court's dismissal of his application to disqualify former Federal Court judge Datuk Seri Gopal Sri Ram from leading the prosecution team in his 1Malaysia Development Bhd (1MDB) cases.

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