singapore - Banking & Finance - Notices & Directives

Consultation Paper on Proposed Payment Services Regulations

The Payment Services Bill (the Bill) was introduced and passed in Parliament on 19 November 2018 and 14 January 2019 respectively. Under the Payment Services Act 2019 (PS Act), the Monetary Authority of Singapore (MAS) will regulate significant payment systems and the provision of payment services in Singapore. To effect the objectives of the PS Ac ...
Date: 10 April 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

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

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.

Read More

INDUSTRY UPDATES

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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)".

Read More

INDUSTRY UPDATES

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.

Read More

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.

Read More

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.

Read More

INDUSTRY UPDATES

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More