singapore - Banking & Finance - Notices & Directives

Consultation Paper on Proposed Regulations to Enhance the Resolution Regime for Financial Institutions in Singapore

The Monetary Authority of Singapore (MAS) has reviewed the resolution regime for Financial Institutions (FIs) and accordingly amended the MAS Act in order to strengthen its powers to resolve the distressed FIs. To exercise these new resolution powers under the MAS Act, MAS will be amending the Monetary Authority of Singapore (Control and Resolution ...
Date: 16 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS responds to Feedback on the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act

The MAS' response to feedback received on Parts 3 and 4 of the Consultation Paper on Proposed Amendments to the Securities and Futures Act Financial Advisers Act and Trust Companies Act is set out below.
Date: 09 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Public Consultation on Revisions to Misconduct Reporting Requirements and Proposals to Mandate Reference Checks for Representatives

The Financial Institutions are currently required under the Securities and Futures Act, Financial Advisers Act, and Insurance Act to lodge a report with Monetary Authority of Singapore (MAS) when they become aware of any misconduct committed by their representatives and also have in place a robust and transparent process to investigate possibl ...
Date: 06 July 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Regulations pursuant to the SFA and FAA

The Monetary Authority of Singapore (MAS) had issued a consultation paper inviting comments on proposed amendments to the Regulations pursuant to the Securities and Futures Act and Financial Advisers Act and the consultation period closed on 17 October 2013. MAS has carefully considered the feedback received, and where it agrees with the comments, ...
Date: 08 June 2018; Type: Feedback; Source: Monetary Authority of Singapore

Consultation Paper on the Guidelines on Provision of Financial Advisory Service and Design of Advisory and Sales Forms

The Monetary Authority of Singapore (MAS) proposes to issue guidelines to provide greater clarity on what would constitute the provision of financial advisory service under the Financial Advisers Act. The guidelines set out the context and circumstances which MAS considers when assessing if a person is acting as a financial adviser. MAS invite ...
Date: 04 June 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Regulatory Capital Treatment of Banks' Holdings of Total Loss-Absorbing Capacity (TLAC) Liabilities under Mas Notice 637

This consultation paper proposes to amend the Risk-Based Capital Adequacy Requirements for Banks incorporated in Singapore (the Notice) to implement the relevant requirements under the final standard issued by the Basel Committee on Banking Supervision. The proposed amendments are intended to take effect from 1 January 2019.
Date: 09 April 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Measures to Address the Risks Posed by the Use of Sign-on Incentives in the Recruitment of Financial Advisory Representatives

The Monetary Authority of Singapore (MAS) is concerned about the risk of mis-selling and improper switching of insurance policies, in particular life insurance policies and accident and health policies. The proposed rules set out in this consultation paper will require all sign-on incentives to be paid out over a minimum pe ...
Date: 07 March 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Register for the Common Reporting Standard by 15 March 2018

This Circular is to inform all Financial Institutions in Singapore to complete the Common Reporting Standard (CRS) registration by 15 March 2018 rather than the deadline 31 March 2018, to avoid any unexpected issues during the registration process. Failure to register on time is an offence under the CRS Regulations.
Date: 26 February 2018; Type: Circular; Source: Inland Revenue Authority of Singapore

Consultation Paper on Draft Regulations for Mandatory Trading of Derivatives Contracts

The Monetary Authority of Singapore (MAS) invites comments and feedback on the draft Securities and Futures (Trading of Derivatives Contracts) Regulations ("SF(TDC)R"). The details of how to implement the initial set of products and persons subject to derivatives trading obligations under the new Part VIC of the Securities and Futures Act (Cap. 289 ...
Date: 21 February 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation paper on Proposed E-payments User Protection Guidelines

These Guidelines are to standardise the protection offered to individuals or micro-enterprises from losses arising from unauthorised or mistaken payment transactions from the protected accounts of the account holders.
Date: 13 February 2018; Type: Consultation Paper; 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

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

Cashless Payments with effect from 1 January 2018

MPA will cease accepting cash payments in line with Singapore’s move towards a cashless society as part of the Smart Nation initiative. Port Marine Circular No. 22 of 2017
Date: 04 December 2017; Type: Circular; Source: Maritime and Port Authority

Consultation Paper on the Proposed Payment Services Bill

The Monetary Authority of Singapore (MAS) proposes to enact a new payments legislation in the form of the proposed Payment Services Bill to regulate the payment activities along the payment value chain and mitigating attendant risks in order to promote greater confidence among consumers and merchants to adopt electronic payments (e-paymen ...
Date: 21 November 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS simplifies Rules for Managers of Venture Capital Funds to facilitate Start-ups’ Access to Capital

Singapore, 20 October 2017: The Monetary Authority of Singapore (MAS) announced today that a simplified regulatory regime for managers of venture capital funds (VC managers) will come into immediate effect, following public consultation on the proposal earlier this year. [1]
Date: 20 October 2017; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper I on Draft Notices and Guidelines Pursuant to the Securities and Futures Act

Given the wide-ranging amendments to the Securities and Futures Act, the Monetary Authority of Singapore is consulting on draft Notices and Guidelines to support the implementation of the legislative amendments in two phases.
Date: 06 October 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Review of Anti-Commingling Framework for Banks

The Monetary Authority of Singapore (MAS) has introduced a policy to separate the financial and non-financial businesses of banks in Singapore. This is intended to help banks remain focused on their core banking business and competencies, and avoid potential contagion from the conduct of non-financial businesses.
Date: 29 September 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS' Approach to Resolution of Financial Institutions in Singapore

A principal objective of the Monetary Authority of Singapore ("MAS") is to promote financial stability and foster a sound and reputable financial centre.  MAS seeks to reduce the risk and impact of a failure, through rigourous financial supervision coupled with robust recovery and resolution planning.
Date: 23 August 2017; Type: Guide; Source: Monetary Authority of Singapore

Response to Feedback Received on Review of Mandatory Audit Firm Rotation for Local Banks

On 30 September 2016, Monetary Authority of Singapore (MAS) issued a consultation paper to seek comments on policy proposals on the appointment and rotation of auditors. MAS has considered the feedback received and is responding to feedback deemed to be of wider interest.
Date: 22 August 2016; Type: Consultation Paper; Source: Monetary Authority of Singapore

INDUSTRY UPDATES

CJ Bets face JBC Grilling Over Income, Properties in SALN

MANILA, Aug 16 (PNA) - The contents of the Statements of Assets, Liabilities and Net Worth were among the issues raised by members of the Judicial Council (JBC) in Thursday's public interview for aspirants vying for the Chief Justice post.

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Reyes, Tejano-Ang Wrap up JBC Interview for CJ Post

MANILA, Aug 16 (PNA) - Supreme Court Associate Justice Andres Reyes Jr., and Judge Virginia Tejano-Ang of the Regional Trial Court Branch 1 in Tagum City, Davao del Norte were the last two aspirants for Chief Justice who went under questioning by the Judicial and Bar Council (JBC) on Thursday.

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De Castro to revive Key Reform Projects once picked as CJ

MANILA, Aug 16 (PNA) - Despite her imminent retirement from the judiciary in less than two months, Associate Justice Teresita Leonardo-De Castro on Thursday said she will be able to introduce reforms in the Supreme Court (SC) once named Chief Justice.

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Bersamin: No Pressure Felt from Gov't in Rulings on Cases

MANILA, Aug 16 (PNA) - Associate Justice Lucas Bersamin on Thursday said he has never felt any pressure from other government branches in rendering decisions on various cases.

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Court of Appeal Judge reprimanded by His Superior over Dissenting Judgment

KUALA LUMPUR, Aug 16 (Bernama) – A Court of Appeal Judge has today disclosed that he had been reprimanded by a top judge for writing a dissenting judgment in unilateral conversion of M.Indira Gandhi case two years ago.

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Judicial Activism has Led to Renaissance in Administrative Law, says Academician

KUALA LUMPUR, Aug 15 (Bernama) – There is more judicial activism now which has led to a renaissance in administrative law, according to an academician.

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Cabinet acknowledges Progress in Thailand-Myanmar Cooperation in fighting Drug Trade

BANGKOK, Aug 15 (NNT) - The Cabinet has acknowledged progress made in Thailand’s cooperation with Myanmar in tackling drug problems in the border area.

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NLA whip to decide on proposed Amendment of EC Act - VP Surachai

BANGKOK, Aug 15 (NNT) - The National Legislative Assembly whip will be the person responsible for the ultimate decision to proceed with a proposed amendment of the Election Commission Act, says the legislature’s Vice President Surachai Liengboonlertchai.

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CA confirms Poll Exec, Foreign Service, Military Officers' Appointment

MANILA, Aug 15 (PNA) - Commission on Elections (Comelec) Commissioner Marlon Casquejo and several foreign service and military officers hurdled the Commission on Appointments (CA) on Wednesday.

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House installs Yap, Pichay as New Deputy Speakers

MANILA, Aug 15 (PNA) - The House of Representatives on Wednesday elected two new deputy speakers following the ascension of Pampanga Rep. Gloria Macapagal-Arroyo to the speakership.

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INDUSTRY UPDATES

Five CJ bets to face JBC Interview Thursday

MANILA, Aug 15 (PNA) - The five candidates for the post of Chief Justice of the Supreme Court (SC) will walk into the line of fire with their Judicial and Bar Council (JBC) interview set on Thursday.

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INDUSTRY UPDATES

IRD to build ICT System enabling Tax Payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD).

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INDUSTRY UPDATES

Law Enforcement remains weak: Deputy Minister

Laos has enacted over 100 laws since national liberation in 1975, but law enforcement remains weak, a senior official has admitted.

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INDUSTRY UPDATES

Exercise of Freedom must be in accordance to Federal Constitution - Eddin Syazlee

JOHOR BAHRU, Aug 14 (Bernama) - The exercise of individual’s right to freedom, be it freedom of religion or speech, must be done in accordance to the provisions in the Federal Constitution, says Deputy Communications and Multimedia Minister Eddin Syazlee Shith.

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INDUSTRY UPDATES

International Malaysia Law Conference 2018

The 4-day International Malaysia Law Conference (“IMLC”) 2018, the flagship biennial event of the Malaysian Bar themed “Raising the Bar: Innovate. Integrate. Emulate.” is underway.

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INDUSTRY UPDATES

IMLC 2018: Change of Government an impetus for strengthening the Rule of Law, says Sultan Nazrin Shah

KUALA LUMPUR, Aug 14 (Bernama) - The recent change of government in Malaysia has given a fresh impetus to strengthen the rule of law in the country, the Sultan of Perak, Sultan Nazrin Shah said today.

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1Mine urges Government to postpone SST

KUALA LUMPUR, Aug 14 (Bernama) - The government has been urged to postpone implementation of the Sales and Services Tax (SST) come Sept 1 until a directive on the newly passed tax law is clearly outlined.

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INDUSTRY UPDATES

Seizure of Equanimity made according to Legal Procedures - Liew Vui Keong

KUALA LUMPUR, Aug 14 (Bernama) - Minister in the Prime Minister’s Department Datuk Liew Vui Keong told the Dewan Rakat today that the seizure of the superyatch Equanimity was made according to Malaysian procedures and laws.

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