singapore - Banking & Finance - Notices & Directives

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

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

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

Response to Feedback Received on Provision of Digital Advisory Services

The Monetary Authority of Singapore (MAS) had issued a consultation paper seeking comments on the proposals to facilitate the provision of digital advisory services in Singapore. The consultation ended on 7 July 2017. MAS considered the feedbacks and has refined the final proposals in areas they concur and responds to those comments that are of wid ...
Date: 08 October 2018; Type: Feedback; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Regulations Pursuant to Securities and Futures Act

The Monetary Authority of Singapore (MAS) had issued two consultation papers on draft regulations pursuant to the Securities and Futures Act (SFA). The draft regulations sought to operationalise the amendments to the SFA under the Securities and Futures (Amendment) Act 2017 (SF(A)A). The amendments give effect to policy proposals aimed at ensuring ...
Date: 28 September 2018; Type: Feedback; Source: Monetary Authority of Singapore

Response to Feedback Received on Draft Notices and Guidelines Pursuant to Securities and Futures Act

The Monetary Authority of Singapore (MAS) had issued a consultation paper on draft Notices and Guidelines pursuant to the Securities and Futures Act (SFA). The draft proposals sought to operationalise the amendments to the SFA under the Securities and Futures (Amendment) Act 2017 (SF(A)A). The amendments give effect to policy proposals aimed at ens ...
Date: 01 October 2018; Type: Feedback; Source: Monetary Authority of Singapore

Response to Feedback Received on the Proposed Framework for Singapore Variable Capital Companies

The Monetary Authority of Singapore (MAS) had proposed to set up a legislative framework for a new corporate structure that is tailored for Collective Investment Schemes (CIS). This new structure is the Singapore Variable Capital Companie (VCC). The legislative framework for VCCs seeks to provide an alternative for incorporating a company unde ...
Date: 10 September 2018; Type: Feedback; Source: Monetary Authority of Singapore

Consultation Paper on Notice on Cyber Hygiene

The Monetary Authority of Singapore (MAS) intends to issue a Notice on Cyber Hygiene, in order to strengthen the overall cyber resilience of Financial institutions (FIs). MAS through this Notice prescribes a set of essential cyber security practices that FIs must put in place to manage cyber threats. Views and comments on this draft Notice are soug ...
Date: 06 September 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

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

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House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.

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ASEAN launches Safe Migration Campaign

Jakarta, Dec 12 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN) has launched a safe migration campaign to increase public awareness of the advantages of employing migrant workers.

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Nation celebrates Universal Declaration of Human Rights

Government agencies and diplomatic and international organisation representatives gathered in Vientiane to mark the 70th anniversary of the Universal Declaration of Human Rights and its lasting impact, which was supported by the United Nations, European Union and Australia.

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SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

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MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

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MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

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Unions request Government to set Workers’ Minimum Wage

Unions have asked the government to set the minimum wage for the construction and service sectors and to solve the five other major problems facing them, a statement released on International Human Rights Day on Monday said.

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Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

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Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

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Vietnam, Laos boost Judicial Cooperation

Hanoi, Dec 10 (VNA) - Vietnamese Minister of Justice Le Thanh Long and his Lao counterpart Xaysi Santivong agreed to work closely together to launch a bilateral cooperation programme for 2019, during their talks in Hanoi on December 10.

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Nation marks Constitution Day

BANGKOK, 10th December 2018 (NNT) - Today marks National Constitution Day, observing the importance of the administrative document and celebrating its 20 incarnations throughout the democratic history of Thailand.

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Court has Final Say on Trillanes' Travel Abroad: DOJ

MANILA, Dec 10 (PNA) - Justice Secretary Menardo Guevarra on Monday said the Bureau of Immigration (BI) will not prevent Senator Antonio Trillanes IV from traveling abroad if no travel ban is handed down by the courts against him.

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Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

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Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

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DFA holds first ever Gender and Development Assembly

MAKATI, Dec 6- As part of the Department of Foreign Affairs’ (DFA) programs to continually mainstreaming gender and development (GAD) policies in its programs and activities, it hosted the agency’s first ever Gender and Development (GAD) Assembly at the Makati Diamond Residences on 06 to 08 November 2018.

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Vietnam, Cambodia PMs attend Business Forum

Vietnam and Cambodia could make their two-way trade value at US$7-8 billion by 2020 as they have established sound cooperation across sectors and their governments have regularly taken measures to remove difficulties for businesses, Prime Minister Nguyen Xuan Phuc said.

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Cambodia, Laos set to boost Bilateral Trade

Cambodia and Laos have pledged to boost trade and investment across their border, while trade volume between the two countries last year was just over $27 million, according to the Cambodian Ministry of Commerce.

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Revenue Department says it does not collect Higher Tax from Online Merchants

BANGKOK, Dec 8 (NNT) - The Revenue Department has insisted that the Revenue Code Amendment Act draft is not intended to make online merchants pay more tax but to analyze the behavior of taxpayers.

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