Monday, 19 February 2018
Sort Updates

singapore - Banking & Finance - Notices & Directives

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

Consultation Paper on Proposed Amendments to the Payment and Settlement Systems (Finality and Netting) Act

The Payment and Settlement Systems (Finality and Netting) Act was enacted to ensure the finality and irrevocability of transactions made through payment and settlement systems. In order for the laws to remain ready and relevant to the new landscape, MAS proposes to amend the Act to incorporate global best practice developments from leading jurisdic ...
Date: 03 August 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Capital Requirements for Singapore-Incorporated Banks in MAS Notice 637

This consultation paper proposes amendments to MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore ("the Notice") to introduce a minimum leverage ratio requirement of 3%.
Date: 25 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Disclosure Requirements under MAS Notices

Date: 10 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS streamlines Framework for Banks carrying on Permissible Non-financial Businesses

The Monetary Authority of Singapore (MAS) announced today that it will streamline the regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses.
Date: 27 June 2017; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper II on Draft Regulations Pursuant to the Securities and Futures Act

The Securities and Futures (Amendment) Act 2017 is aimed at ensuring that the capital markets regulatory framework in Singapore keeps pace with market developments and is aligned to international standards and best practices.
Date: 26 May 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Regulatory Requirements in relation to Credit Loss Provisioning

MAS is consulting on the proposed amendments to MAS Notices 612, 1005, 637 and 1111 in relation to the changes in the recognition and measurement of allowance for Credit Losses introduced in IFRS 9 and SFRS 109. The proposals are set out in Section 3 to 5 of this Consultation Paper.
Date: 12 May 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Proposed Legislative Amendments to enhance the Resolution Regime for Financial Institutions in Singapore

MAS' review of the resolution regime for financial institutions in Singapore, MAS will be amending the Monetary Authority of Singapore Act (MAS Act) to strengthen our powers to resolve distressed financial institutions while maintaining continuity of their critical economic functions.
Date: 29 April 2016; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper I on Draft Regulations pursuant to the Securities and Futures Act

The Securities and Futures (Amendment) Act 2017 aimed at ensuring that the capital markets regulatory framework in Singapore keeps pace with market developments and is aligned to international standards and best practices.
Date: 28 April 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Review of Policy Owners’ Protection Scheme - Scope, Coverage & Operational Issues

This consultation sets out a review, including clarification, of issues related to the scope, coverage and operation of the PPF Scheme, for more effective implementation by the scheme members.
Date: 18 April 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

New Guide to help Investors gain Deeper Insights into Listed Companies' Financial Statements and their Audit Processes

Investors will soon have more insightful information to help them make investment decisions. The Accounting Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and the Securities Investors Association Singapore (SIAS) have jointly produced a guide to help investors better engage company directors, manageme ...
Date: 30 March 2017; Type: Guide; Source: Accounting and Corporate Regulatory Authority

Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

More Updates Read More

Industry Updates

Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

More Updates Read More

Industry Updates

Three New Judicial Commissioners of High Court appointed

Tan Puay Boon, Mavis Chionh and Ang Cheng Hock have been appointed as the Judicial Commissioners of the High Court by the President Halimah Yacob.

More Updates Read More

Industry Updates

Singapore must help shape International Law: Indranee

Senior Minister of State for Finance and Law Indranee Rajah urged that Singapore must actively help to shape International Law as its impact on domestic economic and social life will continue to grow.

More Updates Read More

Industry Updates

Experts from Asia affirm Need to push towards Convergence of Legal Frameworks to facilitate Cross-Border Data Flows

Singapore, Feb 7 - For the first time in Asia, representatives from government, data protection regulators, industry and the legal community across 19 countries met to discuss how to achieve a common Asian framework to share and transfer information across international borders.

More Updates Read More

Industry Updates

MAS Encourages Financial Institutions to use Technology to On-board Customers more Efficiently

Singapore, Feb 7 - The Monetary Authority of Singapore (MAS) has issued a new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

More Updates Read More

Industry Updates

State Courts launch Online Filing for Neighbour Disputes

The second phase of the State Courts’ Community Justice and Tribunals System (CJTS) was launched by the Community Justice and Tribunals Division (CJTD) today.

More Updates Read More

Industry Updates

ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

More Updates Read More

Industry Updates

ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

More Updates Read More

Industry Updates

Law Society seeks to boost Gender Diversity

In a move to boost gender diversity in the legal industry, the Law Society has formed a task force to look at women-in-workplace issues like mentoring and office harassment.

More Updates Read More

Industry Updates

New Programme to help Legal Sector go Global

A new programme, Lawyers Go Global, was launched recently to help Singapore law firms take their practice abroad with overseas mission trips, training and marketing.

More Updates Read More

Industry Updates

Singapore Top Asian Nation in Rule of Law Ranking, and 13th globally

Singapore is ranked thirteenth globally and also became the top Asian nation out of 113 countries in the Rule of Law Index compiled by the World Justice Project, an independent advocacy group based in the United States.

More Updates Read More