singapore - Banking & Finance - Notices & Directives

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

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

INDUSTRY UPDATES

House absent at Court during Advocates' Law Judicial Review Session

Jakarta, Oct 18 (ANTARA News) - The House of Representatives (DPR) did not attend the Constitutional Court (MK) session on the judicial review of Article 16 Law No.18/2003 regarding advocates immunity rights.

Read More

INDUSTRY UPDATES

Solon files Bill on Overtaking Cyclists

MANILA, Oct 18 (PNA) - A party-list lawmaker at the House of Representatives is pushing for a measure requiring a minimum distance of 1.5 meters for motorists overtaking cyclists.

Read More

INDUSTRY UPDATES

Hontiveros optimistic PRRD will sign Pet Bills into Law

MANILA, Oct 18 (PNA) - Senator Risa Hontiveros on Thursday said she is confident that President Rodrigo Duterte would sign several bills that she authored and sponsored into law.

Read More

INDUSTRY UPDATES

JBC interviews Two Bets for Supreme Court Justice

MANILA, Oct 18 (PNA) - The Judicial and Bar Council (JBC) on Thursday conducted its public interview for two aspirants for the Supreme Court (SC) Associate Justice vacancy following the retirement of Chief Justice Teresita Leonardo-de Castro.

Read More

INDUSTRY UPDATES

PM tables Mid-Term Review of 11th Malaysia Plan in Dewan Rakyat

KUALA LUMPUR, Oct 18 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad today tabled the Mid-Term Review of the 11th Malaysia Plan (11MP - 2016-2020) in the Dewan Rakyat.

Read More

INDUSTRY UPDATES

SC allows Media Coverage of de Lima Drug Case Trials

MANILA, Oct 17 (PNA) - The Supreme Court (SC) allowed news coverage of Senator Leila de Lima’s trials for alleged drug trading activities before the Muntinlupa City Regional Trial Court (RTC).

Read More

INDUSTRY UPDATES

House supports Placement of Migrant Workers through One Channel

Jakarta, Oct 16 (ANTARA News) - Chairman of the House of Representatives` (DPR`s) Commission IX Dede Yusuf supported the placement of Indonesian migrant workers through the One Channel Placement System (SPSK) agreed upon by Indonesia and Saudi Arabia.

Read More

INDUSTRY UPDATES

Industry 4.0 to put Indonesia among Top 10 Economies

Jakarta, Oct 17 (ANTARA News) - The fourth industrial revolution, also known as industry 4.0, is expected to make Indonesia one of the top 10 economies in the world in 2030, Industry Minister Airlangga Hartarto said.

Read More

INDUSTRY UPDATES

Government encourages SMEs to go Digital

Jakarta, Oct 16 (ANTARA News) - The government encourages national small and medium enterprises or SMEs to take advantage of the digitalization era by using online networks to expand their businesses.

Read More

INDUSTRY UPDATES

WIPO Director General Conferred the Order of Sikatuna

World Intellectual Property Organisation (WIPO) Director General Dr. Francis Gurry has received the highest Presidential honour of diplomatic merit in recognition of his extraordinary efforts to sustain and strengthen WIPO’s relations with the Philippine government, through the Intellectual Property Office of the Philippines (IPOPHL).

Read More

INDUSTRY UPDATES

PH Ambassador Promotes ASEAN Trade, Tourism in Spain

MADRID, Oct 16 (DFA) - To raise awareness about ASEAN and promote ASEAN trade and tourism in Spain, Philippine Ambassador to Spain Philippe J. Lhuillier and the other ASEAN Ambassadors in Madrid paid a courtesy call on the Spanish Minister for Industry, Trade, and Tourism Maria Reyes Maroto Illera.

Read More

INDUSTRY UPDATES

BOC, PCG Ink MOA for Strengthened Joint Anti-Smuggling Operations

The chiefs of the Bureau of Customs (BOC) and the Philippine Coast (PCG), on Monday, October 15 signed a Memorandum of Agreement (MOA) which provides them guidelines in the conduct of anti-smuggling joint operations within the country’s borders.

Read More

INDUSTRY UPDATES

PH Showcases Best Practice on Anti-Poverty

NEW YORK, Oct 12 (DFA) - The Philippines underscored the crucial need to use the Multidimensional Poverty Index (MPI) as an alternative measure of poverty during the High-level side-event on “Using the Multidimensional Poverty Index to guide innovative policies in all its dimensions” held on the sidelines of the 73rd Session of the United Nations (UN) General Assembly High Level Week held at the UN Headquarters in New York on 25 September 2018

Read More

INDUSTRY UPDATES

21 Law Firms vow to create more chances for Young Lawyers

Twenty-one law firms, including Drew & Napier and Tan Rajah & Cheah, have pledged to provide more opportunities for young lawyers to represent their clients in court.

Read More

INDUSTRY UPDATES

Thailand hosts ASEAN Disaster Assessment and Mitigation Training Course

BANGKOK, Oct 16 (NNT) - Thailand is hosting the latest ASEAN training course on regional disaster assessment and mitigation to ensure timely assistance, and enhance the reach and capability of the region’s relief efforts.

Read More

INDUSTRY UPDATES

Del Castillo to head JBC Search for Next CJ

MANILA, Oct 16 (PNA) - Associate Justice Mariano del Castillo will sit at the helm of the Judicial and Bar Council (JBC) in screening aspirants for the vacancy in the Supreme Court (SC) following the retirement of Chief Justice Teresita Leonardo-de Castro, JBC ex-officio member and Justice Secretary Menardo Guevarra said Tuesday.

Read More

INDUSTRY UPDATES

SC reorganizes Three Divisions as Hernando assumes Post

MANILA, Oct 16 (PNA) - The Supreme Court (SC), under Acting Chief Justice Antonio Carpio, has reorganized the membership in its three divisions following the entry of its newest member, Associate Justice Ramon Paul Hernando.

Read More

INDUSTRY UPDATES

Non-infra Programs face Cancellation if Oil Excise Tax suspended

MANILA, Oct 15 (PNA) - Some of the Duterte administration's non-infrastructure expenditures scheduled for 2019 face possible cancellation if the implementation the oil excise tax's second tranch is put on hold due to soaring world crude prices, Finance Secretary Carlos Dominguez III said.

Read More