MAS Proposes Enhancements to the Regulatory Requirements on Protection of Customer’s Moneys and Assets
The MAS Consultation Paper on Enhancements to the Regulatory Requirements on Protection of Customer’s Moneys and Assets addresses the issue of "customer’s moneys", a question that was also considered in the recent case of Vintage Bullion DMCC v Chay Fook Yuen [2016] SGCA 49. It also enhances disclosure and operational requirements.
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New Guidelines on Outsourcing Issued by MAS
The MAS’s new Guidelines on Outsourcing were issued on 27 July 2016. Financial institutions need to conduct their self-assessment according to the new requirements by 26 October 2016 and rectify deficiencies by 26 July 2017.
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MAS Enhancing Inspections and Enforcement of AML/CFT Measures
The release of the MAS annual report for FY2015/2016 saw an emphasis on the stepping up of inspection and enforcement of AML/CFT measures. The increased activity by the MAS was also discussed in an A&O joint panel discussion hosted on 20 July 2016.
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Draft Regulations Implementing Common Reporting Standards Issued
The draft Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 for implemting the OECD’s Common Reporting Standards into Singapore law have been issued for consultation.
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The SICC Decides When a Case Is an “Offshore Case”
In Teras Offshore Pte Ltd v Teras Cargo Transport (America) LLC [2016] SGHC(I) 2 (Singapore International Commercial Court, 22 June 2016), the second decision of the SICC to date, the Court had to consider whether the case before it was an “offshore case”. Where a case is an “offshore case”, the parties may be represented by foreign lawyers. Henry Bernard Eder IJ held that the case was an “offshore case” as the claims related to the provision of services entirely in Queensland, Australia.
High Court Approves Appointment of Japanese Bankruptcy Trustee over BVI Corporation
Re Opti-Medix Ltd [2016] SGHC 108 (High Court, 3 June 2016) is the first written decision in Singapore on the recognition of a foreign liquidator where the foreign liquidator was appointed in a jurisdiction that is not the jurisdiction of incorporation of the corporation being liquidated. The High Court approved the application for recognition of the appointment of the Japanese Bankruptcy Trustee over the British Virgin Island corporations.
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