Foreign Companies May Restructure under the New Singapore Insolvency Provision     

The insolvency provisions of the Companies (Amendment) Act 2017 came into force on 23 May 2017. They set up a new restructuring framework for insolvent companies, and the intent is to also allow foreign companies to use these provisions. What do such companies need to be able to show to rely on these new provisions? This update looks at what will constitute “substantial connection” with Singapore and what the foreign companies may do under the new provisions. 

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MAS Consults on Proposed Licensing and Conduct of Business Regulations

Rules on handling of clients’ moneys and assets will be enhanced from 2018, with capital market intermediaries being given two years to comply with the new requirements. The regulation of OTC derivatives transactions will also be subject to the new rules at that time. The draft regulations consolidate proposals made over three years and the update also looks at the changes made by the MAS to its original proposals. 

A Proposed Policy Framework for Regulating the Provision of Digital Advisory Services 

In response to the rise of the provision of automated digital tools providing financial advice, the MAS is proposing the regulation of such tools. This update summarises the key concerns and issues dealt with in the MAS’s Consultation Paper. This covers the expectations and standards that will be imposed on financial advisers providing such a tool, as well as proposed licensing requirements and exemptions.