Monetary Authority of Singapore

News & Analysis as of

Dentons Rodyk Reporter 2017

Regional CEO message - Happy New Year and welcome to the first issue of Dentons Rodyk Reporter 2017. Let me share our key developments in 2016 and tell you what to expect from us in 2017. Please see full...more

Singapore Legal Update - January 2017

MAS Amends the Requirements for Related Party Transactions for Banks - On 21 November 2016, the MAS issued an amended Notice 643 to Banks on Transactions with Related Parties. It will take effect in two years, on 18...more

How the Yellow Submarine Informs Due Diligence Lessons From 1MDB

Enrichment is the theme for today’s post as it is personal and illegal enrichment which seems to be the continuing message from the 1MDB scandal involving the disgraced Malaysian sovereign wealth fund. In an article in the...more

Singapore Legal Update - November/December 2016

Companies Act to Allow Re-domiciliation Into Singapore - On 26 October 2016, the MOF and the ACRA proposed to amend the Companies Act to allow for inward re-domiciliation of companies. This will allow a foreign company...more

Entering the Sandbox - Guidelines released for FinTech entrepreneurs and entities

Guidelines on entering the Sandbox - On 16 November 2016 the Monetary Authority of Singapore (MAS) released its “regulatory sandbox” (Sandbox) guidelines for FinTech experiments to be conducted in a controlled...more

Fintech: Review of Regulatory Regime to attract VC Managers to Singapore

Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Tharman Shanmugaratnam announces review of the regulatory regime for venture capital managers....more

MAS Amends Its FAQs on the Licensing and Registration of Fund Management Companies

On 19 September 2016, the Monetary Authority of Singapore (MAS) amended its FAQs on the Licensing and Registration of Fund Management Companies. The key changes are as follows: - A licenced Fund Management Company...more

Singapore Gets Serious About Money Laundering

The fallout from the scandal surrounding 1MDB and the Singapore-based banks that facilitated the flow of funds to and from those connected with the Malaysia-backed sovereign fund shows no signs of abating, as the recent...more

SFC Circular to Managers of SFC Authorised Funds Addressing Liquidity Risk Management

Key Points - - All managers of SFC authorised funds (including overseas managers of SFC authorised funds) are required to enhance internal liquidity risk management processes and procedures in order to implement...more

Tax Amnesties and STRs

While the monetary authorities in Singapore insist that participation in a tax amnesty program would not automatically trigger a criminal investigation, they could still use STRs filed in connection with tax amnesty to flag...more

MAS issues revised Guidelines on Outsourcing

Institutions will need to meet deadlines to conduct a self-assessment of existing outsourcing arrangements, rectify identified deficiencies, and put in place measures to mitigate interim risks where a deficiency is...more

Singapore’s enforcement of data protection law on the rise

Singapore's Personal Data Protection Commission (PDPC) is stepping up its efforts to enforce the Personal Data Protection Act 2012 (PDPA). Following the release of its first nine enforcement decisions in April this year, the...more

Bridging the Week - August 2016

FCM Agrees to Pay US $800,000 Fine to CFTC Because of US $1.1 Million in Erroneous Customer Exchange Fees Charges: Barclays Capital, Inc. agreed to pay a fine of US $800,000 to the Commodity Futures Trading Commission to...more

Monetary Authority of Singapore outsourcing guidelines 2016

The Monetary Authority of Singapore (MAS) has published its new and replacement Guidelines on Outsourcing on 27 July 2016. The Guidelines are intended to provide comprehensive guidance over the risk management practices that...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

SGX to Set Up Subsidiary Company ‘Regco’ for Regulatory Functions

Market players hail the establishment of a separate subsidiary to handle regulatory functions in response to concerns about conflicts of interest in SGX’s self-regulatory structure. On 18 July, Singapore Exchange (SGX)...more

After Favorable LIBOR Ruling from the Second Circuit, Investors Now Allege Anticompetitive SIBOR Manipulation

On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more

OTC Derivatives Reporting and Clearing in Singapore – An Update on the Regulatory Reforms

Since 2012, in line with its commitment to the G20 and Financial Stability Board ("FSB") reform objectives, the Monetary Authority of Singapore (the "MAS") has undertaken a comprehensive review of the Securities and Futures...more

A New Sheriff In Town: The Monetary Authority of Singapore Creates New Anti-Money Laundering And Enforcement Departments

On 13 June 2016, the Monetary Authority of Singapore (“MAS”) announced that it will create dedicated Anti-Money Laundering (“AML”) and Enforcement departments, including a special supervisory team to be established to monitor...more

MAS Improves Access to Securities-Based Crowdfunding

The changes modify securities crowdfunding rules to facilitate access to retail investors. Following a yearlong public consultation exercise, the Monetary Authority of Singapore (MAS) will make it easier for securities...more

Proposed Regulatory Sandbox for Fintech in Singapore Released

The MAS now seeks public comment on its proposal to further innovations in Fintech solutions. On 6 June, the Monetary Authority of Singapore (MAS) released a consultation paper that invites comments on its proposal for a...more

Recovery and Resolution Planning Regime: Draft Legislation and Regulatory Instruments Issued

On 29 April 2016, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on Proposed Legislative Amendments to Enhance the Resolution Regime for Financial Institutions in Singapore (the 2016 Consultation...more

MAS Withdraws BSI’s Merchant Bank Licence, Yeo Jiawei Charged with Money Laundering

On 24 May 2016, the Monetary Authority of Singapore (MAS) announced that it had served on BSI Bank Limited (BSI) a notice of intention to withdraw its status as a merchant bank in Singapore and will impose financial penalties...more

New Framework for Retail Bond Offerings Implemented; Changes Made to the Proposed Framework

On 19 May 2016, the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) issued new regulations and amended rules with the aim of facilitating bond offerings to retail investors. This update will focus on...more

MAS Withdraws Fund Manager’s Regulatory Approval

Financial institutions in Singapore, whether licensed or exempt, are reminded to comply with all relevant regulatory obligations. The Monetary Authority of Singapore (MAS) recently withdrew a fund manager’s status in...more

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