News & Analysis as of

Monetary Authority of Singapore Financial Services Industry

Morgan Lewis

Singapore Revises Its Guidelines on Licensing for Payment Service Providers

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The Monetary Authority of Singapore (MAS) published updates to its Guidelines on Licensing for Payment Service Providers [PS-G01] (the Guidelines), which will take effect on August 26, 2024. The revisions to the Guidelines...more

A&O Shearman

Combatting payment account fraud: latest regulatory developments in Singapore

A&O Shearman on

On 25 October 2023, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly published a consultation paper on a proposed Shared Responsibility Framework (SRF) in relation to...more

Hogan Lovells

Fostering integrity and trust in ESG ratings and data products providers – UK, Japan, Singapore and EU

Hogan Lovells on

The growth in size and influence of ESG ratings and data markets coupled with concerns about the transparency and credibility of ESG ratings and data products have led to IOSCO developing recommendations to regulators and ESG...more

Morgan Lewis

Monetary Authority of Singapore’s Enhanced Investigative and Supervisory Powers

Morgan Lewis on

Singapore’s new bill grants the Monetary Authority of Singapore (MAS) broader authority over the financial sector to oversee, investigate, and penalize misconduct. It aims to address the industry's growth and complexity,...more

A&O Shearman

One Step Closer to a Mandated Reference Checks Regime: the MAS finalises its proposals for the regime

A&O Shearman on

The Monetary Authority of Singapore (MAS) has recently finalised its proposals on mandating reference checks. The finalised proposals are substantially in line with those initially proposed in its Consultation Paper on...more

Latham & Watkins LLP

MAS publishes Code of Conduct for ESG Rating and Data Product Providers

Latham & Watkins LLP on

The voluntary code aims to enhance transparency and improve comparability and reliability of ESG data and scores. The Monetary Authority of Singapore (MAS) has published a Code of Conduct for Providers of Environmental,...more

Morgan Lewis

MAS Introduces Further Investor Protection Measures for Digital Payment Token Service Providers

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The Monetary Authority of Singapore recently published the second part of its response to the consultation paper proposing regulatory measures for providers of digital payment token services under the Payment Services Act...more

Latham & Watkins LLP

Monetary Authority of Singapore Introduces Investor Protection Measures For Digital Tokens

Latham & Watkins LLP on

MAS has published new requirements for DPT service providers and a consultation paper on additional regulations and prohibitions against unfair trading practices. On 3 July 2023, the Monetary Authority of Singapore...more

Morgan Lewis

Cryptocurrency Not Recognised as Money, Singapore High Court Rules

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The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more

Latham & Watkins LLP

Singapore’s Green Finance Industry Taskforce Launches Final Consultation on Green and Transition Taxonomy

Latham & Watkins LLP on

The consultation seeks feedback on its “measures-based approach” to classifying industrial activities, as well as “Do No Significant Harm” criteria. The Green Finance Industry Taskforce (GFIT) was convened by the...more

Morgan Lewis

Legal Issues and Trends in the Singapore Crypto Scene

Morgan Lewis on

Singapore has become a popular destination for new and existing cryptocurrency funds, just in time for the perceived oncoming “crypto winter.” This LawFlash spotlights trends and legal issues that companies should be aware of...more

Hogan Lovells

Global Payments Newsletter, March 2022

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Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more

Morgan Lewis

New Financial Services and Markets Bill to Enhance Monetary Authority of Singapore’s Powers

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The Financial Services and Markets Bill 2022, the goal of which is to address risks and challenges that impact institutions across the financial sector, was recently moved for first reading in the Parliament of Singapore on...more

Morgan Lewis

New Guidelines Discourage Cryptocurrency Trading by General Public in Singapore

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The Monetary Authority of Singapore (MAS) has issued new guidelines discouraging service providers of digital payment tokens (DPT), commonly known as cryptocurrencies, from promoting their services to the general public or...more

Hogan Lovells

Empowering Singapore’s Financial Institutions through COSMIC Power SEA View, Article XIV: October 2021

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After a summer hiatus, we return with a warning of imminent AML controls; a trend we witness across the region. On 1 October 2021, the Monetary Authority of Singapore (“MAS”) published a Consultation Paper on the FI-FI...more

Hogan Lovells

Financial institutions general regulatory news, July 2021

Hogan Lovells on

UK and Singapore Financial Partnership on financial services HM Treasury has announced that it has agreed a new "Financial Partnership" between the UK and Singapore which will support increased financial services between the...more

Morgan Lewis

COVID-19: Singapore Regulators Grant 60-Day Extension for Companies’ Annual General Meetings

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In light of the coronavirus (COVID-19) pandemic, the Monetary Authority of Singapore, Accounting and Corporate Regulatory Authority, and Singapore Exchange Regulation on 7 April announced that they will automatically extend...more

Hogan Lovells

Off to the races: The commencement of the Payment Services Act

Hogan Lovells on

After a long lead-up, the Singapore Prime Minister's Office has now confirmed that the Payment Services Act 2019 (the Act) (other than sections 111, 113, and 114) will imminently come into force on 28 January 2020 (the...more

Morgan Lewis

Framework for New Variable Capital Company Structure in Singapore Goes Live

Morgan Lewis on

The Variable Capital Companies Act 2018 (VCC Act), which is the governing legislation for the new Variable Capital Company (VCC) fund structure in Singapore, and the related subsidiary legislation have come into operation as...more

Morgan Lewis

Monetary Authority of Singapore Proposes Insolvency and Winding-Up Regime for New VCC Structure

Morgan Lewis on

The Monetary Authority of Singapore (MAS) released a consultation paper (Insolvency and Winding-Up Consultation Paper) on 24 July pertaining to the proposed insolvency and winding-up regime (Insolvency Regime) for the...more

White & Case LLP

Singapore and UK financial watchdogs announce new cooperation efforts to strengthen cybersecurity

White & Case LLP on

Cyber attacks are a national security concern in the UK. While individuals can be victims of such attacks, private sector institutions are often the direct targets. Cyber attacks can critically damage a commercial reputation...more

Morgan Lewis

Monetary Authority of Singapore Outlines Priorities for Financial Regulatory Enforcement

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The Monetary Authority of Singapore published its inaugural Enforcement Report on March 20, giving an overview of prior enforcement efforts in the financial markets during the period of July 2017 to December 2018. The report...more

Morgan Lewis

Singapore Halts Initial Coin Offering Due to Breach of Advertising Restrictions

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The Monetary Authority of Singapore (MAS) recently stopped an initial coin offering (ICO) from proceeding in Singapore on grounds that the issuer failed to comply with the non-advertisement condition associated with the...more

K&L Gates LLP

Singapore and London: FinTech Regulation Report

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A report has been published summarising the findings from research by ICAEW (The Institute of Chartered Accountants in England and Wales) and ISCA (Institute of Singapore Chartered Accountants) into FinTech in London and...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2017: New Singapore Regulatory Regime for Venture Capital Managers Takes...

Dechert LLP on

The Monetary Authority of Singapore (MAS) on 20 October 2017 announced a lighter-touch regulatory regime for qualifying venture capital (VC) fund managers in Singapore. The new regime is aimed at promoting the fund management...more

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