The MAS recently issued Guidelines on Provision of Financial Advisory Services, which set out the approach of the MAS to determining whether a person is providing financial advisory services in Singapore. In a separate...more
The Monetary Authority of Singapore (MAS) has announced its intent to issue up to five digital bank licences, comprising:
• Up to two digital full bank licences, which will eventually allow the provision of a wide range of...more
Organisations will need to start planning for how to deal with data portability requests. A number of other jurisdictions already require organisations to transmit personal data held by that organisation to another if so...more
Ensuring compliance with the MAS’s proposed Guidelines on Individual Accountability and Conduct will be a non-trivial exercise. While non-prescriptive in nature, FIs will need to conduct a proper and systematic analysis of...more
In Asplenium Land v Lam Chye Shing (2019), the Singapore High Court had to consider whether emails to and from a person acting as a company’s legal counsel were protected by legal advice privilege where that person had been...more
In Re Zetta Jet Pte Ltd (2019), the Singapore High Court held that the Centre of Main Interest (COMI) of a Singapore-incorporated company was the US. It noted that a company’s jurisdiction of incorporation could be displaced...more
The MAS is proposing changes to requirements for outsourcing arrangements by banks and merchant banks. The proposals will extend requirements on outsourcing to a wider range of outsourcing arrangements as well as enhance the...more
The Variable Capital Companies Act 2018 is expected to come into force in the second half of 2019. The MOF is currently consulting on the GST and stamp duty treatment of sub-funds in a VCC. It is proposed that for these...more
Financial advisers from Singapore, Malaysia, the Philippines and Thailand can apply to provide financial advisory services in each others’ jurisdictions pursuant to the ACMF Pass. In a separate development, the MAS is...more
The Takeover Code has been amended to provide that where changes in the number of votes of multiple vote shares in a dual class shares company results in a shareholder coming under an obligation to make a general offer for...more
The Myanmar government has at long last announced that foreign insurers will be entitled to seek market access to its insurance sector in 2019.
This note builds on our previous publication: Liberalisation of the Myanmar...more
A new Payment Services Bill tabled in Parliament sets out the MAS’s proposed licensing framework for providers of payment service activities. The three categories are: Money-Changing Licensee, Standard Payment Institution and...more
The SGX is proposing various amendments to the voluntary delisting regime. In a separate consultation, it is also proposing removing the power of the Listings Advisory Committee to look into applications not referred to it....more
Re IM Skaugen SE [2018] SGHC 259 (27 November 2018) is an important first decision on the moratorium provisions of the new scheme of arrangement sections of the Companies Act. The High Court had a practical commercial...more
Banks will need to include bail-in recognition provisions in certain regulatory capital instruments not governed by Singapore law. New approval and notification requirements also applied to banks as from 30 November 2018....more
The Employment Act will be amended to cover all employees, including those in managerial and executive positions earning a basic monthly salary in excess of SGD4,500. Claims for wrongful dismissal will be extended to include...more
The test for who may be regarded as an accredited investor has been tightened. In addition, from 8 January 2019, new customers who qualify under the quantitative criteria to be accredited investors must specifically consent...more
The Variable Capital Company (VCC) is a new corporate entity structure under which several collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet...more
SIC Consulting on the Application of the Takeover Code to Dual Class Shares Companies -
The SIC’s consultation proposes that where changes in the number of votes of multiple vote shares in a dual class shares company...more
The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed "Guidelines on Individual...more