News & Analysis as of

Singapore Financial Institutions Banks

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Bank’s inability to establish identity of vessel owner results in inability to rely on sanctions clause

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The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more

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Allen & Overy and Standard Chartered launch guide to payment regulations in Asia

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Allen & Overy and international banking group Standard Chartered have today launched the first Guide to Payment Regulations for corporates and fintech customers navigating the evolving payments landscape in eight key markets...more

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Singapore’s Proposal to Mandate Reference Checks and Misconduct Reporting

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The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on Proposals to Mandate Reference Checks. - All financial institutions and entities regulated by the MAS are proposed to be required to carry out...more

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Singapore: Banks, asset managers and insurers to implement Monetary Authority of Singapore's (MAS) ESG Guidelines

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Banks, asset managers and insurers have 18 months to introduce and implement environmental risk management practices in accordance with new Guidelines on Environmental Risk Management. The Guidelines were issued by the...more

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MAS consults on the regulation of digital payment tokens

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The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA). It has also recently...more

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MAS Expands the Scope of Its Proposed Guidelines on Individual Accountability and Conduct

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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

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Proposed Changes to Laws Affecting Banks

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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

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Recent Statutory Amendments Affecting Banks

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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

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MAS Drafts Guidelines for Management Accountability

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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

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Recent Regulatory Developments in Singapore

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Consultation Paper on Mandatory Trading of Derivatives Contracts - The Monetary Authority of Singapore (MAS) announced in its Consultation Paper on Mandatory Trading of Derivative Contracts that the Securities and Futures...more

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Singapore Legal Update - October 2017

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New Inward Redomiciliation Regime Takes Effect - The inward redomiciliation procedure for foreign companies wishing to transfer their registration to the Singapore registry of companies came into force on 11 October 2017....more

Perkins Coie

Blockchain Week in Review – August 2017 #6

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Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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Singapore Legal Update - January 2017

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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

Katten Muchin Rosenman LLP

Bridging the Week - June 2015 #5

UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more

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