Articles and Events Summary

Business as Usual for Argus Global

In the wake of recent developments pertaining to the COVID-19 outbreak in Singapore, Argus Global has adopted a ‘Work from Home’ Policy with immediate effect. We are fully operational and work continues as per usual.

We are available on our usual telephone number +65 6817-6861   for all calls on weekdays from 9am to 6pm.  We are also available on emails and will continue to ensure all emails are addressed and follow up actions are taken.

We request you to kindly mark emails to:

consulting@argusglobal.co for any MAS compliance related queries ;

corpsec@argusglobal.com for any queries pertaining to Corporate Secretarial Matter, Accounting , Tax , Payroll and any other corporate related matters.

These are challenging times but we feel confident that we will continue providing you with seamless service.

Grants for Fintech & Innovation

The financial sector is an integral part of Singapore’s ambition to be a smart nation. MAS has announced a $125 Million support package for the financial and FinTech sectors to deal with the immediate challenges from COVID-19 and position strongly for the recovery and future growth.

Check out our Infographic here.

The full list of available grants can be found here.

Industry News

COVID-19 and Financial Crime

Even in times of crisis, such as the COVID-19 pandemic, illicit finance continues to flow. Addressing the adverse systemic economic impact of the COVID-19 pandemic, the European Banking Authority has supported the measures taken by national governments and EU bodies.

To read the full details, please click here.

Tax Filing Deadlines Extended by IRAS

Extending its support for taxpayers in light of the latest measures to manage the COVID-19 situation, the Inland Revenue Authority of Singapore (IRAS) is providing an automatic extension of deadlines for tax filing for individuals and businesses. Taxpayers who can file earlier, have been advised to do so.  

To read the full article, please click here.

EIB under scrutiny for failings after AML whistleblowing complaints

The European Investment Bank (EIB) has come under scrutiny after whistleblowing complaints have surfaced revealing a disregard for anti-money laundering rules when providing billions of euros to projects around the world. The EU bank has called for an inquiry into a pattern of wrongdoing, misconduct and obstruction, alleged in the whistleblowing complaints made last summer.

Read the full article here.

Tai Chi Hedge Fund Founder sentenced to 240 hours of Community Service

Following his conviction for holding himself out as carrying on a business in asset management without a license from the Securities and Futures Commission (SFC), Hong Kong’s Eastern Magistrates’ Court has sentenced Yau Ka Fai to 240 hours of community service.

Read the full article here.

Regulatory Updates

5 April 2020 – Notice 1115A Computation of Total Debt Servicing Ratio for Property Loans

This notice applies to all merchant banks in Singapore. It sets out the requirements on computing the total debt servicing ratio (TDSR) for property loans. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities and definition of a Borrower.

To vieThis notice applies to all banks in Singapore. It sets out the requirements on computing the total debt servicing ratio (TDSR) for property loans. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities and the definition of a Borrower.

To view the notice, please click here.w the notice, please click here.


5 April 2020 – Notice 115B Residential Property Loans

This notice applies to all insurers in Singapore when granting residential property loans to individuals and non-individuals. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities for the purchase of Residential Property.

To view the notice, please click here.


5 April 2020 – Notice 645A Computation of Total Debt Servicing Ratio for Property Loans

This notice applies to all banks in Singapore. It sets out the requirements on computing the total debt servicing ratio (TDSR) for property loans. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities and the definition of a Borrower.

To view the notice, please click here.


5 April 2020 – Notice 825B Residential Property Loans

This notice applies to all finance companies when granting residential property loans to individuals and non-individuals. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities for the purchase of Residential Property.

To view the notice, please click here.

5 April 2020 – Notice 128A Computation of Total Debt Servicing Ratio for Property Loans

This notice applies to all insurers in Singapore. It sets out the requirements on computing the total debt servicing ratio (TDSR) for property loans. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities and the definition of a Borrower.

To view the notice, please click here.

5 April 2020 – Notice 632B Residential Property Loans

This notice applies to all banks in Singapore when granting residential property loans to individuals and non-individuals. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities for the purchase of Residential Property.

To view the notice, please click here.

5 April 2020 – Notice 1106B Residential Property Loans

This notice applies to all merchant banks in Singapore when granting residential property loans to individuals and non-individuals. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities for the purchase of Residential Property.

To view the notice, please click here.

5 April 2020 – Notice 831A Computation of Total Debt Servicing Ratio for Property Loans

This notice applies to all finance companies in Singapore. It sets out the requirements on computing the total debt servicing ratio (TDSR) for property loans. This amendment clarifies the conditions applicable to existing credit and Re-financing Facilities and the definition of a Borrower.

To view the notice, please click here.

5 April 2020 – Notice 115 Residential Property Loans

This notice applies to all insurers in Singapore when granting residential property loans to individuals and non-individuals. This amendment expands on the applicability of the tenure of credit and Re-financing Facilities as specified in the notice.

To view the notice, please click here.

5 April 2020 – Notice 632 Residential Property Loans

This notice applies to all banks in Singapore when granting residential property loans to individuals and non-individuals. This amendment expands on the applicability of the tenure of credit and Re-financing Facilities as specified in the notice.

To view the notice, please click here.

5 April 2020 – Notice 825 Residential Property Loans

This notice applies to all finance companies in Singapore when granting residential property loans to individuals and non-individuals. This amendment expands on the applicability of the tenure of credit and Re-financing Facilities as specified in the notice.

To view the notice, please click here.

5 April 2020 – Notice 1106 Residential Property Loans

This notice applies to all merchant banks in Singapore when granting residential property loans to individuals and non-individuals. This amendment expands on the applicability of the tenure of credit and Re-financing Facilities as specified in the notice.

To view the notice, please click here.

6 April 2020 – FAQs on the Licensing and Registration of Fund Management Companies

These FAQs provide guidance on the requirements and procedures to apply to be a fund management company, and the appointment of representatives to carry out fund management activities. This update includes information on the case-by-case licensing exemption applicable for Single Family Office (SFO).

To view the FAQs, please click here.

7 April 2020 – Notice 653 Net Stable Funding Ratio Disclosure

This notice applies to all domestic systemically important banks (D-SIBs) and internationally active banks. It sets out the requirements to disclose quantitative and qualitative information about its net stable funding ratio (NSFR). This update reflects an amendment to the net stable funding ratio (%) explanation in the NSFR disclosure template.

To view the notice, please click here.

7 April 2020 – Notice 652 Net Stable Funding Ratio

This notice applies to all domestic systemically important banks (D-SIBs) and internationally active banks. It sets out the minimum all currency net stable funding ratio (NSFR) requirements that a bank has to comply with. This update reflects amendments to the required stable funding (RSF) factors for loans to non-financial corporates, retail customers and small business customers.

To view the notice, please click here.

8 April 2020 – Notice SFA 04-N09 Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services licence and Exempt Financial Institutions under the SFA

This notice sets out the entry, examination and continuing education requirements for a representative to conduct regulated activities under the Securities and Futures Act (SFA), and the obligations of the financial institutions regarding their representatives. This update provides information on the exemption on the CMFAS exam requirements during the COVID-19 pandemic.

To view the notice, please click here.

8 April 2020 – Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers

This notice applies to all licensed financial advisers, exempt financial advisers and their appointed representatives. It sets out the eligibility requirements for appointed representatives, including the minimum entry, examination and continuing education requirements. This update provides information on the exemption on the CMFAS exam requirements during the COVID-19 pandemic.

To view the notice, please click here.

8 April 2020 – FAQs on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers

These FAQs provides guidance on the minimum academic and examination requirements as well as continuing professional development for representatives of financial advisers. This update provides further explanations on the relief measures due to the COVID-19 situation affecting CMFAS exams and CPD requirements for representatives.

To view the FAQs, please click here.

8 April 2020 – FAQs on Minimum Entry and Examination Requirements for Representatives of Capital Markets Services Licence Holders and Exempt Financial Institutions

These FAQs provides guidance on the minimum academic and examination requirements as well as continuing professional development for representatives of capital markets services licensees, banks, merchant banks, finance companies and insurers. This update provides further explanations on the relief measures due to the COVID-19 situation affecting CMFAS exams and CPD requirements for representatives.

To view the FAQs, please click here.

8 April 2020 – Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts [SFA 15-G03]

These guidelines explain how MAS expects non-centrally cleared OTC derivatives contracts to be margined. In particular, guidance is provided on the scope of products and entities, margin calculations and methodologies, and eligible collateral and haircuts. This update contains a revision to the phased-in schedule for the exchange of Initial Margin.

To view the guidelines, please click here.

8 April 2020 – Form 3A – Notification for Appointment of an Appointed Representative

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives. This updated form includes an undertaking for representatives to rely on the temporary relief measures during the COVID-19 pandemic.

To view the form, please click here.

13 April 2020 – FAQs – Payment Services Act 2019

These FAQs provide clarifications to some frequently asked questions on the Payment Services Act, including on the designation and licensing frameworks, and activity restrictions.

To view the FAQs, please click here.

13 April 2020 – Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products

This notice sets out the requirements and best practices for insurers, insurance brokers, financial advisers and their representatives or broking staff on the disclosure and advisory process for accident and health (A&H)  insurance products. This amendment provides further clarification on A&H insurance intermediaries engaging in marketing of Medisave-approved policies.

To view the notice, please click here.

16 April 2020 – Application for Appointment of Broking Staff

Form for registered insurance brokers to submit to MAS for the appointment of broking staff. This updated form includes information on the temporary relief measures for continuing professional development due to the COVID-19 situation.

To view the form, please click here.

16 April 2020 – Code on Collective Investment Schemes

This document sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.

To view the document, please click here.

16 April 2020 – Notice 117 Training and Competency Requirement: Health Insurance

This notice sets out the requirements for insurers, insurance brokers, financial advisers and their representatives or broking staff on training and competency in relation to health insurance products and shield plans. This update provides information on the relief measures due to the COVID-19 situation affecting examination requirements for broking staff.

To view the notice, please click here.

16 April 2020 – Notice 501 Quarterly Statement on Ageing of Premiums Owing to Insurers

This notice applies to all direct insurance brokers and exempt direct insurance brokers who collect or receive money from customers/insurers. It sets out the requirements and format for the submission of a quarterly statement on the ageing of premiums owing to insurers in respect of operations in Singapore. This update contains an amendment to the submission period of the statement.

To view the notice, please click here.

16 April 2020 – Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff

This notice applies to all registered insurance brokers, exempt insurance brokers and their broking staff. It sets out the requirements and best practice standards on continuing professional development for all registered insurance brokers, exempt insurance brokers and their broking staff. This update provides further explanations on the relief measures due to the COVID-19 situation affecting examination requirements for broking staff.

To view the notice, please click here.


16 April 2020 – Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors (“Balanced Scorecard Framework”) and Independent Sales Audit Unit

This notice applies to all licensed financial advisers and exempt financial advisers. It sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors. This update contains an amendment to the submission period of the audit report.

To view the notice, please click here.

16 April 2020 – Notice 211 Minimum and Best Practice Training and Competency Standards for Direct General Insurers

This notice applies to all direct general insurers, except marine mutual insurers and financial guarantee insurers. It sets out the mandatory requirements and best practices on registration and minimum qualifications for direct general insurers, in relation to their insurance agents and other relevant persons as defined in the notice. This update provides information on the relief measures due to the COVID-19 situation affecting training requirements for its insurance agents.

To view the notice, please click here.

16 April 2020 – Frequently Asked Questions (FAQs) on Relief Measures Relating to Covid-19 Situation – General Insurance and Health examinations and Continuing Professional Development requirements

These FAQs provide further guidance on the relief measures for the General Insurance and Health examinations and Continuing Professional Development requirements under the Insurance Act relating to the COVID-19 situation.

To view the FAQs, please click here.

22 April 2020 – Lodgement Practice Note for Collective Investment Schemes

This practice note provides information for issuers and their professional advisers on administrative procedures for the lodgement of prospectuses and other documents for an offer of collective investment schemes.

To view the practice note, please click here.

22 April 2020 – Lodgment Practice Note for Securities and Securities-based Derivatives Contracts

This practice note provides information for issuers and their professional advisers on administrative procedures for the lodgment of prospectuses and other documents for an offer of securities or securities-based derivatives contracts.

To view the practice note, please click here.

27 April 2020 – FAQs on Relief Measures relating to COVID-19 Situation

These FAQs provide clarifications on the relief measures and other queries received from financial institutions on the licensing and conduct requirements for intermediaries under the SFA relating to the COVID-19 situation.

To view the FAQs, please click here.

30 April 2020 – Exemptions issued under s337(2) SFA – 1Q2020

This document provides information on the exemptions issued by MAS under section 337(2) of the Securities and Futures Act for the period from 1 January 2020 to 31 March 2020, for single family offices that provided fund management services to their respective sponsors.

To view the document, please click here.

GET IN TOUCH

Argus specializes in regulatory compliance and provides objective insights, subject expertise and a simple approach to all your compliance-related needs. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their compliance needs from the initial phase to ongoing support, training, audit, risk management and governance.

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