Articles and Events Summary

WEBINAR

Payment Services Act

Argus Global conducted a webinar on the Payment Services Act on 5 February 2021. We had overwhelming response for the Payment Services Act Webinar with over 100 participants joining it Live and actively asking questions. We look forward to conducting more such events in the near future, given the overwhelming response.

Revised Technology Risk Management Guidelines

The Monetary Authority of Singapore (“MAS”) recently released new guidelines for financial institutions (‘FI”), including asset managers, to enhance FIs management of their environmental risks. The environmental risk management guidelines clarifies that the guidelines are not just limited to funds/mandates that have an environmental focus and that the guidelines are also applicable to funds/mandates with passive strategies.

You can know more about the guidelines here.

Payment Services (Amendment) Bill 

It was released on 4th January 2021 that the Payment Services Act will be read for a second time to make further changes to keep up with evolving innovation and technology, and emergence of new business models in the payment services space.

Learn about the Amendment here

Cross Border Exemptions for Financial Institutions 

Under the current cross border framework, financial institutions conducting regulated activities under the Securities and Futures Act can apply for the exemption for their foreign related corporations. Exempt capital market intermediaries such as banks, merchant banks, finance companies and insurers and their related foreign corporations are eligible to apply for cross border exemptions.

Read the Exemptions here.

Industry News

Revised Penalty Framework for Annual Lodgments from 30 Apr 2021Revised Penalty Framework for Annual Lodgments from 30 Apr 2021

As part of ACRA’s ongoing effort to encourage voluntary compliance, the penalty framework has been revised with effect from 30 April 2021 so that it is simpler for understanding and computation of penalties.

To read the full article, please click here.

Regulatory Updates

04 January 2021 – Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations

Sets out the approval criteria and conduct requirements for approved Marine Aviation and Transit (MAT) insurance brokers and approved reinsurance brokers.

To view the regulation, please click here.

04 January 2021 – Insurance (Approved Marine, Aviation and Transit Insurers) Regulations

Sets out requirements for insurers approved to write marine, aviation and transit (MAT) insurance.

To view the regulation, please click here.

04 January 2021 – ID 01/21 Amendments to the Insurance (Approved Marine, Aviation and transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations

Informs all licensed insurers of the amendments made to the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations and Insurance (Approved Marine, Aviation and Transit Brokers and Approved Reinsurance Brokers) Regulations to give effect to the commitments made under the United Kingdom Singapore Free Trade Agreement.

To view the regulation, please click here.

05 January 2021 – Insurance (Nomination of Beneficiaries) Regulations 2009

Sets out requirements for trust and revocable nomination on relevant life policy or accident and health policy, including the forms to be used for such purpose.

To view the regulation, please click here.

05 January 2021 – Insurance (General Provisions) Regulations

Sets out general provisions applicable for insurers such as annual fees, compoundable offences, and free look for life policies, and accident and health policies.

To view the regulation, please click here.

05 January 2021 – Notice SFA 02-N02 Supervision of Market Participants

Requirements for supervision of market participants by Recognised Market Operators

To view the notice, please click here.

18 January 2021 – Guidelines on Risk Management Practices – Technology Risk

Risk management principles and best practice standards to guide financial institutions in managing technology risk.

To view the guidelines, please click here.

27 January 2021 – Exemptions issued under s337(2) SFA – Q42020

View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 October 2020 to 31 December 2020.

To view the exemptions issued under s337(2) SFA – Q42020, please click here.


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Argus specializes in Financial and Compliance matters like vcc singapore, regulatory compliance, Insurance Returns, AML/CFT Controls, AML/CFT Training for FI and provides objective insights, subject expertise and a simple approach to all your Financial & Compliance matters. Our diversified client base spans start-ups to mature businesses. We partner with our clients to serve all their Financial & Compliance matters from the initial phase to ongoing support, training, audit, risk management and governance.

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