Industry News

Google Delay on ads standard for EU privacy laws creates compliance mess

Google have potentially opened themselves and their members to a fine of 4% of annual revenue for noncompliance with the GDPR. Despite their partners having jointly launched a software to ensure GDPR compliance, Google refused to join the program until August and put up a temporary solution, which is said to be ineffective, resulting in personalized ads being sent to users that didn’t even consent to them, making it a breach of the ‘lawfullness’ principle of the GDPR.
For more information on this topic, please click here.

Cryptocurrency exchange theft surges in the first half of 2018 report

Money laundering has taken a hike with a three-fold increase in the amount of stolen digital currency exchange in the first half of 2018 compared to the whole of 2017. This rise in digital crime has attracted attention from all over the world. Jevans, chairman of Anti-Phishing Working Groups stated that stolen virtual currencies are being laundered to help criminals hide their true identities and arrest. The most recent case is that of US$ 32 million being stolen from South Korean exchange Bithumb.
For more information on this issue, please click here.

Airtel Payments Bank gets RBI, UIDAI nod to resume taking in new customers

Following a fine of US$75,000 on Airtel for signing up subscribers without their consent, the Reserve Bank of India (RBI) has allowed Airtel to resume onboarding customers again. The fine has been placed for not following KYC norms and procedures. They can also resume the use of the 12-digit unique identification number-based e-KYC despite it being the platform that was exploited for the purpose of wrongly onboarding customers.
For more information on this issue, please click here.

MAS Regulatory Updates – Highlights

8th June 2018 – New Guidelines on Maintaining Records of Approval for Advertisements or Publications, by the Monetary Authority of Singapore in accordance to section 321 of the Securities and Futures Act (Cap. 289) to provide guidance on maintaining records of approval for advertisements or publications in respect of offers or intended offers of securities, units or derivatives of units in a business trust, or units in a collective investment scheme

8th June 2018 – Exemptions issued pursuant to s337 (2) of the SFA –Table showing the summary of all exemptions granted by the MAS to Regulated Financial Institutions from 1st January to 31^st March 2018

8th June 2018 – New Practice Note on Product Highlights Sheet– this document provides guidance to issuers and their professional advisers in preparing a Product Highlights Sheet, and is to be read in conjunction with provisions relating to the preparation and publication of a Product Highlights Sheet in the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 and the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

8th June 2018 – Similarly, amendments were made to capture the new advertisement/product highlight requirements in the amendment to the Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations 2018

11th June 2018 – The new Amendment Regulations as follows:

– Securities and Futures (Offers of Investments) (Shares and Debentures) (Amendment) Regulations     2018
– Securities and Futures (Offers of Investments) (Business Trusts) (No. 2) (Amendment) Regulations 2018
– Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2018
– Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2018
– Securities and Futures (Capital Markets Products) Regulations 2018
– Financial Advisers (Amendment) Regulations 2018
– Financial Advisers (Amendment No. 2) Regulations 2018

The Amendment Regulations set out the requirements pertaining to the sale and marketing of listed and unlisted investment products. Apart from the formalization of the definition of “Excluded Investment Product” (EIP) in the Securities and Futures (Capital Markets Products).

The amendments to the Regulations 2018 pertain to the following areas and will come into effect on 10 December 2018:

– Product Highlights Sheet to be issued in a prescribed format for offers of asset-backed securities, structured notes, unlisted collective investment schemes, and exchange-traded funds;
– Requirements for advertisements and publications on investment products (including providing a fair and balanced view of products, being clearly legible, and being approved by senior management); and
– Removal of the overseas investor exemption under the Financial Advisers Regulations.

In conjunction with the formalization of the EIP definition in the Securities and Futures (Capital Markets Products) Regulations 2018, MAS will be making consequential amendments to the Notice on the Sale of Investment Products (SFA 04-N12) and Notice on Recommendations on Investment Products (FAA-N16, together with SFA 04-N12, referred to as “Notices”)

Securities and Futures (Capital Markets Products) Regulations 2018 also includes:

– Prescribed format of products highlights sheet for offers of asset-backed securities, structured notes, unlisted collective investment schemes and ETFs.
– Requirements for investments and publications on investment products.
– Removal of overseas investor exemption (FA Regulation)

12th June 2018 – new FAQ’s on Product Definitions

12th June 2018 – FAQ’s on Securities and Future Act and Financial Advisers Act Activities Validation via the Data Validation Module in the Representative Notification System.

29th June 2018 – Amendment to the Guidelines on the Online Distribution of Life policies with No Advice – applies to all Licensed Financial Adviser and Exempt Financial Advisers and set out the Authority’s expectations on the safeguards that licensed financial advisers and exempt financial advisers should put in place for the online distribution of life policies without the provision of advice. These Guidelines should be read in conjunction with the Financial Adviser’s Act, as well as the Financial Adviser’s Regulations.

3rd July 2018 – Updates to the Guidelines on Licensing, Registration, and Conduct of Business for Fund Management Companies (Guideline No. SFA 04-G05)

3rd July 2018 – New updates to Form 11 for LFMC’s

11th July 2018 – New updates to Form 23A for Change of Particulars for both RFMC’s and VCFM’s

For further information on the above regulations, please visit here

Insights

Fund Management Company Series – Hedge Funds

This article outlines the role of Fund Management Companies and Fund Managers. There are several strategies that a fund manager can employ to yield returns for their clients i.e. investors. However, for the purpose of this article, the focus is placed on hedge funds, an aggressive high-risk investment strategy that is usually only opted by wealthy individuals and large corporations.
Link to the article, click here

Internal Audit for Regulated Entities

This article outlines the rising importance of internal audits in the compliance industry due to the ever-evolving regulations. It also illustrates the potential harm of not carrying out internal audits for businesses. The article also entails a summary of the main stages of an internal audit Planning, Fieldwork, Audit report, and follow-up report. Finally, it also portrays the further scopes of an internal audit for a business.
Link to the article, click here

EU General Data Protection Regulations (GDPR)

The GDPR has been the hot topic in the industry lately and our article tells you exactly what you need to know – Key principles of the GDPR, the rights of the individuals and penalties for non-compliance. In addition to that, a comparative outline has also been made between the EU GDPR and the Singapore PDPA (Personal Data Protection Act).
Link to the article, click here

What’s New at Argus?

We launched our ICO Consulting and Compliance Support Services. We along with our experienced partners can help manage the entire lifecycle of an ICO.
Link to the complete offering, click here

GET IN TOUCH

 

 

 

Pin It on Pinterest

Contact us
close slider
Contact us
Fill up the form below to get in touch with us!
=