Articles and Events Summary

Capital Markets Services License (CMSL) – Dealing in Capital Market Products

The article gives a brief introduction about Capital Market Products, specifically the requirements surrounding the criteria for grant of a CMSL and additional regulatory requirements for dealing in Capital Market Products.

To read further, please click here.

Closing a company in Singapore

The article details different solutions available for closing a company in Singapore, depending on its type and its business.

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Industry News

Global Money-laundering regulator takes on Crypto currencies

The Financial Action Task Force (FATF) demands countries tighten oversight of digital exchanges to prevent them from being used to launder criminal money. The FATF’s latest move resonates with a growing concern amongst inter-governmental agencies that digital currencies are being used to launder cash and make criminal money transfers less detectable.

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Deutsche Bank threatens to axe 1,000 clients in compliance review

Deutsche Bank are speeding up their efforts to comply with the tougher AML (anti-money laundering) rules imposed internationally by regulators in the last few years. Deutsche Bank has sent letters to almost 1,000 corporate clients to warn them they will lose access to basic banking services, if requisite documents are not submitted.

To read further, please click here.

MAS issues a Consultation Paper on proposed AML/CFT Notices for Payment Services providers

MAS is proposing to issue new notices to payment services providers on anti-money laundering and countering the financing of terrorism (“AML/CFT”). These new notices will update requirements applicable to activities currently regulated under the MCRBA and PS(O)A, and introduce new requirements on newly regulated payment services under the PS Act. MAS expects comments from Financial Institutions, potential licensees and regulated entities under the PS Act and other interested parties before 5 July 2019.

For more information, please click here.

MAS issues a Consultation Paper on proposed scope of IAC Guidelines

The Monetary Authority of Singapore (MAS) published a Consultation Paper concerning the proposed scope of Guidelines on Individual Accountability and Conduct (IAC Guidelines). The Guidelines aim to promote the accountability of senior managers, strengthen oversight of material risk personnel, and reinforce standards of proper conduct among all employees. A scope of applicability was proposed in this first consultation.

For more information, please click here.

Regulatory Updates

25th June 2019 – Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons

This guidance paper sets out MAS’ supervisory expectations of sound practices, for effective AML/CFT frameworks and controls to address misuse of legal person’s risks and typologies.

To read further on the guidance, please click here.

11th June 2019 – MAS’ Approach to Emergency Liquidity Assistance in Singapore

The Emergency Liquidity Assistance monograph aims to provide information to financial institutions on an ex-ante basis to support planning for liquidity stress and crisis management.

To read further, please click here.

10th June 2019 – Notice 3007 Prohibition against Lending

All holders of a remittance licence are not to carry on the business of granting any credit facility to any individual in Singapore, with effect from 10 September 2019.

To view notice, please click here.

07th June 2019 – Consultation Paper on the Proposed Scope of Application of the IAC Guidelines

This consultation sets out MAS’ proposals to expand the scope of the proposed Guidelines on Individual Accountability and Conduct to a wider scope of financial institutions (FIs) regulated by MAS, with a calibrated approach for smaller FIs.

For more details on the consultation paper, please click here.

07th June 2019 – FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines

Update to the guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.

To read further, please click here.

07th June 2019 – FAQs on Licensing and Business Conduct (Other than for Fund Management Companies)

Update to the guidance on CMSLs (other than for fund management), appointment of representatives, business conduct rules, application of the SFA and SF (LCB) R to banks, merchant banks, finance companies and insurers.

To read further on the FAQ’s, please click here.

07th June 2019 – FAQs on the Licensing and Registration of Fund Management Companies

Update to the guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities.

To read further on the FAQ’s, please click here.

07th June 2019 – FAQs on Trust Companies Act and Trust Companies Regulations

Update to the guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.

To read further on the FAQ’s, please click here.

06th June 2019 – Consultation Paper on the Proposed Payment Services Notice on Prevention of Money Laundering and Countering the Financing of Terrorism

A consultation paper on the new Notice to payment services providers on the prevention of money laundering and countering the financing of terrorism, which applies to 3 classes of licensees – Money-Changing licence, Standard Payment Institution licence, and Major Payment Institution licence. The Consultation closes on 05 July, 2019.

To read further on the consultation paper, please click here.

03rd June 2019 – Notice SFA 02-N01 Listing, De-Listing or Trading of Relevant Products on an Organised Market of an Approved Exchange or a Recognised Market Operator Incorporated in Singapore

Requirements for listing, de-listing or trading of relevant products on an organised market.

To view the notice, please click here.

New or Updated Forms

Date

Name

Description

Link

7th June 2019

Notice of Cancellation of Registration as an Insurance Broker under Section 35ZB of the Insurance Act or Notice of Withdrawal of Approval as an Approved Insurance Broker under Regulation 8 of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations.Updated Form for registered insurance brokers to notify MAS of cancellation of registration; and

Updated Form for approved insurance brokers to notify MAS of withdrawal of approved insurance broker status.

The form is to be submitted to MAS before the cancellation of registration or withdrawal of approved insurance broker status.

View here

7th June 2019

Application for Approval to obtain Effective Control of Licensed Financial Adviser under Section 57A(2) of the Financial Advisers Act.Updated Form for potential acquirers to seek MAS’ approval for obtaining effective control of licensed financial advisers.

View here

7th June 2019

Application for Approval to obtain Effective Control of Holder of Capital Markets Services Licence under Section 97A(2) of the Securities and Futures Act.Updated Form for potential acquirers to seek MAS’ approval for obtaining effective control of capital markets services licensees.

View here

7th June 2019

Application for Approval to obtain Effective Control of Registered Insurance Broker under Section 35ZI of the Insurance Act.Updated Form for potential acquirers to seek MAS’ approval for obtaining effective control of registered insurance brokers.

View here

 

7th June 2019

Application for Approval of Controller under Section 17(1).Updated Form for a person to apply to become a controller of a licensed trust company.

View here

7th June 2019

Application for Registration as an Insurance Broker.Application for Registration as an Insurance Broker.

View here

7th June 2019

Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142).Form for registered insurance brokers to apply for the appointment of a Chief Executive Officer or Director.

View here

7th June 2019

Form 1- Application for a Capital Markets Services Licence (Other than for a Fund Management Company).Form for entities (other than fund management companies) to apply for a capital markets services licence to conduct regulated activities under the Securities and Futures Act.

View here

7th June 2019

Form 1 – Application for a Financial Adviser’s Licence.Form for entities to apply for a financial adviser’s licence.

View here

7th June 2019

Form 1 – Application for a Trust Business Licence under Section 4.Form for entities to apply for a trust business licence under the Trust Companies Act.

View here

7th June 2019

Form 3 – Application for Approval to Act as a Trustee for Collective Investment Schemes under Section 289(1).Form for entities applying to be a trustee for an authorised collective investment scheme.

View here

7th June 2019

Form 4 – Notice of Change of Name and/or Change of Principal Place of Business.Form for licensed financial advisers to notify MAS when there is a change of its name or change of principal place of business. The Form is to be submitted no later than 14 days from the date of change.

View here

7th June 2019

Form 4 – Appointment of Resident Manager or Director under Section 13 and Regulation 9.Form for licensed trust companies to apply for the appointment of a resident manager or director.

View here

7th June 2019

Form 5 – Notice of Cessation of Provision of Financial Advisory Service by a Licensed Financial Adviser (and Representative of such a Licensed Financial Adviser).Form for licensed financial advisers to notify MAS when they cease any or all of their financial advisory services. The form is to be submitted within 14 days from the date of cessation.

View here

7th June 2019

Form 7 – Notice of Cessation of Business.Form for capital markets services licensees to notify MAS when they cease any or all of their regulated activities. This form must be submitted within 14 days after the cessation of regulated activities.

View here

7th June 2019

Form 8 Notice of Commencement of Trust Business of Persons Exempted from Holding a Trust Business Licence under Section 15(1)(a), 15(1)(b), or Regulation 4(1)(b)(iv).Form for banks, merchant banks and other exempt persons providing trust services to notify MAS of their commencement of trust business within 1 month from the date of commencement of trust business.

View here

7th June 2019

Form 10 – Notice of Cessation of Trust Business of Persons Exempted from Holding a Trust Business Licence under Section 15(1)(a), 15(1)(b), or Regulation 4(1)(b)(iv).Form for banks, merchant banks and other exempt persons providing trust services to notify MAS of their cessation of trust business within 14 days of the date of cessation.

View here

7th June 2019

Form 10 – Notice for Change of Name and/or Change of Principal Place of Business.Form for capital markets services licensees to notify MAS when there is a change of its name or a change of principal place of business within 14 days from the change.

View here

7th June 2019

Form 11- Appointment of Chief Executive Officer or Director / Change of Director’s Nature of Appointment from Non-Executive to Executive (For Licensed Financial Advisers).Form for licensed financial advisers to apply for the appointment of a Chief Executive Officer or director; or the change in nature of director appointment from non-executive to executive.

View here

7th June 2019

Form 20 – Notice of Commencement of Business by Persons Exempt from Holding a Financial Adviser’s Licence under Section 23(1)(f) read with Regulation 27(1)(d).Form for persons to notify MAS of their commencement of financial advisory services as an exempt financial adviser serving not more than 30 accredited investors. The form is to be submitted no later than 14 days after the commencement of business.

View here

7th June 2019

Form 22 – Notice of Commencement of Business by Person Exempted from Holding Capital Markets Services Licence to carry on Business in Advising on Corporate Finance under Paragraph 7(1)(b) of the Second Schedule to the Regulations.Form for entities to notify MAS of their commencement of business as exempt corporate finance advisers. This form must be submitted within 14 days after the commencement of business.

View here

7th June 2019

Form 22 Notice of Cessation of Business by Persons Exempt from Holding a Financial Adviser’s Licence under Section 23(1)(f) read with Regulation 27(1)(d).Form for exempt financial advisers serving not more than 30 accredited investors to notify MAS when they cease their financial advisory services. The form is to be submitted no later than 14 days after the cessation of business.

View here

7th June 2019

Form 24 – Notice of Cessation of Business by Persons Exempted from Holding Capital Markets Services Licence to carry on Business in Advising on Corporate Finance under Paragraph 7(1)(b) of the Second Schedule to the Regulations.Form for exempt corporate finance advisers when they cease their corporate finance advisory business. This form must be submitted within 14 days after the cessation of business.

View here

7th June 2019

Form 26 – Notice of Commencement of Business / Additional Regulated Activities by a Person Exempted from Holding a Capital Markets Services Licence under section 99(1)(a), (b), (c) and (d).Form for banks, merchant banks, finance companies and insurers to notify MAS of their commencement of business or addition of regulated activity or activities. This form must be submitted at least 14 days before the commencement or addition of the regulated activity or activities.

View  here

7th June 2019

Form 28 – Notice of Cessation of Business by Persons Exempt from Holding a Financial Adviser’s Licence under section 23(1)(a), (b), (c), (d), and (e).Form for exempt financial advisers to notify MAS when they cease any or all of their financial advisory services. The form is to be submitted no later than 14 days after the cessation of that financial advisory service.

View here

7th June 2019

Form 30 Notice of Commencement Lodged Pursuant to Paragraph 3(4)(c) and/or 3A(4)(c) of the Second Schedule to the Regulations by Persons Exempted from Holding a Capital Markets Services Licence to Carry on Business in Capital Markets Products that are Futures Contracts and/or Over-the-Counter Derivatives Contracts under Paragraph 3(1)(d) and/or 3A(1)(d) of the Second Schedule to the Regulations.Form for exempt futures brokers and exempt over-the-counter (OTC) derivatives brokers to notify MAS of their commencement of business. This form must be submitted at least 14 days before the commencement of business.

View here

7th June 2019

Form 32 – Notice of Cessation of Business Lodged Pursuant to Paragraph 3(4)(c) and/or 3A(4)(c) of the Second Schedule to the Regulations by Persons Exempted from Holding a Capital Markets Services Licence to Carry on Business in Capital Markets Products that are Futures Contracts and/or Over-the-Counter Derivatives Contracts under Paragraph 3(1)(d) and/or 3A(1)(d) of the Second Schedule to the Regulations.Form for exempt futures brokers and exempt OTC derivatives brokers to notify MAS when they cease to carry on business in dealing in futures contracts or OTC derivatives contracts. This form must be submitted within 14 days after the cessation of business.

View here

 

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