Articles and Events Summary

[WEBINAR] A Quick Guide to Variable Capital Company (VCC) – Facilitated by DBS Bank

Argus Global is happy to collaborate with DBS Bank and In.Corp Global for a Live Webinar. 
The Variable Capital Companies Act (‘VCC’) is said to be a game-changer for Singapore’s asset and wealth management industry, cementing Singapore’s role in the region.

Join our subject matter experts in our latest on-demand webcast on Wednesday, July 15 2020 at 4.30 PM SGT  as we share the following:

Key Discussion Areas:

  • Introduction to VCC
  • What are some of  the trends seen here in Singapore since the launch?
  • What are some of the key features of this act?
  • Understanding the key benefits and operational requirements
  • Who can be potential users?  
  • Overview of the Grant Scheme available

Speakers:

  • Nithi Genesan, Director – Compliance, Argus Global
  • Eric Chin, Chief Business Development Officer, In.Corp Global
  • Wenny Ow, Vice President, DBS Bank

You can Register for the VCC Singapore Webinar by sending an email to sfssgcustodysvs@dbs.com

Introduction to Fund Set-up in Singapore

Fund Management Companies are regulated under the purview of the MAS, and normally obtain their licensing because they have a product or strategy that they believe would be a unique offering to the market. Most Fund Management Companies (“FMC”)s would choose to manage their clients’ assets via 2 common methods, either the managed account (similar to the External Asset Manager model) setup, and/or the fund vehicle setup.

You can know about various fund structures here.

You can also refer to our Infographic for more details here.

Industry News

Four Individuals Banned by MAS for fraudulent and dishonest conduct

The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former bank employees and two former insurance agents for fraudulent and dishonest conduct. MAS has taken action to exclude all four individuals from the financial industry, as they have abused the trust of their customers or employers for personal gain. 

To read the full details, please click here.

Regulatory Updates

3 June 2020 – FAQs on Offers of Units in Collective Investment Schemes (including REITs)

This set of FAQs is meant to provide clarification and additional guidance on the regulatory requirements that managers of funds and Real Estate Investment Trusts (“REITs”) are expected to comply with under the SFA amid the COVID-19 pandemic.

To view the FAQs, please click here.

5 June 2020 – Consultation Paper on Proposed Revisions to the Exemption Framework for Cross-Border Business Arrangements of Capital Markets Intermediaries


Response to feedback received on proposed revisions to streamline the exemption framework which allows foreign related corporations of financial institutions in Singapore to provide cross-border services to customers in Singapore without having to hold a licence.

To view the document, please click here.

16 June 2020 – 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

Updated 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.

To view the updated form, please click here.

25 June 2020 – Consultation Paper on Proposed Guidelines on Environmental Risk Management for Banks


This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all banks, merchant banks, and finance companies. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk. Comments to the consultation paper from FIs and other interested parties on the Guidelines are invited to be submitted by 7 Aug 2020.

To view the consultation paper, please click here.

25 June 2020 – Consultation Paper on Proposed Guidelines on Environmental Risk Management for Asset Managers

This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all fund management companies and real estate investment trust managers. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk. Comments to the consultation paper from FIs and other interested parties on the Guidelines are invited to be submitted by 7 Aug 2020.

To view the consultation paper, please click here.

25 June 2020 – Consultation Paper on Proposed Guidelines on Environmental Risk Management for Insurers


This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all insurers. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk. Comments to the consultation paper from FIs and other interested parties on the Guidelines are invited to be submitted by 7 Aug 2020.

To view the consultation paper, please click here.

29 June 2020 – Notice 759 Collection of Statistical Returns for Credit Cards


This notice applies to all credit card issuers in Singapore. It sets out the requirements for all credit card issuers to submit quarterly statistical returns for credit cards to MAS, including the templates and timeline.

To view notice, please click here.

29 June 2020 – Notice 647 Places of Business of Credit Card and Charge Card Licensees


This amended notice sets out the requirements for credit card and charge card licensees on setting up or relocating a place of business. Licensees must notify MAS within 7 days of setting up a new place of business or relocating an existing place of business. Credit card and charge card licensees are also restricted from receiving credit card or charge card applications at temporary locations without prior approval from MAS.

To view the notice, please click here.

GET IN TOUCH

Argus specializes in vcc singapore, 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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