Articles and Events Summary

Updates to the MAS’ Guidelines on Individual Accountability and Conduct

On 6 June 2019, the MAS released its responses to the feedback received from the consultation paper of 26 April 2018 on the proposed Guidelines on Individual Accountability and Conduct (IAC Guidelines).

 

To read further, please click here.

 

Singapore vs Dubai: A comparison of business climate

Singapore is arguably the gateway to Asia in terms of Finance & Commerce. Singapore adopts a differentiated industry-targeted tax allowance and exemptions model.  Dubai is often compared to Singapore as a rival destination to foreign investments. Dubai’s attraction is reliant on a tax-free environment. We present a look t how these regions compare in terms of business climate.

 

To see the infographic, please click here.

 

Comparison of Professional Work Passes in Singapore

All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid work pass. Find out which pass is suitable, eligibility criteria, which documents are required  and other information.

To see the infographic, please click here.

Industry News

 

Need for Managing Cyber Risks in IT Supply Chains – MAS’ Cyber Security Advisory Panel

The MAS’ Cyber Security Advisory Panel (CSAP) convened on 30th September to discuss the latest cyber-security challenges and strategies related to the financial industry in Singapore.

 

To read further, please click here.

 

Disqualification orders against former chairman and executive directors of Inno-Tech Holdings Ltd obtained by SFC

Hong Kong’s Securities and Futures Commission (SFC) has obtained disqualification orders against the former Chairman and three former Executive Directors of Inno-Tech Holdings Limited due to their admission that they were in breach of their duty to exercise due and reasonable skill, care and diligence in the course of acting as directors of the company.

 

For more information, please click here.

 

Businessman Gets 15 Months’ Jail for Raising Funds without a Prospectus

A Singapore court has sentenced Tay Chee Ming, a businessman and director of Brandz Group Pte Ltd, to 15 months’ imprisonment for raising funds from investors in the form of a convertible loan without a prospectus.

 

To read further, please click here.

 

Cayman Islands joins global money-laundering crackdown

The Cayman Islands announced on 9 October 2019 that it would make information on the beneficial ownership of companies public as part of the global crackdown on money-laundering.

 

To read further, please click here.

 

Four individuals banned by MAS for fraudulent and dishonest conduct

Three former insurance agents and a former bank employee have been issued prohibition orders by Monetary Authority of Singapore (MAS) for engaging in fraudulent and dishonest conduct.

 

For details, please click here.

 

Lawyers & Accountants will have to register with the MFSA to handle financial services companies: Malta

The Malta Financial Services Authority (MFSA) is proposing to remove the exemption from registration for legal professionals and accountants. Under the proposed new rules, lawyers, accountants, and notaries providing assistance to financial services firms will have to register with the MFSA in a move to raise the bar for company service providers.

 

For more information, please click here.

 

Ex-HKTV staff charged with insider dealing

Hong Kong’s Securities and Futures Commission (SFC) has commenced criminal proceedings against Mr Ken Yiu Ka Lun, a former senior regulatory affairs manager of Hong Kong Television Network Limited (HKTV), for alleged insider dealing in the shares of HKTV.

 

To read further, please click here.

Regulatory Updates

 

04 October 2019 – FAQs – Payment Services Act 2019

Clarifications to some frequently asked questions on the Payment Services Act.

 

To access the updated form, please click here.

 

04 October 2019 – Application for Appointment of Director for Money-Changing and/or Remittance Licensees

Updated form for money-changing and/or remittance licensees for the appointment of new directors.

 

To access the updated form, please click here.

 

04 October 2019 – Notice of Cessation of Business for Money-changing and/or Remittance Licensees

Form for money-changing and/or remittance licensees to notify MAS of a temporary or permanent cessation of business.

 

To access the updated form, please click here.

 

04 October 2019 – Notice of Change in Particulars for Money-Changing and/or Remittance Licensees

Updated form for money-changing and/or remittance licensees to notify MAS of a change in particulars.

 

To access the updated form, please click here.

 

04 October 2019 – Application for Appointment of Substantial Shareholder(s) for Money-Changing and/or Remittance Licensees

Updated form for money-changing and/or remittance licensees for the appointment of substantial shareholders.

 

To access the updated form, please click here.

 

04 October 2019 – User Guide for Bulk Filing Function in CoRe System for Submission of Representative Notifications

Provides guidance to financial institutions on the submission of representative notifications using the bulk filing function of the CoRe system.

 

To access the updated form, please click here.

 

11 October 2019 – Securities and Futures (Clearing of Derivatives Contracts) Regulations 2018

Amendment to the Schedule to the Securities and Futures (Clearing of Derivatives Contracts) Regulations 2018 pertaining to the mandatory centralised clearing of certain derivatives contracts.

For details, please click here.

 

11 October 2019 – Remote Gambling Act Order

Payment Blocking Order to financial institutions, issued pursuant to section 21(3) of the Remote Gambling Act 2014.

 

To find out more, please click here.

 

23 October 2019 – Form 1A – Application for Approval as an Approved Exchange or Recognition as a Singapore-Incorporated Recognised Market Operator

Updated form for approval as an approved exchange or recognition as a Singapore-incorporated recognised market operator.

 

To access the updated form, please click here.

 

23 October 2019 – Form 1B – Application for Recognition as a Foreign Recognised Market Operator

Updated form for recognition as a foreign recognized market operator.

 

To access the updated form, please click here.

 

24 October 2019 – Exemptions issued under s337(2) SFA – 3Q2019

Exemptions to 14 single family offices from the requirement to hold a Capital Markets Services licence for fund management.

 

To read further, please click here.

 

25 October 2019 – Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies [SFA 04-G05]

These guidelines set out the eligibility criteria and application procedures for licensed fund management companies (LFMCs), venture capital fund managers (VCFMs), and registered fund management companies (RFMCs). In this current version, the MAS has provided more information on substantive fund management activities that are required to be added or exempted from being added to an FMC’s CMS licence.

 

For more details on the guidelines, please click here.

 

25 October 2019 – FAQs on the Licensing and Registration of Fund Management Companies

Provides guidance on the requirements and procedures to apply to be a fund management company, and to appoint representatives to carry out fund management activities. In this updated FAQs, the MAS provided more information on certain activities that are required to be added or exempted from being added to an FMC’s CMS licence.

 

To read further, 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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