Singapore New Fund Structure – Variable Capital Company (VCC)
Singapore introduced an alternative fund framework, Variable Capital Company (VCC), to encourage more funds to be domiciled in Singapore and enhance the jurisdiction’s value as an international fund management centre. VCC came into operation in Singapore on 14...
Singapore Budget 2020- Key Highlights
Deputy Prime Minister Heng Swee Keat introduced measures to deal with challenges such as the Coronavirus outbreak and long-term economic development on 18 February 2020. The key focus is support packages to businesses, Singaporeans and Tax updates on Financial...
EU puts Cayman Islands on tax haven blacklist
The European Union has added Cayman Islands to its tax havens blacklist along with Oman, Fiji and Vanuvatu accusing it of failing to crack down adequately on tax abuse. Other countries to be added to the blacklist are Panama, Palau and the Seychelles. The EU has...
Corporate Financial Advisory In Singapore: A Comparison of the Regulatory Frameworks Applicable
Companies providing corporate financial advisory in Singapore are governed by the regulations under the Securities and Futures Act (SFA). In the Second Schedule to the SFA, corporate finance advisors are defined as companies giving advice on: compliance with the laws...
Cayman Islands Government issues The Private Funds Bill 2020 And Mutual Funds (Amendment) Bill 2020
After a period of industry consultation, the Cayman Islands Government issued the Private Funds Bill 2020 and the Mutual Funds (Amendment) Bill. The goal of these Bills is to bring closed-ended and private funds within the scope of regulation and to modernise the...
Argus Newsletter, January 2020
Articles and Events Summary EVENT: Singapore Regulatory Updates and Discussion - 21 Jan 2020 Argus Global hosted a discussion on Singapore Regulatory updates on 21 Jan 2020. The event covered significant developments in the area of regulatory compliance affecting most...
Payment Services Act Updates: Presentation Slides
As Singapore's new Payment Services Act came into effect in January 2020, Argus Global hosted a timely event to discuss...
Singapore Regulatory Updates 2020: Presentation Slides
Argus Global hosted a discussion on Singapore Regulatory updates on 21 Jan 2020. Please go through our Presentation Slides....
Compliance Obligations under New Payment Services Act
Payment Services Act (“the Act”) came into force on 28 January 2020 providing new framework for the regulation of payment systems and payment service providers in Singapore. The Act consolidates the previous Payment Systems (Oversight) Act 2006 and the Money-Changing...
Variable Capital Companies (VCC) Framework Launched by MAS and ACRA
The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) launched the Variable Capital Companies (VCC) framework today. The VCC is a new corporate structure that can be used for a wide range of investment funds and...
EU anti-money laundering overhaul for Cross-border transactions
The EU anti-money laundering law has been reformed and will take effect from 10 January 2020. The reform introduces new requirements for banks handling transactions linked to high-risk nations. EU member states are required to write the 5th Anti-Money...
MAS Receives 21 Applications for Digital Bank Licences
The Monetary Authority of Singapore (MAS) announced that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14 applications for the...
China Tightens AML/CTF Scrutiny at Banks, Insurers
China Banking and Insurance Regulatory Commission (CBIRC) has issued a new circular on improving the effectiveness of AML/CTF programmes in the banking and insurance sectors applicable to all banks (including foreign banks), financial asset management companies,...
Argus Newsletter, December 2019
Articles and Events Summary EVENT: Singapore Regulatory Updates and Discussion - 21 Jan 2020 2019 saw significant developments in the area of regulatory compliance affecting most financial institutions. We expect 2019 trajectory to continue into the new year with a...
Fund Management Licensing In Singapore – Updates & Quick Reminders
Monetary Authority of Singapore (MAS) has updated its “Guidelines on Licensing, Registration, and Conduct of Business for Fund Management Companies” and “FAQs on the Licensing and Registration of Fund Management Companies” over recent years. Notable changes have been...
SFC bans W. Falcon Asset Management (Asia) Ltd’s former chairman and ex-CFO
Mr Ang Wing Fung, the former chairman of W. Falcon Asset Management (Asia) Ltd (Falcon), and its former chief financial officer and company secretary Mr Chan Kam Wah have been banned from re-entering the industry for life and three years, respectively by the...
Calls for Beneficial Ownership Registry in U.S.
Kenneth Blanco, the head of Treasury’s Financial Crimes Enforcement Network, has said lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus in the US....
GST payable on overseas digital services from 1 Jan 2020
Starting from 1st January 2020, consumers in Singapore will have to pay Goods and Services Tax (GST) on digital services purchased from GST-registered overseas service providers. Currently, only locally procured services are subject to GST, while services...
Europe’s Finance Chiefs to Call for Anti-Money Laundering Agency
With a view to confront a wave of money-laundering scandals within the banking industry, Europe’s finance leaders are recommending that a regional anti-money laundering agency be formed to fight and prevent such crimes. They are calling upon European...
Argus Newsletter, November 2019
Articles and Events Summary Training Requirements for Financial Institutions As per MAS’ Notice on Prevention of Money Laundering and Countering the Financing of Terrorism, financial institutions are required to ensure that their employees, officers and...
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