Industry News

 

Investment fraud- Envy Asset Management and Envy Global Trading not licensed by MAS

MAS had placed EAM on the Investor Alert List on 19 March 2020, to highlight that Envy Asset Management (EAM) may have been wrongly perceived as being licensed by MAS. MAS had received public feedback that EAM had told customers that it was in the process of applying for a licence from MAS, when in fact no such application had been submitted. MAS subsequently received further information on transactions carried out by EAM, as well as its related entity, EGT. MAS conducted a deeper review and shared its findings with the Commercial Affairs Department (CAD).

To read the full article, please click here.

 

MAS Regulatory Updates – Highlights

 

31 March 2021 – FAQs – Payment Services Act 2019

Provides clarifications to some frequently asked questions on the Payment Services Act.

To view the revised FAQs, please click here.

 

30 March 2021 – Form 11 – Appointment of Chief Executive Officer or Director / Change of Director’s Nature of Appointment from Non-Executive to Executive (For Licensed Fund Management Companies)

Form for licensed fund management companies to apply for the appointment of a Chief Executive Officer or director; or to change a director’s role from non-executive to executive.

To view the revised form, please click here.

 

26 March 2021 – Information Paper: Good Practices Relating to Disciplinary Action Framework in the Financial Advisory Industry

This Information Paper provides guidance to financial advisers on sound principles in key areas of their disciplinary action (DA) framework. This helps to achieve more consistent outcomes in their application of DA and to raise standards among financial advisers through sharing of good practices.

To view the information paper, please click here.

 

26 March 2021 – Strengthening AML/CFT Controls of Digital Payment Token Service Providers

This infographic provides an overview of MAS’ AML/CFT requirements and supervisory expectations for the Digital Payment Token (DPT) sector and is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing (ML/TF) risks and provide additional information to support their implementation of effective controls.

To view the document, please click here.

 

25 March 2021 – Consultation Paper on the Proposed Implementation of the Final Basel III Reforms in Singapore

The consultation response relating to the Operational Risk Capital and Leverage Ratio Requirements was published on 17 December 2020. The consultation response relating to the Credit Risk Capital and Output Floor Requirements was published on 25 March 2021. [See below]

To view the consultation paper and the responses, please click here.

 

25 March 2021 – Consultation Paper on Draft Standards for Credit Risk Capital and Output Floor Requirements for Singapore-incorporated Banks

To view the consultation paper, please click here.

 

19 March 2021 – ID 06/21 – Amendments to MAS Notice 302 and MAS Notice 321

Informs direct life and composite insurers on amendments to MAS Notice 302 – Product Development and Pricing, and MAS 321 Direct Purchase Insurance Products.

To view the circular, please click here.

To view the revised Notice 302 on Product Development and Pricing, please click here.

To view the revised Notice 321 on Direct Purchase Insurance Products, please click here.

 

15 March 2021 – Consultation Paper on Proposed Exemption Framework for Cross-Border Business Arrangements of Capital Markets Intermediaries Involving Foreign Offices

This consultation seeks views on (i) MAS’ proposal to exempt foreign head offices or branches of financial institutions in Singapore from the applicable business conduct and representative notification requirements when they serve Singapore customers; and (ii) proposed notification and annual reporting forms, as well as the draft regulations and notices, for both the proposed Branch Framework and notified FRC framework.

To view the consultation paper, please click here.

 

15 March 2021 – ID 05/21 – Amendments to Reports of Auditors in Insurance Returns

Informs all insurers on amendments to the legislations on insurance returns.

To view the circular, please click here.

To view the revised Notice 131 on Insurance Returns (Accounts and Statements) for Special Purpose Reinsurance Vehicles, please click here.

To view the revised Notice 212 on Insurance Returns (Accounts and Statements) for Marine Mutual Insurers, please click here.

To view the revised Notice 130 on Insurance Returns (Accounts and Statements) for Captive Insurers, please click here.

To view the revised Notice 129 on Insurance Returns (Accounts and Statements), please click here.

To view the revised Forms and Annexes and Notes to the Forms Used for the Purposes of the Insurance (Lloyd’s Asia Scheme) Regulations, please click here.

 

15 March 2021 – Notice 612A Credit Files, Grading and Provisioning – COVID-19

Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

To view the new notice, please click here.

 

15 March 2021 – Notice 811 Credit Files, Grading and Provisioning

Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

To view the revised notice, please click here.

 

15 March 2021 – Notice 1005A Credit Files, Grading and Provisioning – COVID-19

Requirements for merchant banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

To view the new notice, please click here.

 

15 March 2021 – Notice 811A Credit Files, Grading and Provisioning – COVID-19

Requirements for finance companies on maintaining credit files, grading credit facilities and determining credit loss allowance.

To view the new notice, please click here.

 

15 March 2021 – Notice 612 Credit Files, Grading and Provisioning

Requirements for banks on maintaining credit files, grading credit facilities and determining credit loss allowance.

To view the revised notice, please click here.

 

10 March 2021 – Form 26 – Notice of Commencement of Business / Additional Financial Advisory Services 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 of their commencement or addition of financial advisory services. The form is to be submitted at least 14 days before the commencement or addition of business.

To view the revised form, please click here.

 

05 March 2021 – CMI 27/2018 Controls and Disclosures to be Implemented by Licensed Securities-Based Crowdfunding Operators

This circular applies to licensed securities-based crowdfunding (SCF) operators. It sets out the measures SCF operators should put in place to assess issuers, manage defaults or cessations, and disclose interest and default rates.

To view the revised circular, please click here.

 

03 March 2021 – Circular No. ID 02/20 – Business Continuity Management (“BCM”) – Submission of BCM Data

Informs all insurers on expectations to update MAS on their BCM contact details annually or when there are any changes. The annual updates should be sent to MAS by 31 March of each year.

To view the circular, please click here.

 

02 March 2021 – Risk Management and Operational Resilience in a Remote Working Environment

MAS and The Association of Banks in Singapore jointly issued a paper on managing new risks that could emerge from extensive remote working arrangements adopted by financial institutions (FIs) amid the COVID-19 pandemic. The paper, “Risk Management and Operational Resilience in a Remote Working Environment” highlights possible risks to FIs in the areas of operations, technology and information security, fraud and staff misconduct, and legal and regulatory risks. It also examines the impact on people and culture that may be brought about by remote working. The paper suggests key risk management actions and examples of mitigating controls that FIs should benchmark themselves against.

To view the paper, please click here.

 

01 March 2021 – Application for Registration as an Insurance Broker

Form for application for Registration as an Insurance Broker.

To view the revised form, please click here.

 

01 March 2021 – Criteria for the Registration of an Insurance Broker [IA/II-G04]

Guidelines on the criteria and procedures for registration as an insurance broker.

To view the revised guidelines, please click here.

 

01 March 2021 – Form 1 – Application for a Financial Adviser’s Licence

Form for entities to apply for a financial adviser’s licence.

To view the revised form, please click here.

 

01 March 2021 – Guidelines on Criteria for the Grant of a Financial Adviser’s Licence [FAA-G01]

Guidelines on the criteria and procedures for registration as an insurance broker.

To view the revised guidelines, please click here.

 


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