Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) (Amendment) Regulations 2023

The new Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) (Amendment) Regulations 2023 were published on Singapore Statutes Online, the official online platform for publicizing legal documents. The regulations modify the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021, a supplementary regulation under the Securities and Futures Act, which is part of the 2021 regulatory framework on exemptions from ex-ante approval and certain business conduct requirements for cross-border business arrangements of capital markets intermediaries involving „Foreign Related Corporations and Foreign Offices“.
The modifications made to the 2021 regulations are minor in nature and „only“ involve the replacement and update of outdated legal references following the revisions of the titles of all acts in Singapore last year and the implementation of most provisions of the Financial Services and Markets Act 2022 on April 28, 2023.
The changes read as follows – as quoted:
In regulation 2(1), in the definition of “foreign regulatory authority” —
(a) in paragraph (a), replace “(Cap. 186)” with “1970”;
(b) in paragraph (b), after “Monetary Authority of Singapore Act”, insert “1970”; and
(c) in paragraphs (a) and (b), after “Monetary Authority of Singapore Act 1970”, insert “or any of the written laws set out in the Schedule to that Act”.