Variable Capital Companies (Sanctions and Freezing of Assets of Persons) (Amendment) Regulations 2023

The new Variable Capital Companies (Sanctions and Freezing of Assets of Persons) (Amendment) Regulations 2023 were published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal texts. The regulations modify the Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020, a subsidiary legislation under the Variable Capital Companies Act 2018, which sets out obligations of Variable Capital Companies (VCCs) with respect to asset freezing measures, including the reporting of any frozen assets or „suspicious“ transactions.
The new regulations make consequential amendments to the 2020 regulations due to the coming into force of the key provisions of the Financial Services and Markets Act 2022. Specifically, it
– revises the references to existing sanctions regulations that VCCs must comply with due to most of them being repealed and replaced by new sanction frameworks; and
– makes some other technical changes to the regulations (editorial changes such as the substitution of plural nouns with singular ones).
The affected regulations being changed are regulations 4 through 13.