Events listed in Singapore
Form 20 – Notice of Commencement of Business by Persons Exempt from Holding a ...
ID 22444
The Monetary Authority of Singapore (MAS) has issued several revised forms applicable to exempt financial advisers, including forms for the notification of the commencement of business, the termination of business, and the change in particulars, and for the declaration of compliance with all applicable laws and regulations at year end. The affected forms are linked below: [Form 20 – Notice of Commencement of Business ...
MAS‘ Statement on Additional Tier 1 Instruments Issued by Singapore Banks
ID 22434
In view of additional Tier 1 instruments issued by Singapore banks, the Monetary Authority of Singapore (MAS) has issued a press statement. Therein, the Authority informs of the order in which shareholders and creditors would bear losses in a resolution or liquidation scenario. Thereafter, creditors would be the first aspirants to funds from resolution. Any non-recovered differences in relation to funds they would have ...
Credit Suisse Continues Operating Without Interruption in Singapore
ID 22376
In view of the announcement of the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) that Credit Suisse AG will be taken over by UBS AG and that SNB will provide the necessary liquidity for the takeover, the Monetary Authority of Singapore, MAS, has published a press statement. Therein, MAS states that „Credit Suisse Group AG (CS) will continue operating ...
Written reply to Parliamentary Question on sale of sophisticated investment ...
ID 22365
In a recent parliamentary sitting, the Prime Minister of Singapore was asked the following – as quoted: (a) what is the prevalence of sophisticated investment products such as structured products, or those involving derivatives, being sold to retail investors as a share of all financial products sold; and *(b) what requirements does MAS impose in terms of disclosure and pre-purchase counselling before non-accredited investors ...
Financial Services and Markets (Amendment) Bill
ID 22352
The Financial Services and Markets (Amendment) Bill was recently published on Singapore Statutes Online, the online platform of the Singapore government to publicize legal documents. The Bill modifies the Financial Services and Markets Act 2022 and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 to establish the legal framework for the implementation of the new digital platform called COSMIC, ...
MAS‘ Response to Queries on Credit Suisse
ID 22299
The Monetary Authority of Singapore, MAS, has published a press statement in view of the recent developments surrounding Credit Suisse Group AG and potential effects upon the Singapore banking system. In its statement, MAS notes that it has been in close contact with the Swiss regulator overseeing Credit Suisse Group AG, the Financial Market Supervisory Authority (FINMA), and that FINMA and the Swiss National ...
CMI 02/2023 Observations from Inspections of Licensed Venture Capital Fund Managers
ID 22268
In view of a recent review of the practices of venture fund capital management companies, the Monetary Authority of Singapore (MAS) has published a new circular (CMI 02/2023). Therein, the Authority outlines the findings from such review and sets out best practices and expectations in this context. The review thereby focused on the following key issues: **(1) the focus on venture capital fund management ...
Singapore’s Banking System Remains Sound and Resilient
ID 22250
The Monetary Authority of Singapore, MAS, has published a press statement in view of the recent bank failures of the two U.S. banks Silicon Valley Bank and Signature Bank and potential snowball effects upon the Singapore banking system. In its statement, MAS notes that the exposures to the named banks both of Singapore financial institutions and of individuals were very limited, suggesting little or ...
Government Securities (Debt Market and Investment) Regulations 2023
ID 22241
The Singapore government has published an all new Government Securities (Debt Market and Investment) Regulations 2023 which will apply to all new government securities issuances from March 15, 2023. Specifically, the regulations specify – the method via which such issuances may be made (syndication, auction); – the application process for purchasing debt securities (eligible applicants, the bid statement, cut-off times, etc.); – the allocation ...
Code on Collective Investment Schemes
ID 22192
The Monetary Authority of Singapore (MAS) issued a revised version of the Code on Collective Investment Schemes (CIS). The Code stipulates best practices as regards the management, operation, and marketing of collective investment schemes that shall be observed by managers, trustees, directors, and custodians of Variable Capital Companies (VCCs) alike. It thereby covers the following key issues: (1) the role, responsibilities, and obligations of ...