News & Analysis as of

Monetary Authority of Singapore Banks

Morgan Lewis

Monetary Authority of Singapore’s Enhanced Investigative and Supervisory Powers

Morgan Lewis on

Singapore’s new bill grants the Monetary Authority of Singapore (MAS) broader authority over the financial sector to oversee, investigate, and penalize misconduct. It aims to address the industry's growth and complexity,...more

A&O Shearman

Singapore’s Proposal to Mandate Reference Checks and Misconduct Reporting

A&O Shearman on

The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on Proposals to Mandate Reference Checks. - All financial institutions and entities regulated by the MAS are proposed to be required to carry out...more

A&O Shearman

Singapore: Banks, asset managers and insurers to implement Monetary Authority of Singapore's (MAS) ESG Guidelines

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Banks, asset managers and insurers have 18 months to introduce and implement environmental risk management practices in accordance with new Guidelines on Environmental Risk Management. The Guidelines were issued by the...more

A&O Shearman

MAS consults on the regulation of digital payment tokens

A&O Shearman on

The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA). It has also recently...more

A&O Shearman

Digital banking licences in Singapore: MAS opens applications

A&O Shearman on

The Monetary Authority of Singapore (MAS) announced on 29 August 2019 that it will begin accepting applications for new digital bank licences. This follows from its earlier announcement on 28 June 2019 of its intention to...more

A&O Shearman

MAS opens the door to digital banking

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The Monetary Authority of Singapore (MAS) has announced its intent to issue up to five digital bank licences, comprising: • Up to two digital full bank licences, which will eventually allow the provision of a wide range of...more

A&O Shearman

MAS Expands the Scope of Its Proposed Guidelines on Individual Accountability and Conduct

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Ensuring compliance with the MAS’s proposed Guidelines on Individual Accountability and Conduct will be a non-trivial exercise. While non-prescriptive in nature, FIs will need to conduct a proper and systematic analysis of...more

A&O Shearman

Proposed Changes to Laws Affecting Banks

A&O Shearman on

The MAS is proposing changes to requirements for outsourcing arrangements by banks and merchant banks. The proposals will extend requirements on outsourcing to a wider range of outsourcing arrangements as well as enhance the...more

A&O Shearman

Payment Services Bill Tabled in Parliament

A&O Shearman on

A new Payment Services Bill tabled in Parliament sets out the MAS’s proposed licensing framework for providers of payment service activities. The three categories are: Money-Changing Licensee, Standard Payment Institution and...more

A&O Shearman

Recent Statutory Amendments Affecting Banks

A&O Shearman on

Banks will need to include bail-in recognition provisions in certain regulatory capital instruments not governed by Singapore law. New approval and notification requirements also applied to banks as from 30 November 2018....more

A&O Shearman

MAS Drafts Guidelines for Management Accountability

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The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed “Guidelines on Individual...more

A&O Shearman

Banks to Centrally Clear OTC Derivatives from 1 October 2018

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Specified OTC derivatives must be cleared on central counterparties with effect from 1 October 2018. This mandatory clearing requirement will apply to Singapore-Dollar and US-Dollar fixed-floating interest rate swaps....more

A&O Shearman

Recent Regulatory Developments in Singapore

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Consultation Paper on Mandatory Trading of Derivatives Contracts - The Monetary Authority of Singapore (MAS) announced in its Consultation Paper on Mandatory Trading of Derivative Contracts that the Securities and Futures...more

A&O Shearman

Singapore Legal Update - October 2017

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New Inward Redomiciliation Regime Takes Effect - The inward redomiciliation procedure for foreign companies wishing to transfer their registration to the Singapore registry of companies came into force on 11 October 2017....more

Dechert LLP

Financial Services Quarterly Report - Third Quarter 2017: Global Update: Regulators Focus on Initial Coin Offerings

Dechert LLP on

Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more

Perkins Coie

Blockchain Week in Review – August 2017 #6

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

A&O Shearman

Singapore Legal Update - January 2017

A&O Shearman on

MAS Amends the Requirements for Related Party Transactions for Banks - On 21 November 2016, the MAS issued an amended Notice 643 to Banks on Transactions with Related Parties. It will take effect in two years, on 18...more

Patterson Belknap Webb & Tyler LLP

After Favorable LIBOR Ruling from the Second Circuit, Investors Now Allege Anticompetitive SIBOR Manipulation

On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more

Katten Muchin Rosenman LLP

Bridging the Week - June 2015 #5

UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more

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