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 November 2018. This update looks at the changes that have been made to the existing requirements in Notice 643 for related party transactions for banks. READ MORE
MAS Issues Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts
On 6 December 2016, the MAS issued its Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts. They will take effect on 1 March 2017, and apply to banks and merchant banks. In a Circular issued on 6 December 2016, the MAS stated that entities will be given a six-month transition period to make progress towards full compliance. READ MORE
MAS Consults on Short Selling Regulations and Guidelines
The Securities and Futures (Amendment) Bill 2016 imposes, among other things, short selling notification and reporting obligations. The MAS is now consulting on the proposed regulations and guidelines for the implementation of these obligations, which are proposed to apply to shares listed on the SGX. READ MORE
The New FinTech Regulatory Sandbox Guidelines
The MAS issued its FinTech Regulatory Sandbox Guidelines on 16 November 2016. The Guidelines provide a framework within which financial institutions or any interested firm can launch a new product on an experimental basis in circumstances where the legal and regulatory treatment of the product may not be clear. The requirements and the application process are discussed in this update. READ MORE
Employment Pass Holders Taking Up Directorships to Get Letter of Consent
Employment pass holders may be appointed to the boards of related companies if this is required for purposes related to their primary employment. A letter of consent from MOM must be obtained, and the application will take about five weeks to process. READ MORE