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. Companies from the Cayman Islands, Isle of Man, Dubai, Ireland, Cyprus, Malta and the British Virgin Islands may now include Singapore among the jurisdictions to which they may choose to be redomiciled.
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Proposed Revision of the Anti-Commingling Framework for Banks
The MAS has issued a Consultation Paper on Review of Anti-Commingling Framework for Banks. It is proposing to revise its anti-comingling framework by giving banks more flexibility to carry on businesses that are related or complementary to their core businesses. The proposed changes are partly in response to the disruptive effects of mobile apps and digital platforms on traditional banking business.
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Proposed Changes to the Insider Trading Provisions and Risk Fact Sheets for CFDs
The MAS is consulting on proposed guidelines to the definition of “persons who commonly invest”. The guidelines are intended to make clear that insider information is materially price sensitive if a retail investor in securities with general experience and knowledge in investing would be influenced by the information to trade. The proposal is set out in a consultation paper that also consults on a draft notice and guidelines requiring the issue of a risk fact sheet to retail investors in contracts for differences.
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