Industry News

GDPR Coping Strategies: Keeping Calm and Working toward Compliance 

Breaking down how companies are dealing with GDPR – It appears that a good proportion chooses to be “superficially” or “strongly” compliant for obvious reasons. These results are encouraging, but this accounts for almost half the numbers polled. Therefore, this summary of how to be GDPR compliant helps the current noncompliant entities get a better understanding of the new requirements, as the regulations surrounding data privacy are only going to get more onerous in the near future.
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MAS and SGX partner Anquan, Deloitte and Nasdaq to harness blockchain technology for settlement of tokenized assets

The MAS and SGX announced a collaboration to develop Delivery vs Payment capabilities for settlement of tokenized assets across different blockchain platforms.  Three companies, Anquan, Deloitte, and Nasdaq have been appointed as the technology providers for this project, leveraging off the existing open source software that has been developed and made publicly available for Project Ubin Phase 2.
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HSBC ‘Cooperating’ With Regulators over Panama Papers’ Firm Mossack Fonseca

In tandem with the Panama Papers scandal that created headlines not too long ago, HSBC, is one of the leading banks dealing with offshore structures in the matter have been asked to cooperate with law enforcement agencies. It was reported that HSBC had links to 733 offshore entities linked in the Papers.
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MAS Regulatory Updates – Highlights

16th of August 2018 – Feedback on Consultation Paper on Liquidity Risk Management

16th of August 2018 – Guidelines on Liquidity Risk Management Practices for Fund Management Companies (SFA04-G08) – to be read in conjunction with the Securities and Futures Act, the SF(LCB) R, Code on CIS as well as any other relevant legislation or subsidiary legislation.

16th of August 2018 – Amendments to the Code on CIS. 16th of August 2018 – Exemptions issued pursuant to Section 337(2) of the SFA. The composition of offenses made in the format available on MAS Website as per the following:

15th August 2018 – Payment Systems (Oversight) (Composition of Offences) (Amendment) Regulations 201814th August 2018 – Securities and Futures (Composition of Offences) (Amendment) Regulations 2018

14th August 2018 – Trust Companies (Amendment) Regulations 2018

14th August 2018 – Financial Advisers (Amendment No. 3) Regulations 2018 Acceptance of Offer of Composition Made By the Monetary Authority of Singapore:

13th August 2018 – Payment Systems Oversight Act 2006

13th August 2018 – Trust Companies

13th August 2018 – Securities, Futures & Fund Management

3rd August 2018 – FAQs on the Licensing and Registration of Fund Management Companies. 25th July 2018 – new Form 23A Notice of Change of Particulars for RFMC or VCFM.

23rd July 2018 – Notice 3101 Exchange Rates (for Money Changing Licensees only) which spells out the need to quote fair market exchange.

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Singapore Tax Incentive Schemes:

Funds which are managed by a fund manager may be liable to tax in Singapore due to the activities of the managing the investments of the fund. Income and gains derived by the fund may be considered as Singapore sourced and liable to tax in Singapore depending upon the taxable presence in Singapore for the fund (onshore or offshore). However, Singapore has provided tax incentives which could eliminate the tax liabilities subject to meeting certain conditions, as laid out in this article.
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Whistleblowing Policy:

This article lays out the need to impose a whistleblowing policy in your institution, and the numerous circumstances that this would be useful for.
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AML/CFT Policies for CSPs & RFAs:

Compliance with regulatory requirements, particularly AML/CFT policies, is not a responsibility borne purely by Financial Institutions. Corporate Services Providers & Registered Filing Agents, as gatekeepers, play a fundamental role in ensuring that the businesses they help set up and maintain our legitimate additions to the economic workspace, as spelled out here.
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Venture Capital Fund Management (VCFM):

This article provides oversight on the venture capital regime in Singapore, and how this strategy is commonly adopted, ranging from the process of obtaining funding to the characteristics of a typical venture that a VC firm invests in.
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What’s New at Argus?

We launched our ICO Consulting and Compliance Support Services. We along with our experienced partners can help manage the entire lifecycle of an ICO.
Link to the complete offering, click here






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