Articles and Events Summary

IRAS considering GST exemption for Digital Payment Tokens

This Article summarizes the new regulation pertaining to the exemption of Digital Payment Tokens from Goods and Services Tax (GST). The draft consultation is currently open for consultation.

To read further, please click here.

How to create a strategic Business Continuity Plan in line with MAS regulations

Business Continuity Planning is the readiness to manage business interruptions in order to provide continuity of services at an acceptable level and to safeguard the Financial Institution’s (FI’s) financial and competitive position. The Monetary Authority of Singapore (MAS) sets out broad principles for BCP which, these principles act like guidelines and sets a standard for all FI’s.

To read further, please click here.

Industry News

MAS is consulting on proposed regulations for VCC insolvency and winding up

The Variable Capital Companies Act (“VCC Act”) was passed in Parliament on 1 October 2018. The VCC Act provides the legislative framework for the incorporation, operation, and regulation of a new corporate structure that is tailored for collective investment schemes, known as the variable capital company (“VCC”). Consultation paper on the proposed subsidiary legislation is open until 24 August 2019

To read further, please click here.

Deutsche Bank launches a Client-Data Compliance Probe

Deutsche bank has launched a Client-Data compliance probe after laying off approximately 50 traders from their London & New York offices. According to the report, the probe is to determine whether former employees were able to access price-sensitive data and whether current employees aided their former colleagues in obtaining such information.

To read further, please click here.

Regulatory Updates

26 July 2019 – Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts [SFA 15-G03]

The guidelines set Requirements for the margining of non-centrally cleared OTC derivatives contracts. Guidance is provided on the following areas:

  • Scope of products and entities.
  • Margin calculations and methodologies.
  • Eligible collateral and haircuts.

To read further on the guidance, please click here.

26 July 2019 – FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines

Provides guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.

Questions such as :

  • What types of activities are regulated under the FAA
  • What is the distinction between a Financial Adviser and a Financial Planner?
  • What are the Products not covered under Financial Advisers Act?
  • Who is exempt from holding a financial adviser’s licence?
  • Would financial advisory services provided by a person outside?
  • Singapore using the Internet medium be caught under the FAA?
  • What are the admission criteria for the grant of a licence under the FAA?
  • What is the amount of licence fees under the FAA?

And many more pertaining to FAA has been answered in the FAQ’s To read further on the FAQ’s please click here.

25 July 2019 – Exemptions issued under s337(2) SFA – 2Q2019

Provides exemptions issued under section 337(2) of the Securities and Futures Act for the period from1 April 2019 to 30 June 2019.

To summarize,   the following exemptions were granted

Exemption from requirement to hold a Capital Markets Services (“CMS”) licence for fund management – MAS granted exemptions to 8 single family offices (“SFOs”) that provided fund management services to their respective sponsors, who due to their ownership structures, were not able to rely on the existing exemption from licensing under the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations for carrying on business in fund management for or on behalf of any of its related corporations.

Exemption from requirement to hold a Capital Markets Services (“CMS”) licence for dealing in capital markets products that are securities and advising on corporate finance – MAS granted an exemption to a public entity in relation to investments into infrastructure and other real estate assets by a related entity and the related entity’s co-investors.

To read further on the exemption, please click here

10 July 2019 – Guidelines on Provision of Financial Advisory Service

The Guidelines provide greater clarity on what constitutes the provision of financial advisory services under the Financial Advisers Act by setting out a two-stage test.

Stage 1: Determine whether the activity in question amounts to providing financial advice.

Stage 2: Determine whether the person is carrying on a business in such activity.

To read further on the Guidelines, please click here.

05 July 2019 – Consultation Paper on Proposed Payment Services Notices and Guidelines

This consultation sets out MAS’ proposed notices and guidelines applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act. The last date to send in response is 05 August 2019. The Payment Services Act 2019 (“PS Act”) was passed in Parliament on 14 January 2019 and is targeted to commence in January 2020. To effect the objectives of the PS Act, MAS intends to prescribe or issue the following instruments:

  • regulations and one order under the PS Act;
  • banti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the MAS Act;
  • notices under the PS Act; and
  • guidelines

This consultation paper seek views on notices under the PS Act and the Guidelines. To read further on the consultation paper, please click here.

02 July 2019 – Consultation Paper on Proposed Amendments to the Requirements for REITs

This consultation sets out MAS’s proposed amendments to the Code on Collective Investment Schemes to provide Singapore’s REITs with more flexibility to manage their capital structure and to streamline the fundraising process for REITs. Last date to send a response was 01 August 2019.

To read further on the consultation paper, please click here.


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