Articles & Events Summary

The New Sandbox Express Regime

A regulatory sandbox is an environment where regulations are suspended, and allows firms to test their ideas with real customers for a fixed period of time. The MAS has introduced a new express approval process for the sandbox regime.

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Singapore versus Hong Kong: Comparison between Fund Management Regimes

This article provides comparative study of the regulations surrounding Fund Management companies between Singapore and Hong Kong

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CNBC Brainstorm: Future of FinTech

Mr. Deepesh Agarwal, MD of Argus Global Pte. Ltd. had participated in this event held by CNBC. The theme for this event was to come up with an idea which will be unique in the next 40 years. The ideas presented revolved around global identification databases (KYC), using Blockchain and Artificial Intelligence

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Industry News

Hong Kong: The Dawn of Virtual Assets Regulations: New measures for crypto funds activities and Sandbox plans for crypto-exchanges

The Securities and Futures Commission (“SFC”) have announced new measures in order to protect the interests of investors of investing in virtual assets funds or portfolios and also explore the potential regulation of such virtual trading platforms. On November 1st the SFC has laid down regulatory standards for firms who manage virtual assets and also a conceptual framework of the potential regulations for the operators of virtual asset trading platforms

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Ex-UBS Compliance Officer on Trial over Leaks

Ex-UBS compliance officer Fabina Abdel-Malek was charged with insider trading, when she gave confidential information about the deals UBS was working to her friend Walid Chouchir  who was a day trader.
Fabina Abdel-Malek was a compliance officer in UBS and had access to confidential data held in UBS servers. During the trial, the prosecutors have claimed that Fabina had accessed the internal compliance database and used pay-as-you-go SIM cards in order to leak the information

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SEC Whistleblower Program has Record-Breaking Year

The SEC has received about 5282 tips this year, which is an 18% increase as compared to the previous year. They have also given out rewards totaling to about $168 million. According to Sean Mckessy a partner at Phillips & Cohen LLP said that, “the program has largely benefited from a recent US Supreme Court decision, concerning whistleblower protections.”

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Taiwan Implements Strict Anti-Money Laundering Laws for Crypto

The Financial Supervisory Commission (“FSC”) has amended certain aspects of the Money Laundering Control act and Terrorism Financing Prevention Act in view of the increased ML/TF risks posed by the use of cryptocurrency.

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Cathay Pacific Could Be Facing A $500 Million Fine under the European GDPR

Hong Kong’s flagship airlines Cathay Pacific had recently disclosed a breach in their systems which led to the personal data of about 9.4 million passengers to be stolen. The data consisted of passenger names, nationalities, addresses, phone numbers, passport numbers and etc. If the extra territorial effect of the European General Data Protection Regulation (GDPR) is enforceable, Cathay could face a potential fine of up to $520,000,000 for the aforementioned breach.

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New regulatory framework to enhance Payment Services in Singapore

Singapore has recently introduced a new framework for payment services within Singapore. This article provides a brief insight on the bill.

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Financial industry shares good data analytics use cases to fight financial crime

The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) recently launched a paper highlighting how the adoption of data analytics can help in decreasing the rate of financial crimes.

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Money Laundering: Dutch Police find cash in washing machine

Dutch Police have reportedly found a washing machine containing 350,000 Euros, bringing money laundering to a whole new literal sense!

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MAS to place up to $5 billion with private equity and infrastructure fund managers

The MAS has announced a $5 billion Private Markets Programme (“PMP”) in order to help find private equity players and infrastructure managers, who want to either establish or deepen their presence in Singapore.

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Deutsche Bank offices are raided over Panama Papers Money Laundering Claims

Prosecutors have raided the Headquarters of the German Deutsche Bank, based on money laundering claims stemming from the Panama Papers leak. The Federal Financial Supervisory Authority (“BaFin”), the financial regulators in Germany, have told the bank to adopt strict Anti-Money Laundering practices. BaFin has appointed KPMG to assist in this matter.

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MAS Regulatory Updates – Highlights

30th November 2018 : Guide to Digital Token Offerings

MAS has issued updated ICO (Digital Tokens) guidelines based on the Securities & Futures Act, Financial Advisers Act, and upcoming Payment Services Bill. This would help in providing greater clarity on the distinction between digital tokens that could be deemed ‘securities’ and tokens that may fall outside typical securities law.

For more information, click here to access the relevant section on the MAS website

20th November 2018 – Notice on Supervision of Market Participants [Notice No.SFA02-N02]

To implement adequate supervision of market participants & operators, the MAS has issued some measures which are the following:

  • Ensuring the market participants follow all of the rules & regulations of the organized market in which they operate
  • Implementing appropriate compliance measures
  • Immediate termination, suspension or restriction of access of a participant in Singapore of any organized market,
  • Notify the Authority of any disciplinary action taken within 14 days or such longer period as the MAS may permit, after taking such disciplinary action against any participant.

The Notice has come into effect on 8th October 2018, was revised on 8th November, and subsequently revised on the date mentioned above

For more information, click here to access the relevant section on the MAS website

8th November 2018 –Exemptions issued pursuant to Section 337(2) of the SFA for third quarter of 2018

Some of the exemptions granted under Section 337(2) by the MAS include

  • Exemption from the requirement of Director to sign a copy of prospectus or profile statement
  • Exemptions to 13 single family offices (“SFOs”) that have provided fund management services to their sponsors.
  • Exemption from requirement to hold a Capital Markets Services (“CMS”) License for dealing in securities in respect of the transmission of customers’ orders in writing to another person for the purchase and sale of units in an exchange-traded fund (“ETF”) and/or securities (other than ETFs)

For more information, click here to access the relevant section on the MAS website






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