MAS Regulatory Updates – Highlights

 

24 December 2021 – Form 1A – Application for a Capital Markets Services Licence for Fund Management Company

Form for entities to apply to be a licensed fund management company. Entities that intend to commence business as registered fund management companies or venture capital fund managers should submit Form 22A or Form 1V respectively.

To view the updated Form 1A, please click here.

24 December 2021 – Form 22A – Notice of Commencement of Business as a Registered Fund Management Company

Form for entities to apply to be a registered fund management company. Entities that intend to apply for a capital markets services licence to conduct fund management (including as a venture capital fund manager) should submit Form 1A or 1V instead.

To view the updated Form 22A, please click here.

24 December 2021 – Form 23A – Notice of Change of Particulars for a Registered Fund Management Company or a Venture Capital Fund Manager

Form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.

To view the updated Form 23A, please click here.

24 December 2021 – Form 3A – Notification for Appointment of an Appointed Representative

Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.

To view the updated Form 3A, please click here.

24 December 2021 – Form 24A – Notice of Cessation of Business as a Registered Fund Management Company

Form for registered fund management companies to notify MAS prior to their cessation of business in fund management.

To view the updated Form 24A, please click here.

24 December 2021 – Form 11 – Appointment of Chief Executive Officer or Director / Change of Director’s Nature of Appointment from Non-Executive to Executive (For Licensed Fund Management Companies)

Form for licensed fund management companies to apply for the appointment of a Chief Executive Officer or director; or to change a director’s role from non-executive to executive.

To view the updated Form 11, please click here.

24 December 2021 – Form 25A – Annual Declaration by a Registered Fund Management Company or a Venture Capital Fund Manager

Form for registered fund management companies or venture capital fund managers to provide business information and declaration of compliance with relevant provisions. This form must be submitted within one month from the end of the financial year.

To view the updated Form 25A, please click here.

23 December 2021 – Notice 1003 Submission of Statistics and Returns

Requirements for merchant banks submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

To view the updates to Notice 1003, please click here.

23 December 2021 – Notice 610 Submission of Statistics and Returns

Requirements for banks on submitting returns to MAS, including reporting forms, completion notes and submission timeframe.

To view the updates to Notice 610, please click here.

23 December 2021 – Form 1V – Application for a Capital Markets Services Licence for Venture Capital Fund Manager

Form for entities to apply to be a licensed venture capital fund manager (VCFM). Entities that intend to commence business as registered fund management companies or licensed fund management companies (other than as VCFMs) should submit Form 22A or Form 1A respectively.

To view the updated From 1V, please click here.

21 December 2021 – Notice on Supervision of Market Participants (SFA 02-N02)

Requirements for supervision of market participants by Recognised Market Operators.

To view the updates to Notice on Supervision of Market Participants (SFA 02-N02), please click here.

20 December 2021 – Guidelines to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management [SFA 04-G07]

How to qualify to be a REIT manager and what ongoing governance and compliance arrangements are expected.

To view the updated to the Guidelines, please click here.

16 December 2021 – Rules for New Housing Loans

When extending a housing loan, financial institutions (FIs) should ensure that borrowers are within the thresholds for mortgage servicing ratio and total debt servicing ratio.

To view the updated rules, please click here.

16 December 2021 – Total Debt Servicing Ratio for Property Loans

For property loans where the OTP is granted on or after 16 December 2021, the total debt servicing ratio (TDSR) threshold is set at a maximum of 55% of the borrower’s monthly income. Monthly debt obligations count towards this threshold. Exceptions exist for certain situations.

To view the updated to the documents, please click here.

15 December 2021 – Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128

Guidelines for all financial institutions on how to apply the total debt servicing ratio (TDSR) to property loans.

To view the updated to the Guidelines, please click here.

15 December 2021 – Consultation Paper on Introduction of Due Diligence Requirements for Corporate Finance Advisers

This consultation seeks views on MAS’ proposal to introduce due diligence requirements for corporate finance advisers when they advise on corporate finance transactions, with additional requirements when advising on initial public offerings.

To view the updated to the Consultation paper, please click here.

03 December 2021 – Financial Advisers (Complaints Handling and Resolution) Regulations 2021

Sets out requirements for financial advisory firms to exercise management oversight and establish policies and procedures for handling and resolving complaints independently and promptly.

To view the updated to the Regulations, please click here.

03 December 2021 – Securities and Futures (Classes of Investors) Regulations 2018

Prescribes additional persons as accredited investors (e.g. partnership where each partner is an accredited investor) and institutional investors (e.g., designated market-maker and registered fund management company) for the purpose of the SFA.

To view the updated to the Regulations, please click here.

02 December 2021 – Notice 1111 Risk Based Capital Adequacy Requirements for Merchant Banks Incorporated in Singapore

Risk-based capital adequacy requirements for reporting merchant banks incorporated in Singapore.

To view the updated to the Notice 1111, please click here.

02 December 2021 – Notice 832 Risk Based Capital Adequacy Requirements for Finance Companies Incorporated in Singapore

Risk-based capital adequacy requirements for reporting finance companies incorporated in Singapore.

To view the updated to the Notice 832, please click here.

02 December 2021 – Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore

Risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

To view the updated to the Notice 637, please click here.

Argus Global Pte Ltd is becoming Waystone Compliance Solutions (Singapore) Pte. Ltd

 
In 2021 we announced the acquisition of Argus Global and Ace Success Pte Ltd. by Waystone, the leading provider of institutional governance risk and compliance services to the asset management industry. The acquisition of Argus Global was part of a strategy to create the pre-eminent global governance, risk and compliance advisory firm.

We are excited to report that tremendous progress has been made to integrate the various operating units over the subsequent months to create Waystone Compliance Solutions. We are now able to provide our clients with a global coverage solution covering Singapore, the US, Ireland, the UK, and the UAE. Through the broader Waystone Group we can offer clients a range of solutions in the fund and asset management space, including independent directors, fund management companies and EU fund distribution companies.

As part of the next phase of integration we are delighted to announce that our corporate name will change on 12 January 2022 from Argus Global Pte Ltd to Waystone Compliance Solutions (Singapore) Pte. Ltd. and from Ace Success Pte. Ltd. to Waystone Corporate Solutions (Singapore) Pte. Ltd. emphasise the fact you, our clients and partners, now have access to a truly global offering. This change of name will not impact any of the contracts in place as the legal entity remains the same.

Should you have any questions please reach out to your usual representative or contact us below.

GET IN TOUCH

Argus specialises in financial and compliance matters such as VCC Singapore, regulatory compliance, insurance returns, AML/CFT controls, AML/CFT training for FI and provides objective insights, subject expertise and a simple approach to all your financial and compliance matters. Our diversified client base encompasses start-ups, right through to mature businesses. We partner with our clients to serve all their financial and compliance needs from the initial phase to ongoing support, training, audit, risk management and governance.

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