Featured Product

    MAS Consults on Draft Notices and Guidelines Related to the SFA

    October 06, 2017

    MAS published consultation paper I on draft notices and guidelines pursuant to the Securities and Futures Act (SFA). Given the wide-ranging amendments to the SFA, MAS will consult on draft notices and guidelines to support the implementation of the legislative amendments in two phases. MAS invites comments from financial institutions and all interested parties by November 03, 2017.

    The Securities and Futures (Amendments) Act, or SF(A) Act, provides MAS with legislative powers under the SFA to complete the two-phase review to implement over the counter (OTC) derivatives regulatory reforms. It also introduces amendments aimed at enhancing regulatory safeguards for retail investors, enhancing the credibility and transparency of the capital markets and strengthening the ability of MAS to take enforcement action against market misconduct. The following proposals are set out in this consultation:

    • New Notice on Risk Fact Sheet for Contracts for Differences (CFD Notice) and Guidelines on MAS Notice on Risk Fact Sheet for Contracts for Differences (CFD Guidelines): The new CFD Notice sets out the requirement for capital markets services (CMS) Licensees and Exempt Financial Institutions dealing in CFD with retail investors to provide a risk fact sheet to the retail investors. The accompanying CFD Guidelines provide guidance to assist CMS Licensees and Exempt Financial Institutions in preparing the risk fact sheet.
    • Amendments to SFA 04-N13 Notice on Risk-Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences (RBC Notice):The RBC Notice is being amended primarily to support the changes to product definitions in Part I of the SFA and changes to Part IV of the SFA and the Second Schedule to the SFA to extend the capital markets services licensing regime to OTC derivatives.
    • Amendments to MAS Notices 7571, 11052, 1093, 8164, and SFA 04-N045, all relating to the Lending of Singapore Dollar to Non-Resident Financial Institutions (MAS Notice 757 and Equivalent Notices): MAS is proposing to amend MAS Notice 757 and equivalent Notices, to take into account the change in the definition of “securities” in the SF(A) Act.
    • New Guidelines on the Interpretation of “Persons Who Commonly Invest” in Division 3 of Part XII of the SFA (Common Investors Guidelines): The guidelines seek to provide interpretative guidance for the statutory definition of Common Investor and its application in the insider trading provisions.

     

    Comment Due Date: November 03, 2017

    Keywords: Asia Pacific, Singapore, Securities, SFA, OTC Derivatives, Notices and Guidelines, MAS

    Related Articles
    News

    APRA Publishes Proposal to Increase Transparency of Banking Data

    APRA proposed to substantially increase the volume and breadth of data it makes publicly available on authorized deposit-taking institutions, including banks, credit unions, and building societies.

    December 05, 2019 WebPage Regulatory News
    News

    ESMA Consults on Guide to Internal Controls for Credit Rating Agencies

    ESMA launched a consultation on the guidelines on internal controls for credit rating agencies (CRAs).

    December 05, 2019 WebPage Regulatory News
    News

    EU Finalizes Directive and Prudential Rules for Investment Firms

    EU published, in the Official Journal of the European Union, the Directive (2019/2034) and Regulation (2019/2033) on the prudential requirements and supervision of investment firms.

    December 05, 2019 WebPage Regulatory News
    News

    OSFI Revises Guideline on Principles for Management of Liquidity Risk

    OSFI finalized Guideline B-6 on the principles for the management of liquidity risk.

    December 05, 2019 WebPage Regulatory News
    News

    PRA Consults on Framework to Manage Outsourcing and Third-Party Risk

    PRA published a consultation paper CP30/19 that sets out proposals to modernize the regulatory framework on outsourcing and third-party risk management.

    December 05, 2019 WebPage Regulatory News
    News

    BoE, PRA, and FCA Consult to Strengthen Operational Resilience

    BoE, PRA, and FCA published a shared policy summary and coordinated consultation papers on new requirements to strengthen operational resilience in the financial services sector.

    December 05, 2019 WebPage Regulatory News
    News

    EC Amends Rule on Mapping of External Credit Assessment Institutions

    EC published the implementing regulation (EU) 2019/2028, which amends Regulation 2016/1799, regarding the mapping tables specifying correspondence between the credit risk assessments of external credit assessment institutions (ECAIs) and the credit quality steps set out in the Capital Requirements Regulation.

    December 04, 2019 WebPage Regulatory News
    News

    EBA Issues Second Part of Advice on Implementation of Basel III in EU

    EBA published the second part of its advice on the implementation of Basel III in EU, which complements the report published on August 05, 2019.

    December 04, 2019 WebPage Regulatory News
    News

    EU Approves European Council Proposal on CCP Recovery and Resolution

    EU ambassadors approved the position of European Council on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties.

    December 04, 2019 WebPage Regulatory News
    News

    OSFI Releases Guideline on Foreign Bank Branch Deposit Requirements

    OSFI released the final version of Guideline A-10 on foreign bank branch deposit requirements, along with guideline impact analysis statement.

    December 04, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4268