Singapore: Monetary Authority responds to feedback received
in short On 6 November 2024, the Monetary Authority of Singapore (MAS) published its response to feedback on the July 2023 consultation paper setting out a proposed regulatory framework for single-family offices (SFOs) operating in Singapore. SFOs are not required to obtain a license under the Securities and Futures Act 2001 (SFA) and the proposals aim to harmonize standards for a simplified class exemption regime and address potential money laundering (ML) risks posed by SFOs. You can access our previous reminders about consultations here. MAS will provide further details on the implementation effective date, the revised legislation and the means of submitting initial notifications and annual returns prior to the implementation of the SFO framework. The MAS has provided further details and clarification on key measures to be implemented under the SFO framework. These further details and instructions appear below in red font: MAS proposes to provide a one-year transition period from the date when the proposed SFO framework comes…
Singapore: Monetary Authority issues consultation paper on proposals
in short On October 4, 2024, the Monetary Authority of Singapore (MAS) published proposed regulatory approaches, regulations, notices and guidance for digital token service providers under the Financial Services and Markets Act 2022 (P010-2024). Consultation Paper ("Consultation document"). The consultation paper includes a number of annexes setting out MAS’s proposed new regulatory framework for digital token service providers (DTSPs), which will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). MAS' key recommendations on the new regulatory framework for DTSPs revolve around licensing requirements, anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, financial obligations and governance requirements. We've provided more details on each area below. We anticipate that this consultation paper will be of most interest to DTSPs who are not currently licensed and may wish to be regulated under Part 9 of FSMA. If you have any feedback or comments on the proposals related to the new regulatory framework for DTSP, please…
Singapore: The Monetary Authority of Singapore has revised
brief On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Payment Service Provider Licensing Guidelines (PS-G01) (“guide”), which comes into force on 26 August 2024. The changes apply to existing and future standard payment institutions (SPIs) and major payment institutions (MPIs) under the Payment Services Act (PSA). These updates can be divided into updates related to: (i) the process for applying for a new MPI or SPI license or changes to an existing license under the PSA; and (ii) updates related to ongoing business operations. Please click here to read the full alert. * * * * * © 2024 Baker & McKenzie.Wong & Leow. All rights reserved. Baker & McKenzie.Wong & Leow is a limited liability company and a member firm of Baker & McKenzie International, a global law firm with member firms located throughout the world. In accordance with common terminology used in professional services organizations, “client” means a partner or equivalent in such law…
Singapore: The Monetary Authority of Singapore has revised
brief On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Payment Service Provider Licensing Guidelines (PS-G01) (“guide”), which comes into force on 26 August 2024. The changes apply to existing and future standard payment institutions (SPIs) and major payment institutions (MPIs) under the Payment Services Act (PSA). These updates can be divided into updates related to: (i) the process for applying for a new MPI or SPI license or changes to an existing license under the PSA; and (ii) updates related to ongoing business operations. Please click here to read the full alert. * * * * * © 2024 Baker & McKenzie.Wong & Leow. All rights reserved. Baker & McKenzie.Wong & Leow is a limited liability company and a member firm of Baker & McKenzie International, a global law firm with member firms located throughout the world. In accordance with common terminology used in professional services organizations, “client” means a partner or equivalent in such law…
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