Allen & Gledhill - Legal Updates - Financial Services Updates 2006

Bulletins

Alerts & Updates

Financial Services Update

2008

2007

2006

		No. 5 of 2006
		No. 4 of 2006
		No. 3 of 2006
		No. 2 of 2006
		No. 1 of 2006

For more information on Singapore law, please go to: www.singaporelaw.sg

If you would like to receive our regular electronic communications, please fill up this form and return it to us.

Financial Services Update No. 5 of 2006
MAS issues consultation paper on proposed changes to Banking Act

View Update

On 31 July 2006, the Monetary Authority of Singapore (the "MAS") released a draft Banking (Amendment) Bill 2006 (the "Draft Bill") for public consultation. Comments on the Draft Bill must be submitted to the MAS by 31 August 2006.

The Draft Bill proposes the following key amendments to the Banking Act:

Revision of methodologies for limiting concentration risk and related party exposures

Introduction of risked-based asset maintenance requirement

Revising priority ranking of deposit liabilities of a bank

Flexibility for the MAS to prescribe what constitutes a "deposit"

Enhancing the MAS' role in bank resolution

Implementing proposed enhancements to the liquidity risk supervision framework

Lifting the statutory reserve fund requirement

Expanding the regulatory scope for credit card issuance

Back to the top

Financial Services Update No. 4 of 2006
New rules for listing of hedge funds effective 29 June 2006

View Update

The Singapore Exchange Limited announced that a new set of rules for the listing of hedge funds is effective from 29 June 2006. The new rules address the following key issues with respect to the listing of hedge funds:

Listing requirements

Authorisation or recognition

Minimum asset size requirements

Requirements on prime broker

Qualifications of management company and investment manager

Offering document

Other listing requirement specific to hedge fund

No trading of units

Continuing listing obligations

Back to the top

Financial Services Update No. 3 of 2006
SGX releases new rules for the listing of Global Depository Receipts

View Update

On 22 June 2006, the Listing Manual of the Singapore Exchange Securities Trading Limited is revised to introduce new rules for the listing of Global Depository Receipts ("GDRs") and the continuing listing obligations.

The new rules address the following issues in connection with the listing of GDRs:

Listing requirements

Targeted investors for GDRs

Requirements for the Depository

Continuing listing obligations

Documents to be submitted in listing application and after approval in-principle

Back to the top

Financial Services Update No. 2 of 2006
Amendments to SGX-ST Listing Manual to enhance corporate governance standards

View Update

On 1 September 2006, the Listing Manual of the Singapore Exchange Securities Trading Limited (the "Listing Manual") will be amended to incorporate rules aiming to raise corporate governance standards and promote good regulatory practices.

The key amendments that will be included in the Listing Manual are as follow.

Initial listing requirements

Two independent resident directors for foreign issuers

Appointment of compliance adviser if necessary

Disclosure of directors' prior experience or training

Additional confirmation by issue manager

Continuing listing requirements

Two independent non-executive directors for all issuers

"Negative assurance" confirmation on accuracy of interim financial results

Sponsorship disclosure requirement extended to two years

Voluntary compliance with the OFR Guide

Disclosure of directors' prior experience or training

Simpler disclosure requirement relating to accountants of subsidiaries

Post-listing requirements for debt securities

Disclosure of material information during trading hours

Real estate investment trusts (REITs)

New requirements on issuance of new units by REIT under general mandate

Back to the top

Financial Services Update No. 1 of 2006
Securities and Futures (Market Conduct) (Exemptions) Regulations 2006

View Update

On 6 March 2006, the Monetary Authority of Singapore issued the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006 (the "Regulations") which came into effect that day.

The Regulations set out an omnibus exemption from, inter alia, Sections 197 (relating to false trading and market rigging transactions) and 198 (relating to securities market manipulation) of the Securities and Futures Act for stabilising action taken in respect of offers of securities, including offers of bonds and convertible bonds which are listed or to be listed on Singapore Exchange Securities Trading Limited.


Search

Back to the top