Tan Zhi Feng
Partner
Zhi Feng is a financial regulatory and derivatives lawyer who specialises in financial services laws and regulations.
His practice focuses on advising financial institutions on the regulations affecting their business. He advises a broad range of financial institutions, including banks, fund managers, broker-dealers, market operators, payment services firms and cryptocurrency firms. He has experience in licence applications, the structuring of product offerings, the implementation of policies, processes and frameworks, preparing client documentation, transactions involving financial institutions and regulatory investigations.
He also has expertise in the documentation of derivatives transactions, and advising on netting issues and collateral arrangements relating to derivatives.
Zhi Feng is recognised as a Next Generation Partner by Legal 500 for Fintech and Financial Services Regulatory in Singapore, and for being “excellent in addressing the client’s questions and good at handling complex issues”.
Zhi Feng graduated with a Bachelor of Laws (First Class Honours) from the National University of Singapore. He also spent a year at Stanford Law School, where he was awarded an academic prize and several distinctions. He joined Allen & Gledhill after being called to the Singapore Bar in 2014 and has been on secondments with two major banks.
Work Highlights
- Advising the Singapore Exchange on the launch of Depository Receipts under the DR Linkage with the Stock Exchange of Thailand.
- Advising on the launch of a regulated stablecoin.
- Advising ISDA on netting, collateral and regulatory issues relating to derivatives.
- Advising on the documentation of novel derivatives transactions, including perpetual swaps, Islamic foreign exchange forwards and cryptocurrency derivatives.
Publications
- Inter-Ministerial Committee publishes recommendations to strengthen Singapore’s anti-money laundering framework
- Financial Institutions (Miscellaneous Amendments) Act 2024 to harmonise and enhance MAS’ investigative and supervisory powers partially in force
- MHA consults on proposed Protection from Scams Bill empowering Police to issue restriction orders to banks to restrict banking transactions of scam targets
- Provisions in Financial Services and Markets Act 2022 on prohibition orders in operation
- MAS issues response to feedback on proposed amendments to appeals regulations
- MAS consults on proposed amendments to notices and guidelines to enhance pre- and post-transaction safeguards for retail clients
- MAS issues circular on establishing sources of wealth of customers
- MAS commits up to S$100 million to support quantum and AI capabilities in financial sector
- MAS responds to feedback on proposals to refine tier structure requirements and introduce new remuneration requirements for financial advisory industry
- MAS issues revised Guidelines on Licensing for Payment Service Providers
- Singapore publishes updated ML/TF risk assessments, asset recovery and CFT national strategies
- MAS releases Sustainability Report 2023/2024 setting out strategy on climate resilience and environmental sustainability
- Financial Regulatory Review: Key developments in Singapore - H1 2024
- Changes to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 to adopt CPMI-IOSCO technical guidance to take effect on 21 October 2024
- MAS issues information paper on data governance and management practices for banks and finance companies
- MAS expands application of fair dealing guidelines to all financial institutions and all products and services
- Implementation of Financial Services and Markets Act 2022 in phases with new provisions on technology risk management in force
- Financial Services and Markets (Amendment) Act 2023 establishing platform to facilitate sharing customer information among FIs to combat money laundering and terrorism financing in force
- MAS seeks comments on proposed Notice on prevention of money laundering and countering the financing of terrorism for Singapore organised market operators
- MAS publishes revised Framework for Impact and Risk Assessment of Financial Institutions
- SGX Group proposes to refine cap on clearing members’ liability for multiple defaults
- MAS issues response to feedback on proposed amendments to Insurance Act 1966 and regulations on intermediaries
- MAS issues response to feedback from consultation on repeal of regulatory regime for registered fund management companies
- SGX RegCo issues consultation paper on incorporation of ISSB standards in sustainability reporting
- MAS publishes advisory on addressing cybersecurity risks associated with quantum
- Parliament passes Bill to harmonise and enhance MAS’ investigative and supervisory powers across various Acts
- ACRA, SGX RegCo respond to feedback from consultation on Sustainability Reporting Advisory Committee recommendations: Mandatory climate reporting for listed issuers and large non-listed companies
- MAS proposes to simplify requirements and facilitate access to simple and cost-effective insurance products
- MAS launches MAS-Tx for licensed insurers
- MAS launches Singapore Sustainable Finance Association
- MAS issues notices to banks and merchant banks on management of outsourced relevant services
- MAS to require financial institutions to conduct and respond to reference checks
- MAS issues revised Guidelines on Risk Management Practices for Insurance Business
- MAS issues notice on recovery and resolution planning for insurers
- Financial Regulatory Review: Key developments in Singapore - H2 2023
- Bill introduced to enhance investigative, supervisory and other powers of MAS across various Acts
- MAS raises stock cap and flow cap on personal e-wallets
- MAS consults on enhancements to Policy Owners’ Protection Scheme
- Singapore publishes eligibility list for international carbon credits under carbon tax regime
- MAS consults on proposed amendments to capital framework for approved exchanges and approved clearing houses
- MAS launches Transition Credits Coalition (TRACTION) and pilot projects to develop transition credits for early retirement of coal-fired power plants in Asia
- MAS launches world’s first multi-sector transition taxonomy
- MAS consults on regulations relating to information sharing scheme for prescribed financial institutions
- MAS to strengthen regulatory measures for digital payment token services
- MAS revises FAQs on Disclosure of Interests to provide guidance on determining date of acquisition of or change in interests under Part 7 of Securities and Futures Act 2001
- MAS issues preliminary response to feedback on proposed changes to complex products regime, to launch further consultation in H1 2024
- MAS and UNDP launch Universal Trusted Credentials initiative to improve MSMEs’ access to funding
- Cyber Security Agency launches cloud security companion guides for organisations
- MAS announced new AI-powered system to support sustainable finance in real estate sector
- MAS announces new AI-powered system to support sustainable finance in real estate sector
- Consultations on proposed shared responsibility framework for FIs, Telcos and consumers for phishing scams and revisions to E-Payments User Protection Guidelines
- MAS consults on streamlined regulatory framework for fund managers
- MAS issues revised MAS Notice 637 on risk based capital adequacy requirements for banks incorporated in Singapore to implement final Basel III reforms
- MAS to increase maximum deposit insurance coverage from S$75,000 to S$100,000 from 1 April 2024
- MAS publishes framework for designating domestic systemically important insurers
- MAS consults on new notice for recovery and resolution planning for insurers and proposed enhancement of resolution powers for insurance sector
- SGX RegCo consults on proposed changes to Futures Trading Rules and other rulebooks
- MAS consults on proposed guidelines for financial institutions on transition planning for a net zero economy
- MAS issues revised notices on competency requirements for representatives under FAA and SFA effective 1 April 2024
- Singapore sets eligibility criteria for international carbon credits under carbon tax regime
- The International Comparative Legal Guide to Sanctions 2024 (5th Ed) - Singapore
- MAS proceeds with exemptions for approved exchanges and recognised market operators that provide certain clearing and settlement services
- Carbon tax increase, industry transition framework and provisions allowing use of eligible international carbon credits to take effect 1 January 2024, among other upcoming developments
- MAS responds to feedback from consultation on enhancing pre- and post-transaction safeguards for retail clients
- MAS responds to feedback from consultation on Group Capital Framework for a Designated Financial Holding Company (Licensed Insurer)
- MAS to eliminate corporate cheques by end-2025
- MAS to enable online nomination of insurance beneficiaries
- MAS finalises stablecoin regulatory framework, responds to feedback received on public consultation
- MAS and National Bank of Cambodia set up Financial Transparency Corridor to support SMEs
- Final transition approach for SIBOR loans to SORA announced
- MAS consults on proposed enhancements to deposit insurance scheme in Singapore
- ABS launches Trade Finance Registry to counter trade finance fraud
- MAS and IMDA publish Guidelines on Participation in the Singapore Quick Response Code Scheme and issue response to feedback received from consultation on proposals to strengthen participation in SGQR
- MAS-led industry consortium releases Veritas Toolkit version 2.0
- MAS publishes whitepaper proposing common protocol for use of digital money
- MAS proposes framework for digital asset networks
- MAS issues response to feedback received from public consultation on proposed amendments to limits on personal payment accounts that contain e-money
- MAS releases fourth GFIT taxonomy consultation paper: Coal phase-out criteria under Singapore-Asia Taxonomy
- Financial Regulatory Review: Key developments in Singapore - H1 2023
- MAS publishes investor protection measures for DPT services, issues consultation papers on (1) amendments to Payment Services Regulations, and (2) measures on market integrity in DPT services
- ACRA, SGX RegCo consult on Sustainability Reporting Advisory Committee recommendations: Mandatory climate reporting for listed and large non-listed companies
- MAS issues circular on implementation timeline for the final Basel III reforms in Singapore
- SGX implements refinements to CDP margin and clearing fund frameworks
- MAS to set expectations on credible transition planning by financial institutions
- MAS responds to feedback on proposed changes to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
- MAS launches Finance for Net Zero Action Plan
- MAS consults on amendments to regulations and notices to operationalise Payment Services (Amendment) Act 2021
- Bill passed to establish platform for financial institutions to share information on customers to combat money laundering and terrorism financing
- MAS proposes enhanced safeguards for prospecting and marketing of financial products
- MAS issues circular to FIs on addressing risks that arise from theft and misuse of individual’s personal information
- SIBOR to SORA transition commences: Consultation on setting of adjustment spreads to convert legacy loans referencing SIBOR to a SORA reference
- New Online Criminal Harms Act and Code of Practice for App Stores among measures announced to tackle online crimes and strengthen online safety
- Bill introduced to establish platform for financial institutions to share information on customers to combat money laundering and terrorism financing
- Green Finance Industry Taskforce launches third consultation on green and transition taxonomy
- MAS issues circular on implementation of final Basel III reforms in Singapore
- MAS issues revised notices on residential property loans fact sheets
- Financial Regulatory Review: Key developments in Singapore - H2 2022
- MAS consults on revisions to guidelines on implementing fair dealing outcomes to customers
- Bill to amend Carbon Pricing Act 2018 passed to increase carbon tax rates, introduce industry transition framework and option to use eligible international credits
- SGFinDex enhanced with information on insurance policies
- MAS consults on group capital framework for designated financial holding company with a subsidiary that is a licensed insurer
- SGX RegCo consults on proposed refinements to CDP margin and clearing fund frameworks
- MAS’ Cyber Security Advisory Panel provides key insights on addressing new financial sector cyber risks
- MOF and MAS launch process to digitalise banker’s guarantees and insurance bonds
- MAS issues consultation paper on eliminating centrally cleared corporate cheques by 2025
- MAS consults on proposed framework for systemically important insurers in Singapore
- MAS consults on amendments to Insurance Act 1966 and Insurance (Intermediaries) Regulations to take into account regulatory and market developments
- MAS consults on measures to reduce risks to consumers from cryptocurrency trading and enhance standards of stablecoin-related activities
- New code of conduct for Buy Now, Pay Later service providers sets out best practices to protect consumers
- Amendments to notices on enterprise risk management, investment and public disclosure requirements for insurers to take effect on 1 January 2023
- IMDA to implement full SMS Sender ID registration from 31 January 2023 and anti-scam filtering solutions from 31 October 2022
- IMDA and MAS seek feedback on proposals to strengthen participation in SGQR
- MAS launches ESG Impact Hub to encourage growth of ESG ecosystem
- Singapore announces five-pronged strategy to counter terrorism financing
- MAS consults on proposed amendments to limits on personal payment accounts that contain e-money
- Bill introduced to amend Carbon Pricing Act 2018: Increase in carbon tax, industry transition framework and option to use eligible international carbon credits
- MAS launches Financial Services Industry Transformation Map 2025
- MAS issues circular on enhancing anti-money laundering and countering the financing of terrorism controls in the VCC sector
- CSA issues Singapore Cyber Landscape 2021 highlighting key malicious cyber activities in 2021, anticipated cybersecurity trends and initiatives to combat cyberthreats
- MAS issues information paper on operational risk management of third party arrangements
- IMDA proposes full SMS Sender ID registration and anti-scam filtering solutions to enhance protection against scams
- MAS releases Sustainability Report 2021/2022 highlighting importance of transition finance
- MAS issues circular on disclosure and reporting guidelines for retail ESG funds effective from 2023
- MAS consults on proposed exemptions for approved exchanges and recognised market operators that provide certain clearing and settlement services
- ABS and Steering Committee for SOR & SIBOR Transition to SORA finalise key settings of MAS Recommended Rate
- Financial Regulatory Review: Key developments in Singapore - H1 2022
- Financial Regulatory Review: Key developments in Singapore - H1 2022
- MAS regulatory framework for financial holding companies in force
- ABS launches industry standard template for banks to engage corporate clients on environmental risk issues
- MAS issues information papers on environmental risk management for banks, asset managers and insurers
- MAS issues revised Business Continuity Management Guidelines for FIs
- Singapore’s Green Plan: Overview of support measures and grants for sustainable developments
- MAS, Steering Committee for SOR & SIBOR Transition to SORA launch consultation on adjustment spreads that will apply to legacy SOR business loans and derivatives
- Cyber Security Agency of Singapore issues Guidelines for CII Owners to Enhance Cyber Security for 5G Use Cases
- Green Finance Industry Taskforce consults on second version of green and transition taxonomy
- MAS seeks comments on revised Notices on reporting of misconduct of representatives and broking staff
- MAS seeks comments on draft public disclosure requirements for regulatory capital for Singapore-incorporated banks
- Financial Services and Markets Bill passed to enhance MAS’ regulatory and enforcement framework across the financial sector
- Personal Data Protection Digest: The Data Breach Notification Obligation and Case Studies for Financial Institutions and Employers
- Singapore implements export control measures and financial measures in relation to Russia
- MAS issues notice on capital requirements for recognised market operators formed or incorporated in Singapore
- Energy (Resilience Measures and Miscellaneous Amendments) Act 2021 partially in force from 29 January 2022
- MAS issues new AML/CFT notice for precious stones and precious metals activities and updates existing AML/CFT notices
- MAS issues circular on non-face-to-face customer due diligence measures for financial institutions
- MAS-led industry consortium publishes assessment methodologies for responsible use of AI by financial institutions
- Financial Services and Markets Bill 2022 introduced in Parliament, explanatory brief and response to feedback issued
- MAS and ABS announce measures to bolster digital banking security
- MAS issues guidelines on the provision of digital payment token services to general public
- Financial Regulatory Review: Key developments in Singapore - H2 2021
- Financial Regulatory Review: Key developments in Singapore - H2 2021
- SGX mandates climate and board diversity disclosures
- COP26: Commitments from Singapore and the region
- MAS consults on proposed amendments to notices on residential property loans fact sheet, publishes information paper on residential mortgage pricing and disclosure practices
- Singapore commits to phasing out unabated coal power by 2050
- MAS issues revised corporate governance guidelines for designated financial holding companies, banks, direct insurers, reinsurers and captive insurers
- Energy (Resilience Measures and Miscellaneous Amendments) Bill passed, MTI and EMA issue response to feedback on draft Bill
- MAS proposes changes to complex products regime for retail investors
- MAS implements contractual recognition requirement for certain financial institutions
- EMA launches new Singapore Standard for Renewable Energy Certificates, explores geothermal energy
- The journey to low carbon transition: An introduction to carbon pricing
- SGX amends default management process for clearing members of CDP
- MAS consults on proposed amendments to appeals regulations
- MAS issues second consultation paper and response to feedback on proposed revisions to Guidelines on Business Continuity Management
- MAS implements exemption frameworks for cross-border business arrangements of capital markets intermediaries involving foreign related corporations and foreign offices
- MAS consults on proposed digital platform for FIs to share information to counter money laundering, terrorism financing and proliferation financing
- MAS issues (1) response to feedback from consultation on Proposed Implementation of the Final Basel III Reforms in Singapore - Market Risk Capital and (2) consultation on Draft Standards for Market Risk Capital and Capital Reporting Requirements
- Singapore Institute of Directors Conference 2021: The Dawn and Permanence of ESG - Why It Matters
- Transition to low-carbon electricity generation sources: Consultation on Energy (Resilience Measures and Miscellaneous Amendments) Bill
- SGX consults on mandatory climate and board diversity disclosures
- Steering Committee for SOR & SIBOR Transition to SORA publishes updated timelines and recommendations for transition from legacy use of SOR
- MAS proposes to refine tier structure requirements and introduce new remuneration requirements for financial advisory industry
- Financial Regulatory Review: Key developments in Singapore - H1 2021
- Financial Regulatory Review: Key developments in Singapore - H1 2021
- MAS proposes amendments to OTC derivatives reporting regime under Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
- MAS consults on proposed new AML/CFT Notice for precious stones and precious metals activities and updates to existing AML/CFT Notices
- MAS consults on proposed changes to its investigative and other powers under various Acts
- MAS and financial industry further extend support measures for SMEs in Tier 1 and 2 sectors and individuals, ESG further extends support measures
- Banking Act amended to rationalise banking regulation and enhance prudential oversight
- MAS consults on enhancements to pre- and post-transaction safeguards for retail clients
- Credit Bureau Act 2016 in operation from 31 May 2021; MAS issues Notices for licensed credit bureaus
- MAS releases inaugural Sustainability Report to chart strategy on climate resilience and environmental sustainability
- MAS commits S$42 million to spur adoption of technology solutions for risk management and regulatory compliance
- MAS issues (1) consultation paper on proposals to mandate reference checks, and (2) response to public consultation on revisions to misconduct reporting requirements and proposals to mandate reference checks for representatives
- Green Finance Industry Taskforce launches guide for climate-related disclosures and framework for green trade finance
- MAS consults on proposed AML/CFT notices for cross-border business arrangements of capital markets intermediaries under proposed exemption frameworks
- MAS consults on revisions to corporate governance guidelines for designated financial holding companies, banks, direct insurers, reinsurers and captive insurers
- MAS issues response to feedback from consultation on proposed implementation of final Basel III reforms on credit risk capital and output floor requirements, consults on draft standards
- Industry Steering Committee announce new timelines to cease issuance of SOR derivatives and SOR-linked financial products
- ABS, MAS publish study on enhancing resilience of future workplace of financial institutions
- Regulations on complaints handling and resolution for financial advisory firms to take effect on 3 January 2022, MAS issues response to feedback from consultation on policy proposal
- MAS issues paper on managing risks of remote working in financial institutions
- MAS consults on proposed exemption framework for cross-border business arrangements of capital markets intermediaries involving foreign offices
- Green Finance Industry Taskforce consults on taxonomy and launches environmental risk management handbook to support green finance
- Steering Committee for SOR & SIBOR Transition to SORA announces further measures to boost SORA transition
- MAS proposes revisions to enterprise risk management, investment and public disclosure requirements for insurers
- The International Comparative Legal Guide to Sanctions 2020