Francis Mok

Partner
Francis is Co-Head of the Financial Services Department at Allen & Gledhill. He specialises in regulatory issues, in particular, financial services and commodities regulations.
He regularly advises banks, financial institutions, investment banks, securities dealers, futures brokers and fund managers. His expertise also includes the structuring and documentation of derivatives transactions.
Francis is ranked Band 1 in Chambers Global and Chambers Asia-Pacific for Banking & Finance: Regulatory, where he is described as “well known for his work in the area of financial services and commodities regulations” and “clients and peers alike confirm his leading position in the market, explaining that his ‘regulatory knowledge and proactiveness are second to none’”. Francis is also ranked Band 1 in Chambers Asia-Pacific for Capital Markets: Securitisation & Derivatives and is lauded by a client as “the leading authority on Singapore regulatory matters and derivatives”. He is listed as a Leading Individual in The Legal 500 Asia Pacific for Financial Services Regulatory.
Francis graduated from the National University of Singapore with an LL.B. (Hons) degree (First Class) in 1996. He was called to the Singapore Bar in 1997 and joined Allen & Gledhill in 1998.
Publications
- MAS consults on proposed changes to regulate payment token derivatives traded on approved exchanges
- Bill to amend Banking Act introduced to rationalise banking regulation and enhance prudential oversight
- MAS revises Guidelines on the Regulation of Short Selling
- MAS issues FAQs relating to Payment Services Act
- Getting the Deal Through: Private Banking & Wealth Management 2020
- MAS accepting applications for Singapore’s first digital bank licences open to non-bank players
- MAS consults on revised biannual report and implementation timeline for proposed complaints handling and resolution regulations
- MAS establishes Steering Committee to drive interest rate benchmark transition from SGD Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA)
- MAS issues Notice 656 on “Exposures to Single Counterparty Groups for Banks Incorporated in Singapore”
- MAS assesses banks’ governance, policies and procedures in “Thematic Review of Collateral Management Standards and Practices of Corporate Lending Business”
- MAS issues revised Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts
- MAS issues consultation paper on “Requirements on Controls against Market Abuse”
- MAS and SGX RegCo jointly publish “MAS-SGX Trade Surveillance Practice Guide”
- MAS issues new legally binding requirements to raise cybersecurity standards and strengthen cyber resilience of financial sector
- Ratings issued by credit rating agencies in Singapore will continue to be recognised and used in the EU
- MAS launches Sandbox Express for faster market testing of innovative financial services and products
- MAS extends digital bank licences to non-bank players
- MAS seeks further comments on scope of application of Guidelines on Individual Accountability and Conduct to financial institutions
- SGX implements enhancements to default management capabilities of SGX-DC and CDP on 17 July 2019
- MAS seeks feedback on notices and guidelines to be issued under Payment Services Act 2019
- SGX consults on proposed enhancements to securities trading auction mechanism
- MAS issues guidance paper on “Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons”
- MAS issues Guidelines on Provision of Financial Advisory Service
- MAS proposes to regulate and license merchant banks under Banking Act
- MAS issues revised MAS Notice 637 on “Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore” effective 30 June 2019
- MAS and ABS announce establishment of new Culture and Conduct Steering Group to promote sound culture and raise conduct standards among banks
- SGX introduces “trade at close” functionality from 3 June 2019
- MAS seeks comments on AML/CFT notices for payment services providers
- The Banking Regulation Review (10th Ed, 2019): Singapore chapter
- MAS issues consultation paper on “Proposed Implementation of the Final Basel III Reforms in Singapore”
- SGX to update rules on securities trading and market practices on 3 June 2019
- MAS proposes increase in minimum financial requirement for major payment institutions in Payment Services Regulations
- MAS to implement measures to address risks posed by use of sign-on incentives in recruitment of financial advisory representatives
- MAS issues “Technical Specifications for RBC 2 YE2018 Parallel Run” for insurers
- Mandatory trading obligations apply to specified OTC derivatives contracts executed on or after 1 April 2020
- SGX revises financial and capital requirements on bank and remote clearing and trading members with effect from 22 April 2019
- Legislation for deposit insurance and policy owners protection amended to ensure adequate protection for depositors and policy owners
- MAS proposes revisions to Technology Risk Management Guidelines and Business Continuity Management Guidelines
- MAS issues Response to feedback on proposed enhancements to disclosure requirements for sale of investment-linked products
- MAS proposes revisions to outsourcing regime for banks and merchant banks
- MAS proposes amendments to Banking Act to remove DBU-ACU divide and other changes
- Payment Services Bill passed to introduce new licensing regime and unify regulatory framework
- MAS revises implementation date of E-Payments User Protection Guidelines to 30 June 2019
- MAS issues MAS Notice 654 on Recovery and Resolution Planning and corresponding Guidelines
- MAS highlights FATF Guidance for risk-based approach for securities sector and life insurance sector
- MAS releases FAQs on opt-in regime for accredited investors, extends transition to 7 April 2019
- MAS prescribes conditions for deferring reporting of customer/counterparty information relating to OTC derivatives contracts
- New exemption in Financial Advisers Regulations for entities from ASEAN participating countries providing financial advisory service under approved arrangements
- MAS issues new “Guidance to Capital Markets Intermediaries on Enhancing AML/CFT Frameworks and Controls”
- MAS revises AML/CFT requirements for money-changing and remittance businesses
- Exclusions from definition of “collective investment scheme” in SFA effective from 25 December 2018
- MAS releases new FEAT Principles to promote responsible use of artificial intelligence and data analytics
- MAS proposes creation of Sandbox Express
- Banking Act changes on enhanced safeguards, corporate governance and risk management controls for banks
- MAS proposes allowing financial institutions to engage in cross-border arrangements with foreign related corporations without prior MAS approval
- SGX to implement T+2 settlement cycle and other changes to settlement framework on 10 December 2018
- New resolution regime for FIs in Singapore
- Payment Services Bill streamlines regulations and introduces new licensing framework
- MAS issues MAS Notice 637 with changes relating to eligible collateral, interest rate risk in the banking book, and holdings of TLAC liabilities
- ABS issues Guidelines for Cyber Security Exercises
- SFA amended to strengthen market misconduct enforcement regime
- MAS sets out duties for FIs in “E-Payments User Protection Guidelines” effective 31 January 2019
- SFA revised to keep pace with market developments and align with international standards and best practices
- SGX consults on proposed introduction of “trade at close” functionality
- MAS issues Guidelines to facilitate provision of digital advisory services
- MAS issues new Notices on Insurance Returns taking effect on 1 January 2019
- MAS to implement revised large exposures requirements for Singapore-incorporated banks from 30 September 2019
- MAS issues Response to feedback on proposed changes to MAS 105 Appointment of Custodians and Fund Managers by insurers
- Getting the Deal Through: Private Banking & Wealth Management 2019 - Singapore chapter
- MAS issues Circular on controls and disclosures to be implemented by licensed securities-based crowdfunding operators
- MAS consults on draft Notice on Cyber Hygiene for financial institutions
- SGX issues consultation paper on proposed enhancements to default management capabilities of SGX-DC and CDP
- MAS issues Guidelines on Liquidity Risk Management Practices for Fund Management Companies and revised CIS Code with changes for money market funds
- MAS issues Response to feedback on Parts 3 and 4 of consultation paper on changes to SFA, FAA and TCA
- ABS-SFEMC finalises proposals on evolution of SIBOR: Calculating SIBOR using waterfall methodology, including wholesale funding transactions in underlying reference market and discontinuing 12-month SIBOR
- MAS announces that Singapore will undergo IMF Financial Sector Assessment Program (FSAP)
- MOF/MAS raise additional buyers stamp duty rates and tighten loan to value limits
- Changes to SFA and FAA regulations relating to capital markets products, product highlights sheets, fair and balanced advertisements and overseas investors exemption
- MAS proposes to revise misconduct reporting requirements and mandate reference checks for representatives of FIs
- MAS issues consultation paper on proposed regulations to enhance resolution regime for FIs in Singapore
- MAS revises insurance-related Notices and Guidelines to implement FAIR recommendation on additional disclosure requirements
- MAS highlights FATF Guidance on Counter Proliferation Financing
- SGX issues consultation paper on “Proposed Revision of the Financial and Capital Requirements on Bank and Remote Members”
- Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill passed in Parliament: Ensuring adequate protection for depositors and policy owners
- SGX to launch new FX solution with innovative flexible features
- MAS implements new framework for short selling disclosure and reporting with effect from 1 October 2018
- MAS issues two consultation papers on (i) new multi-tier regime for market operators, and (ii) shift to product notification regime for new derivative products
- MAS consults on proposed guidelines on (1) provision of financial advisory service, and (2) design of advisory and
- Partial commencement of changes to Monetary Authority of Singapore Act: New provisions on recovery and resolution planning in force from 5 June 2018
- Payment and Settlement Systems (Finality and Netting) Act amended with effect from 6 June 2018 to improve protection of payment and settlement systems
- MAS issues FAQs relating to product definitions and regulated activities under SFA and FAA pursuant to upcoming changes in the Securities and Futures (Amendment) Act 2017
- MAS highlights initiatives aimed at strengthening cybersecurity within financial sector
- The Banking Regulation Review (9th Ed, 2018): Singapore chapter
- MAS issues revised Notices 610 and 1003: Reducing duplicate data submissions for banks and merchant banks and removing DBU-ACU divide
- Securities and Futures (Clearing of Derivatives Contracts) Regulations 2018: MAS to require central clearing of OTC derivatives from 1 October 2018
- MAS consults on proposed Guidelines to strengthen individual accountability of senior managers in financial institutions
- Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill introduced in Parliament: Ensuring adequate protection for depositors and policy owners
- SFEMC publishes revised version of The Singapore Guide to Conduct and Market Practices for the Wholesale Financial Markets (The Blue Book)
- ACIP issues two best practice papers to guard against trade-based money laundering and misuse of company structures for illicit purposes
- MAS supports Wolfsberg Group initiative to improve banks’ access to cross-border financial services
- Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) Regulations 2016 amended with effect from 4 May 2018
- MinLaw invites proposals to pilot new business models for moneylending
- MAS seeks feedback on proposed regulatory capital treatment of banks’ holdings of total loss-absorbing capacity liabilities under MAS Notice 637
- MAS requires reporting of commodity and equity derivatives contracts with effect from 1 October 2018
- New MAS regulations safeguard against breaking up set-off and netting arrangements during partial transfer of business
- MAS consults on proposed guidelines to protect users of e-payments
- MAS consults on draft regulations on mandatory trading of OTC derivatives on organised markets
- MAS consults on measures to address risks posed by use of sign-on incentives in recruitment of FA representatives
- MAS highlights issuance of FATF Guidance on Private Sector Information Sharing and revision of FATF Interpretative Note to Recommendation 18
- MAS and CAD extend Joint Investigations Arrangement to cover all capital markets and financial advisory offences
- MAS encourages financial institutions to use technology to enhance customer on-boarding experience
- MAS revises Notices to banks, merchant banks and finance companies to incorporate changes in recognition and measurement of allowance of credit losses
- MAS seeks feedback on proposed revisions to regulatory framework for large exposures of Singapore-incorporated banks
- MAS revises MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore to introduce a minimum leverage ratio requirement of 3% from 1 January 2018
- MAS issues new and revised Notices to implement requirements for Singapore-incorporated banks in line with revised standards on Pillar 3 disclosures under Basel III framework
- MAS consults on proposal to widen scope of eligible collateral relating to commodities and equity securities in MAS Notice 637
- MAS issues revised Notice 652 on Net Stable Funding Ratio to delay implementation of required stable funding add-on for derivative liabilities
- Parliament passes Bill to amend Payment and Settlement Systems (Finality and Netting) Act to improve protection of payment and settlement systems
- MAS issues circular on new implementation date of 1 January 2019 for insurance returns
- MAS consults on proposed changes to anti-money laundering and countering of financing of terrorism requirements for money-changing and remittance businesses
- Getting the Deal Through: Private Banking & Wealth Management 2018 - Singapore chapter
- The Banking Regulation Review 2017: Singapore chapter