Francis Mok

Partner
Francis is Co-Head of the Financial Services Department at Allen & Gledhill, and Co-Head of the Firm’s Financial Regulatory and Compliance Practice. He specialises in regulatory issues, in particular, financial services and commodities regulations.
He regularly advises banks, securities, futures and derivatives dealers, exchanges and clearing houses, insurers, fund managers, fintech firms and payment services providers. His expertise also includes the structuring and documentation of derivatives transactions.
Francis is recognised as a Star Individual in both Chambers Global and Chambers Asia-Pacific for Banking & Finance: Regulatory. Chambers Asia-Pacific quotes an interviewee as saying: “He has the greatest reputation as a lawyer that I have ever seen; if you need advice, you start with Francis and then, if you have to, you look at other options.” Another client insists: “He is the first reliable port of call whether it's new or existing regulations. He is in a tier of his own, first among his peers, and his knowledge is always helpful.”
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 and for Capital Markets: Structured Finance, Derivatives and Securitisation. He is listed as a Global Elite Thought Leader for Banking - Regulatory by Who’s Who Legal.
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
- 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 revises Technology Risk Management Guidelines to combat heightened cyber risks
- MAS consults on draft standards for operational risk capital and leverage ratio requirements for Singapore-incorporated banks and issues response to feedback received on proposed implementation of final Basel III reforms
- MAS seeks feedback on proposed Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services
- Financial Regulatory Review H2 2020: Key Singapore financial regulatory developments
- Payment Services (Amendment) Bill passed in Parliament to mitigate money laundering and terrorist financing risks and to impose measures on digital payment token service providers
- MAS consults on proposed amendments to regulations, notices and guidelines arising from Banking (Amendment) Act 2020 and other changes
- MAS issues guidelines on environmental risk management for banks, insurers and asset managers
- SGX consults on default management process
- Industry Steering Committee announces timelines to cease issuance of SOR-linked financial products, publishes market guidance to support transition to SORA
- MAS steps up enforcement actions against market abuse and financial misconduct
- Bill introduced to amend Payment Services Act 2019 to address money laundering and terrorist financing risks posed by virtual asset service providers
- MAS seeks comments on requirements to strengthen FI’s non-face-to-face identity verification process
- MAS consults on proposed regulations and notices for licensed credit bureaus and approved members
- MAS consults on proposed amendments to capital requirements for locally incorporated recognised market operators
- Covid-19: MAS and financial industry extend loan repayment support for SMEs and individuals, ESG extends grants and financial support measures
- Banking Act amended to formalise supervisory requirements and strengthen regulation of banks and credit card and charge card licensees
- MAS enhances access to liquidity facilities to strengthen resilience of banking sector
- Steering Committee for SOR Transition to SORA outlines role of fallback rate arrangements for SOR derivatives
- MAS issues guidance paper on effective AML/CFT controls in private banking
- MAS seeks comments on draft notices on competency requirements for representatives conducting regulated activities under FAA and SFA
- MAS issues Notices and Guidelines on Best Execution requirements
- MAS issues guidelines on individual accountability and conduct to strengthen culture of responsibility and ethical behaviour in financial industry
- MAS issues circular on good practices for disclosure of actively managed funds
- MAS enhances Significantly Rooted Foreign Bank Framework
- MAS issues information paper on enhancing robustness of enterprise-wide risk assessment on money laundering and terrorism financing
- MAS commits S$250 million to accelerate innovation and technology adoption in financial sector
- MAS consults on new omnibus Act for financial sector
- New Insolvency, Restructuring and Dissolution Act 2018 effective from 30 July 2020
- MAS issues guidance paper on strengthening capital markets intermediaries’ oversight over AML/CFT outsourcing arrangements
- Financial Regulatory Review H1 2020: Key Singapore financial regulatory developments
- MAS consults on environmental risk management guidelines for financial institutions
- The Banking Regulation Review (11th Ed, 2020)
- MAS responds to feedback on proposals to revise current exemption framework for cross-border arrangements with foreign related corporations
- MAS allows payment token derivatives to be traded on approved exchanges from 18 May 2020
- Reporting of foreign exchange, equity and commodity derivatives contracts by finance companies and certain bank subsidiaries, insurers and capital markets services licence holders, and significant derivatives holders deferred to 1 October 2021
- Covid-19 financial support measures for financial institutions, SMEs and individuals
- MAS and ESMA sign MOU on Singapore’s financial benchmarks
- MinLaw consults on proposed prescribed eligible financial contracts to be exempted from restriction on operation of ipso facto clauses under the Insolvency, Restructuring and Dissolution Act
- The International Comparative Legal Guide to Public Investment Funds 2020
- MAS adjusts selected regulatory requirements and supervisory programmes to allow FIs to focus on Covid-19 related issues
- MAS clarifies application of LTV and TDSR rules following financial industry measures to support individuals and SMEs affected by Covid-19 pandemic
- MAS issues advisory to financial institutions on adopting safe distancing measures amid Covid-19 situation
- Bill to amend Banking Act passed to rationalise banking regulation and enhance prudential oversight
- MAS issues licensing guidelines and specimen forms in relation to Payment Services Act
- MAS consults on proposed amendments to Payment Services Act 2019 and scope of e-money and digital payment tokens
- MAS issues guidance to enhance banks’ operational controls in payments and electronic funds transfer operations
- MAS consults on proposed changes to regulate payment token derivatives traded on approved exchanges
- MAS issues Compliance Toolkit for approvals, notifications and other regulatory submissions
- Payment Services Act 2019 providing new framework for payment systems and payment service providers in force on 28 January 2020
- Bill to amend Banking Act introduced to rationalise banking regulation and enhance prudential oversight
- MAS consults on proposed changes to regulate payment token derivatives traded on approved exchanges
- 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 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 accepting applications for Singapore’s first digital bank licences open to non-bank players
- 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 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 issues consultation paper on “Requirements on Controls against Market Abuse”
- 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
- SGX consults on proposed enhancements to securities trading auction mechanism
- MAS issues Guidelines on Provision of Financial Advisory Service
- MAS issues guidance paper on “Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons”
- MAS extends digital bank licences to non-bank players
- MAS seeks feedback on notices and guidelines to be issued under Payment Services Act 2019
- 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
- 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
- Payment Services Bill passed to introduce new licensing regime and unify regulatory framework
- 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
- Exclusions from definition of “collective investment scheme” in SFA effective from 25 December 2018
- 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
- 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
- MAS releases new FEAT Principles to promote responsible use of artificial intelligence and data analytics
- MAS proposes creation of Sandbox Express
- ABS issues Guidelines for Cyber Security Exercises
- MAS issues MAS Notice 637 with changes relating to eligible collateral, interest rate risk in the banking book, and holdings of TLAC liabilities
- 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
- SGX consults on proposed introduction of “trade at close” functionality
- 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
- MAS issues Guidelines to facilitate provision of digital advisory services
- SFA revised to keep pace with market developments and align with international standards and best practices
- MAS sets out duties for FIs in “E-Payments User Protection Guidelines” effective 31 January 2019
- SFA amended to strengthen market misconduct enforcement regime
- 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 Response to feedback on Parts 3 and 4 of consultation paper on changes to SFA, FAA and TCA
- MAS announces that Singapore will undergo IMF Financial Sector Assessment Program (FSAP)
- MAS issues Guidelines on Liquidity Risk Management Practices for Fund Management Companies and revised CIS Code with changes for money market funds
- 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 revises insurance-related Notices and Guidelines to implement FAIR recommendation on additional disclosure requirements
- 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 issues consultation paper on proposed regulations to enhance resolution regime for FIs in Singapore
- MAS proposes to revise misconduct reporting requirements and mandate reference checks for representatives of FIs
- MAS highlights FATF Guidance on Counter Proliferation Financing
- Changes to SFA and FAA regulations relating to capital markets products, product highlights sheets, fair and balanced advertisements and overseas investors exemption
- MOF/MAS raise additional buyers stamp duty rates and tighten loan to value limits
- 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
- MAS implements new framework for short selling disclosure and reporting with effect from 1 October 2018
- 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)
- 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
- 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
- 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 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 consults on draft regulations on mandatory trading of OTC derivatives on organised markets
- MAS and CAD extend Joint Investigations Arrangement to cover all capital markets and financial advisory offences
- MAS consults on proposed guidelines to protect users of e-payments
- 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