Financial Services Bulletin February 2019
26 February 2019
Banking
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
Capital Markets
Corporate / M&A
Singapore regulators clarify take-over rules for dual class share companies
Financial Regulatory
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
Public Policy
Tax
Budget 2019: Summary of key tax changes
White Collar & Investigations
Criminal Law Reform Bill introduced to reform Penal Code in various areas including corporate crime
Bill passed to introduce AML/CFT regime for precious stones and precious metals dealers
General
IMDA consults on Internet of Things (IoT) Cybersecurity Guide
New multi-year roadmap for telecom industry to secure Singapore’s connectivity infrastructure
Stricter rules on collection, use or disclosure of NRIC numbers from 1 September 2019
Regional News
Malaysia
Securities Commission introduces framework to facilitate trading of digital assets in Malaysia
Bank Negara Malaysia issues policy document on investment-linked business
Myanmar
Myanmar passes Trademark Law and Industrial Design Law
Central Bank of Myanmar issues Subordinated Debt Directive
Publications
Practical Law Cross-border Commercial Transactions - Sponsorship: Singapore Q&A
Practical Law FinTech Global Guide: Singapore Q&A
International Comparative Legal Guide to Public Procurement 2019: Singapore chapter
Deals
Issue of S$1.5 billion notes by Land Transport Authority of Singapore