APAC Monthly Newsletter, July 2021 - Waystone

      APAC Monthly Newsletter, July 2021

       

      Industry News

       

      13 July 2021 – Consultation paper on the proposed new AML/CFT Notice for precious stones and precious metals activities and updates to AML/CFT notices

      The Monetary Authority of Singapore (“MAS”) released a consultation paper on 9 July 2021 inviting the public to comment on proposals to impose new anti-money laundering and countering the financing of terrorism (“AML/CFT”) measures for financial institutions who conduct operations and business activities in precious stones, precious metals, precious products.

      To read the full article, please click here.

       

       

      7 July 2021 – Family offices and the Variable Capital Company (VCC)

      The Monetary Authority of Singapore (MAS) has introduced an alternative fund framework, the Variable Capital Company (VCC), to encourage more funds to be domiciled in Singapore and enhance the jurisdiction’s value as an international fund management centre.

      To view the form, please click here.

       

       

      MAS Regulatory Updates – Highlights

       

      26 July 2021 – Exemptions issued under s337(2) SFA – 2Q2021

      View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 April 2021 to 30 June 2021.

      To view the document, please click here.

       

      16 July 2021 – FATF Guidance on Proliferation Financing Risk Assessment and Mitigation

      On 29 June 2021, the Financial Action Task Force (FATF) published the “Guidance on Proliferation Financing Risk Assessment and Mitigation” (FATF Guidance).

      The FATF recently revised its Standards to require countries, financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to identify, assess, understand and mitigate their proliferation financing (PF) risks. The FATF Guidance will help countries, FIs and DNFBPs to effectively implement these new FATF requirements introduced in October 2020 by explaining how they should conduct PF risk assessments and how they can mitigate the PF risks they identify..

      The FATF Guidance can be found at the FATF website.

       

      14 July 2021 – ID 12/21 Updates and FAQs on Supervisory Expectations for Benchmarks Transition

      To provide insurers with updates and FAQs on supervisory expectations for benchmark transition.

      To view the updates and FAQs, please click here.

       

      12 July 2021 – Notice 1117 Collection of Statistical Returns for Renminbi Business Activities [Cancelled with effect from 1 July 2021]

      Requirements, templates and instructions for all merchant banks when submitting statistical returns for Renminbi business activities.

      To view the cancelled notice, please click here.

       

      09 July 2021 – Consultation Paper on Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT Notices

      This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.

      To view the consultation paper, please click here.

       

      02 July 2021 – PSN01AA Prevention of Money Laundering and Countering the Financing of Terrorism – Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019

      Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders

      To view the revised notice, please click here.

       

      02 July 2021 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Fund Managers

      This Compliance Toolkit aims to guide and facilitate licensed fund management companies, registered fund management companies, venture capital fund managers’ compliance with the various MAS approval and reporting requirements and timelines.

      To view the revised compliance toolkits for each, please click here.

       

      01 July 2021 – Directive 5 Provision for Bad and Doubtful Debts [Cancelled]

      Requirement for all merchant banks to maintain adequate provisions for bad and doubtful debts.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 14 Action by the Authority if a Merchant Bank is Unable to Meet Obligations etc or is Conducting Business to the Detriment of Depositors [Cancelled]

      Sets out MAS powers if a merchant bank is unable to meet its obligations, insolvent, or suspend payments, or if MAS determines that it is conducting business to the detriment of depositors.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 13 Auditing [Cancelled]

      Requirements for merchant banks on the annual appointment of auditors.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 11 Inspection and Investigation of Merchant Banks [Cancelled]

      Sets out MAS’ inspection powers on all merchant banks.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 17 Declaration of Bank Holidays [Cancelled]

      Requirement for merchant banks to seek MAS’ approval to do business on a bank holiday.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 6 Information to be Furnished by Merchant Banks [Cancelled]

      Requirements for merchant banks to furnish information to MAS.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 16 Power of the Authority to Aggregate the Assets or Liabilities of a Merchant Bank with its Related Corporations [Cancelled]

      Sets out MAS’ powers to require a merchant bank to aggregate their assets or liabilities with related corporations.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 15 Operation of an Asian Currency Unit [Cancelled]

      Requirement for merchant banks to obtain MAS’ approval for the operation of an Asian Currency Unit.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 7 Credit Facilities to Directors, Related Corporations, etc [Cancelled]

      Requirements for merchant banks to submit a monthly statement on the credit facilities granted to their related parties.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 33 Financial Statements [Cancelled]

      Covers minimum information requirements in relation to a merchant bank’s financial statements.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 20 Disqualification of Directors and Employees of Merchant Banks [Cancelled]

      Requirement for disqualified directors and employees of all merchant banks to seek MAS’ written consent to continue their appointment or employment in the merchant bank.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 2 Changes in Shareholders [Cancelled]

      Requirements for all merchant banks to seek MAS’ approval for changes in shareholder.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 22 Indemnity [Cancelled]

      Sets out the indemnity given to any public officer, any person appointed under Directive 14(2) to advise a merchant bank in the proper conduct of business, or any person who has assumed control of the merchant bank’s business pursuant to Directive 14(2).

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 1 Minimum Capital Requirement [Cancelled]

      Sets out the minimum paid-up capital and minimum capital funds of a merchant bank.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 8 Credit Facilities and Limits [Cancelled]

      Requirements for merchant banks when granting credit facilities to their related parties.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 10 Acquisition of Shares in Companies [Cancelled]

      Requirements for merchant banks when acquiring an interest exceeding 20% of the share capital of any company.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 4 Amendment of Merchant Bank’s Constitution [Cancelled]

      Requirement for all merchant banks to inform MAS prior to any amendments of its constitution.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 3 Place of Business [Cancelled]

      Requirements for merchant banks on setting up or relocating a place of business.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 24 Definitions [Cancelled]

      Sets out the definition to various terms in Directives 23 to 32.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 31 Trust Accounts [Cancelled]

      Requirements for dealers on the treatment of client assets in Government Securities transactions.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 21 General Penalty [Cancelled]

      Sets out the financial penalty payable by a merchant bank for any non-compliance with MAS’ directions or conditions of approval.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 18 Offences by Directors and Chief Executives of Merchant Banks [Cancelled]

      Requirement for directors and chief executives of all merchant banks to take all reasonable steps to secure compliance with MAS regulations and accuracy of statements submitted to MAS.

      To view the cancelled directive, please click here.

       

      01 July 2021 – Directive 19 Offences by Directors, Employees and Agents [Cancelled]

      Requirement for directors, employees and agents of all merchant banks to not wilfully make a false entry, omit to make an entry, or alter, conceal or destroy an entry in any books, statements or records of the merchant bank.

      To view the cancelled directive, please click here.

       


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