APAC Monthly Newsletter, October 2021
Articles & Events Summary
Wishing all our clients and friends good health and prosperity. Happy Diwali from our team Argus Global!
MAS Regulatory Updates – Highlights
29 October 2021 – FAQs on the Exemption Frameworks for cross-border business arrangements of capital markets intermediaries involving foreign related corporations and foreign offices
Clarifications on the requirements under the exemption frameworks for cross-border business arrangements of capital markets intermediaries involving foreign related corporations and foreign offices.
To view the updated FAQ document, please click here.
28 October 2021 – MAS Notice 211 – Minimum and best practice training and competency standards for direct general insurers
Requirements and best practice standards for direct general insurers in relation to training and competency for their insurance agents and other relevant persons.
To view the updates to MAS Notice 211, please click here.
28 October 2021 – ID 16/21 amendments to MAS Notice 211
Informs insurers of the amendments to MAS Notice 211 – Minimum and best practice training and competency standards for direct general insurers.
To view the amendments to MAS Notice 211, please click here.
26 October 2021 – Exemptions issued under s337(2) SFA – 3Q2021
To view the exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 July 2021 to 30 September 2021, please click here.
22 October 2021 – Compliance toolkit for approvals, notifications and other regulatory submissions to MAS for Licensed and Exempt Trust Companies and approved CIS trustees
This compliance toolkit aims to provide guidance on:
- Applications to be submitted for approval from MAS; and
- Notifications and regulatory submissions to the MAS.
This compliance toolkit should serve as a useful guide to licensed trust companies, exempt trust companies (e.g. banks, law firms) and approved CIS trustees on the various approval and reporting requirements and timelines.
To view the updated compliance toolkit document, please click here.
15 October 2021 – Form 3A – Notification for appointment of an appointed representative
Form for licensed financial advisers, capital markets services licensees, banks, merchant banks, finance companies and insurers to notify MAS of the appointment of representatives.
To view the updated Form 3A, please click here.
12 October 2021 – FAQs on the licensing and registration of fund management companies
Provides guidance on the requirements and procedures to apply to be a fund management company and to appoint representatives to carry out fund management activities.
To view the updated FAQ document, please click here.
11 October 2021 – Guidelines on applications for approval of arrangements under Paragraph 9 of the third schedule to the Securities and Futures Act [SFA 04-G03]
Guidelines on how to qualify for and apply to have foreign related corporations carry out regulated activities under the Securities and Futures Act.
To view the updates to the guidelines, please click here.
11 October 2021 – Guidelines on applications for approval of arrangements under Paragraph 11 of the first schedule to the Financial Advisers Act [FAA-G06]
Guidelines on how to qualify for and apply to have foreign related corporations carry out regulated activities under the Financial Advisers Act.
To view the updates to the guidelines, please click here.
11 October 2021 – Form 23 – Notice of change of particulars by person exempted from holding a capital markets services licence to carry on business in advising on corporate finance
Form to be submitted by exempt corporate finance advisers to notify MAS of any change of their particulars within 14 days after the date of change.
To view the updated From 23, please click here.
08 October 2021 – Notice FAA-N25 to licensed financial advisers and specified exempt financial advisers in relation to cross-border arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for licensed financial advisers and specified exempt financial advisers on Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
To view the updates to Notice FAA-N25, please click here.
08 October 2021 – Notice FAA-N24 to specified financial advisers in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for licensed financial advisers and specified exempt financial advisers on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
To view the updates to Notice FAA-N24, please click here.
08 October 2021 – Notice FAA-N23 on requirements in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Requirements for licensed financial advisers and specified exempt financial advisers in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
To view the updates to Notice FAA-N23, please click here.
08 October 2021 – Notice SFA 04-N20 to specified licence holders and specified exempt persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
To view the updates to Notice FAA-N20, please click here.
08 October 2021 – Notice FAA-N22 on requirements in relation to Cross-Border Arrangements under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
Requirements for licensed financial advisers and specified exempt financial advisers in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
To view the updates to Notice FAA-N22, please click here.
08 October 2021 – Notice SFA 04-N19 to specified persons in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 on Prevention of Money Laundering and Countering the Financing of Terrorism
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs on anti-money laundering and countering the financing of terrorism (“AML/CFT”) in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
To view the updates to Notice SFA 04-N19, please click here.
08 October 2021 – Notice SFA 04-N18 on requirements in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs in relation to their cross-border arrangements with Foreign Offices (“FOs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
To view the updates to Notice SFA 04-N18, please click here.
08 October 2021 – Notice SFA 04-N17 on requirements in relation to Cross-Border Arrangements under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
Requirements for specified capital markets services licensees (“CMSLs”) and specified exempt CMSLs in relation to their cross-border arrangements with Foreign Related Corporations (“FRCs”) under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021.
To view the updates to Notice SFA 04-N17, please click here.
08 October 2021 – Form FR – Annual Declaration for Arrangements with Foreign Related Corporations and/or Foreign Offices notified under the Exemption Regulations
Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to submit their annual declaration for cross-border arrangements notified under the following Exemption Regulations:
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
This form must be submitted not later than five months from the end of the financial year.
To view the Form FR, please click here.
08 October 2021 – Form FC – Notification for Change in Particulars to Arrangements with Foreign Related Corporations and/or Foreign Offices notified under the Exemption Regulations
Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their change in particulars to cross-border arrangements notified under the following Exemption Regulations:
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021;
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021;
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
This form must be submitted not later than 14 days after the date of the change.
To view the Form FC, please click here.
08 October 2021 – Form FN – Notification for Arrangements with Foreign Related Corporations and/or Foreign Offices under the Exemption Regulations
Form for specified capital markets services licensees (“CMSLs”), specified exempt CMSLs, licensed financial advisers and specified exempt financial advisers to notify MAS of their cross-border arrangements with Foreign Related Corporations or Foreign Offices under the following Exemption Regulations:
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021
- Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
- Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021.
This form must be submitted not later than 14 days after the date of commencement of qualifying business under the Exemption Regulations.
To view the Form FN, please click here.
08 October 2021 – Guidelines on Licence Applications, Representative Notification and Payment of Fees [CMG-G01]
Guidelines on procedures to apply for a Capital Markets Services or Financial Advisory licence, appoint representatives and pay fees.
To view the updates to the guidelines, please click here.
08 October 2021 – Form 1 – Application for a Financial Adviser’s Licence
Form for entities to apply for a financial adviser’s licence.
To view the updated Form 1, please click here.
08 October 2021 – Criteria for the Registration of an Insurance Broker [IA/II-G04]
Guidelines on the criteria and procedures for registration as an insurance broker.
To view the updates to the guidelines, please click here.
07 October 2021 – Acceptance of Offer of Composition made by the Monetary Authority of Singapore under the Trust Companies Act
Form for a person who has committed an offence to accept an offer of composition by MAS under the Trust Companies Act.
To view the document, please click here.
07 October 2021 – Guidelines on Licence Application and Payment of Fees [TCA-G01]
How to apply for a trust business licence and pay fees.
To view the updates to the Guidelines, please click here.
07 October 2021 – Form 1 – Application for a trust business licence under Section 4
Form for entities to apply for a trust business licence under the Trust Companies Act.
To view the updated Form 1, please click here.
07 October 2021 – Form 1 – Application for a Capital Markets Services Licence (Other than for a Fund Management Company)
Form for entities (other than fund management companies) to apply for a capital markets services licence to conduct regulated activities under the Securities and Futures Act. Fund management companies should submit Form 1A, 1V or 22A, depending the type and scope of their fund management activities.
To view the updated Form 1, please click here.
07 October 2021 – Form 3 – Application for Approval to Act as a Trustee for Collective Investment Schemes under Section 289(1)
Form for entities applying to be a trustee for an authorised collective investment scheme.
To view the updated Form 3, please click here.
04 October 2021 – Form 1B – Application for Recognition as a Foreign Recognised Market Operator
Markets – Form 1B Application for recognition as a foreign recognised market operator.
To view the updated Form 1B, please click here.
04 October 2021 – Form 1 – Application for Trade Repository Licence or Foreign Trade Repository Licence
Trade Repositories – Form 1 Application for Trade Repository Licence or Foreign Trade Repository Licence.
To view the updated Form 1, please click here.
04 October 2021 – Form 1 – Application for Approval as an Approved Holding Company
Approved Holding Company – Form 1 Application for Approval as an Approved Holding Company.
To view the updated Form 1, please click here.
04 October 2021 – Form 1A – Application for Approval as an Approved Exchange or Recognition as a Singapore-Incorporated Recognised Market Operator
Markets – Form 1A Application for approval as an approved exchange or recognition as a Singapore-incorporated recognised market operator.
To view the updated Form 1A, please click here.
01 October 2021 – Consultation Paper on the FI-FI Information Sharing Platform for AML/CFT
This consultation paper seeks views on the introduction of a regulatory framework and secure digital platform for financial institutions to share risk information with each other to prevent money laundering, terrorism financing, and proliferation financing.
To view the consultation paper, please click here.
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