Regulatory Compliance Updates October 2023 – APAC Region
31 October 2023 – Modification to the acceptable index requirements and the benchmark limits under the Code on Collective Investment Schemes
This circular modifies the threshold for a sufficiently diversified index under Appendix 5 of the Code on Collective Investment Schemes and the investment limits for an Index Fund.
To view the circular, please click here.
24 October 2023 – Consultation paper on repeal of regulatory regime for Registered Fund Management Companies
This consultation paper seeks feedback on the proposed transitional arrangements for existing Registered Fund Management Companies (“RFMCs”) that intend to continue operating fund management businesses following the repeal of the regulatory regime for RFMCs.
To view the consultation paper, please click here.
19 October 2023 – MAS bans four former representatives and one other individual for unlawful sub-agency activities
MAS has issued prohibition orders against five persons for engaging in unlawful sub-agency activities, where appointed representatives had arrangements with unlicensed individuals to perform financial advisory services on their behalf.
To view the enforcement action, please click here.
18 October 2023 – Consultation paper on proposed guidelines on transition planning for asset managers
This consultation sets out MAS’ proposed guidelines on transition planning for all fund management companies and real estate investment trust managers. The guidelines set out the expectation for these financial institutions to have a sound transition planning process to enable effective climate change mitigation and adaptation measures by their investee companies in the global transition to a net zero economy and the expected physical effects of climate change.
To view the consultation paper, please click here.
16 October 2023 – MAS issues Prohibition Orders against Ms Quek Puay Yi, Patricia and Ms Huang Hsin Tian Silver for cheating
The Monetary Authority of Singapore (MAS) has issued 5-year Prohibition Orders (POs) against Ms Quek Puay Yi, Patricia, a former representative of AIA Singapore Private Limited, and Ms Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services Pte Ltd. The POs were issued following their convictions in the State Courts for cheating offences.
To view the enforcement action, please click here.
12 October 2023 – Strengthening liquidity risk management practices for fund management companies
This information paper sets out MAS’ supervisory expectations of effective liquidity risk management (LRM) frameworks and practices and includes key findings from the thematic liquidity inspections and review of prospectuses, which focused on collective investment schemes (CIS) offered to retail investors.
To view the information paper, please click here.
9 October 2023 – CFC 03/2022 Guidance on requirements that are applicable to Exchange Traded Funds participating in the SZSE-SGX and SSE-SGX ETF Links
This circular provides guidance on the requirements that are applicable to a Singapore-constituted feeder ETF which intends to participate in the SZSE-SGX and SSE-SGX ETF Links. The revised circular dated 9 October 2023 supersedes the previous version that was published on 30 September 2022.
To view the circular, please click here.
2 October 2023 – Incident Reporting Template
MAS has provided a template for financial institutions to report incidents, including incidents relating to IT systems, cyber attacks, information loss and liquidity.
To view the incident reporting template, please click here.