Regulatory Compliance Updates September 2023 – APAC Region
28 September 2023 – Consultation Paper on Draft Notices on the Competency Requirements for Representatives Conducting Regulated Activities under the Financial Advisers Act and Securities and Futures Act
The results of the consultation paper on the draft notices on the competency requirements for representatives conducting regulated activities under the Financial Advisers Act and Securities and Futures Act.
To view the consultation paper, please click here.
28 September 2023 – Notice SFA 04-N09 Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services licence and Exempt Financial Institutions under the SFA
This notice concerns how to qualify to be a representative, or appoint a representative, to conduct regulated activities under the Securities and Futures Act (SFA)
To view the notice, please click here.
28 September 2023 – Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers
This notice details the eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements.
To view the notice, please click here.
25 September 2023 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Insurance Brokers
This compliance toolkit is designed to guide and facilitate insurance brokers’ compliance with the various MAS approval and reporting requirements and timelines.
To view the toolkit, please click here.
25 September 2023 – FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines
This document provides guidance to financial advisers on the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.
To view the guidance, please click here.
21 September 2023 – Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers
This compliance toolkit is designed to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines.
To view the toolkit, please click here.
14 September 2023 – MAS issues Prohibition Orders against Three Arrows Capital’s Zhu Su and Kyle Livingston Davies
MAS has issued nine-year prohibition orders (POs) against Mr Zhu Su and Mr Kyle Livingston Davies for contraventions of the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). Mr Zhu was the Chief Executive Officer and Director of Three Arrows Capital Pte Ltd (TACPL), while Mr Davies was the Chairman and Director.
To view the enforcement action, please click here.
13 September 2023 – FAQs on Licensing and Business Conduct (Other than for Fund Management Companies)
This document provides guidance on:
- the scope of capital markets services licensing (other than for fund management companies)
- the appointment of representatives
- business conduct rules
- the application of the SFA and SF(LCB)R to banks, merchant banks, finance companies and insurers.
To view the guidance, please click here.
5 September 2023 – MAS Bans Mr Ng Chong Hwa for Life
MAS has issued lifetime prohibition orders (POs) against Mr Ng Chong Hwa, also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore) Pte. The POs were issued following Mr Ng’s conviction in the United States for conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB), and violation of the United States’ Foreign Corrupt Practices Act (FCPA).
To view the enforcement action, please click here.