On 12 December 2023, the Monetary Authority of Singapore announced that it will proceed with the proposal to require financial institutions to conduct and respond to reference checks. The reference check requirements have been introduced following the MAS’ June 2021 public consultation on proposals to mandate reference checks.
On 18 October 2023, the Monetary Authority of Singapore issued a set of consultation papers proposing guidelines on transition planning by banks, insurers and asset managers to enable the global transition to a net-zero economy.
On 18 October 2023, the Monetary Authority of Singapore (MAS) issued a set of consultation papers proposing guidelines on transition planning by banks, insurers and asset managers (“TP Guidelines”) to enable the global transition to a net-zero economy. The TP Guidelines set out MAS’ supervisory expectations for the in-scope financial institutions to have a sound transition-planning process to enable their customers and investee companies to take effective climate change mitigation and adaptation measures when dealing with the global transition to a net-zero economy and the expected physical effects of climate change.
On 15 August 2023, the Monetary Authority of Singapore (MAS) announced the features of a new regulatory framework for single-currency stablecoins (SCS) that are issued in Singapore and pegged to the Singapore dollar or Group of Ten currencies. The framework takes into account the feedback that the MAS received following a public consultation paper published in October 2022, and the MAS has issued response to feedback on the same.
On 31 July 2023, the Monetary Authority of Singapore (MAS) published a Consultation Paper setting out a proposed regulatory framework for Single Family Offices (SFOs) in Singapore. The new measures under this proposed framework allows MAS to enhance its surveillance and defense against money laundering risks within the SFO sector.
On 3 July 2023, the Monetary Authority of Singapore announced new investor protection measures for Digital Payment Token service providers. These measures are introduced following the MAS’s October 2022 public consultation on proposed regulatory measures to enhance investor protection and market integrity in Digital Payment Token services.
On 8 May 2023, the Monetary Authority of Singapore (MAS) issued Consultation Paper P004-2023 proposing changes to subsidiary legislation to address, among others, the regulatory requirements applicable to payment services that will soon become licensable under the Singapore Payment Services Act 2019.
Singapore High Court in Rio Christofle v Malcolm Tan Chun Chuen [2023] SGHC 66 concludes that the bona fide buying and selling of cryptocurrency without a licence or exemption is not to be a contravention of licensing provisions where there is no “carrying on a business of providing any type of payment service”. Three indicia suggest that a person is carrying on a business of providing a payment service: (1) whether profit has been made; (2) the number of transactions in question; and (3) whether the person is acting as an intermediary.
The Monetary Authority of Singapore issued the Notice on Business Conduct Requirements for Corporate Finance Advisers on 23 February 2023. This comes around 14 months after the MAS issued the Consultation Paper P020-2021 which proposed to introduce regulatory requirements on the conduct of due diligence by corporate finance advisers, strengthen public confidence and promote informed decision making by investors through quality disclosures.
The Monetary Authority of Singapore has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licensed digital payment token service providers licensed under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licensing while their license applications are being reviewed.