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Stephanie Magnus

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Stephanie Magnus co-heads the Asia Pacific Financial Institutions Group and heads up the Financial Services Regulatory Practice Group in Singapore. Stephanie is ranked Band 1 for FinTech in Singapore by Chambers FinTech 2020. She is also ranked as a Leading Individual for Financial Services Regulatory: Local Firms in Singapore by Legal 500 Asia Pacific 2020. She is recognised as a leading lawyer for Banking & Finance: Regulatory in Singapore by Chambers Asia Pacific and Chambers Global 2020. Stephanie was quoted in Chambers Asia Pacific for her "timely, practical and business-oriented" advice, with a "deep understanding of the regulatory regime." She is also recognised as "very business-savvy and brilliant every time," and is admired for her "very strong grasp of the legal issues from both a technical and practical perspective."

On 28 March 2024, the Monetary Authority of Singapore (MAS) issued a response paper to feedback received on the repeal of the regulatory regime for registered fund management companies (RFMC).

MAS targets to repeal the RFMC regime on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after this date must apply to be a licensed fund management company restricted to serving accredited and institutional investors.

Excerpt: This update focuses particularly on the expansion of scope to domestic money transfer services, cross-border money transfer services and digital payment token services, and examines who are the persons affected by such expansion, as well as what needs to be done by such affected persons in order to benefit from transitional arrangements and continue operations.

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 (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.