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Fintech / Regtech
Singapore, Korea Agree to Cooperate on Fintech
By Garima Chitkara | 19/07/2018
MAS and Korea’s FSC have signed an agreement to provide regulatory support to fintech firms from either country looking to expand in the other.
Securities / Derivatives
SGX to Roll Out Central Clearing for Bilateral OTC FX Derivatives
By Garima Chitkara | 16/07/2018
Singapore Exchange to launch trading solutions allowing privately negotiated OTC FX trades to be cleared like standard FX futures; launch set for 27 August encompassing five currency pairs, including USD/CNH.
AML / KYC
MAS Proposes Amendments to Misconduct Reporting Regime
By Garima Chitkara | 12/07/2018
Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.
Market Infrastructure
AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance
By Manesh Samtani | 09/07/2018
Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.
Capital / Liquidity
SGX Proposes Amendments to Boost Capital Efficiency for Members
By Manesh Samtani | 08/07/2018
Proposed amendments include removal of risk-based capital and net liquid capital requirements currently imposed on remote and bank members, among other changes.
Enforcement
MAS Reprimands Asset Manager for Late Regulatory Submissions
By Manesh Samtani | 08/07/2018
Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.
Fintech / Regtech
Japan’s Line Corp To Launch Crypto Exchange in Singapore
By Garima Chitkara | 02/07/2018
Cryptocurrency exchange will be launched outside Japan, with application with Japan FSA still pending; Line Corp looking to capitalise on user base for payments, transfers and asset management services.
Securities / Derivatives
SGX Introduces Dual Class Shares Structures
By Manesh Samtani | 28/06/2018
New rules on dual class shares will permit equal voting process on certain issues and cap multiple voting shares at 10 votes a share, with sunset clauses to auto-convert them to ordinary voting shares.
Fintech / Regtech
Singapore Accelerates Shift to Digital Economy
By Manesh Samtani | 21/06/2018
MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.
Securities / Derivatives
UPDATED – SGX Granted Extension for Continued India Derivatives Trading
By Manesh Samtani | 18/06/2018
SGX, NSE ordered to facilitate continued listing of SGX Nifty products for at least two successive contract months beyond arbitration; injunction preventing SGX from launching new successor products to remain in effect pending final outcome.
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