Singapore’s financial regulator steps up enforcement
The Monetary Authority of Singapore (MAS) has announced plans to set up a new department to centralise and strengthen its enforcement capabilities.
MAS
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Singapore regulator orders BSI Bank shut down
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.
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Singapore regulator stops operations of fund house
The Monetary Authority of Singapore said V Wealth Capital Pte can no longer conduct its fund management business in Singapore after failing to comply with a number of rules.
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Singapore opens up corporate bonds to retail investors
Corporate bond issuers in Singapore will find it easier and cheaper to tap into the retail market after the country’s monetary authority (MAS) introduced two new regulations that will open up corporate bond offerings to retail investors.
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Singapore plans regulation to attract domiciled funds
The Monetary Authority of Singapore (MAS) is considering a new regulatory structure to accommodate open-ended investment companies (Oeics) in a bid to encourage more asset managers to domicile funds in the city-state.
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Singapore can still be a honeypot, says Globaleye’s Murphy
Despite an exodus of life companies and increasing oversight, Globaleye’s Byron Murphy says Singapore, in offering high-quality advice, remains a honeypot for IFAs.
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Life industry responds to Singapore commission cap delay
The Monetary Authority of Singapore has delayed the 55% cap on commission financial advisers receive from the sale of life insurance policies a year after the industry asked for more time to implement the changes.
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Generali: Life firms should be responsible for product understanding
Life companies in Singapore should be responsible for ensuring advisers have a clear understanding of products and how they meet customers’ needs, Generali International’s head of sales has said in response to a fresh review by the Monetary Authority of Singapore.
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Singapore kick-starts cross-border initiatives with China
Singapore is set to kick off a number of initiatives which aim to bolster financial cooperation with China, including doubling the city state’s renminbi qualified foreign institutional investor (RQFII) quota.
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Singapore reviews onus of IFA conduct over insurance sales
Singapore’s financial regulator is examining whether advisers or life companies are responsible for the training, competency and conduct of intermediaries selling insurance.
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Singapore U-turns on fund passport regime due to unfair tax rule
The Monetary Authority of Singapore said it backed out of a fund passport initiative because the legislation failed to address inequalities in the tax treatment of local and foreign investors.
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Investors can opt-in to Singapore safeguards under new rules
Wealthy Singapore investors will be able to choose their own level of regulatory protection when new rules come into force next year.