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- Media Releases
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- Singapore, 24 July 2018… The Monetary Authority of Singapore (MAS) has issued 4-year prohibition orders against Ms Chan Seet Fun for the misappropriation of client monies. 2 The orders prohibit Ms Chan from providing any financial advisory service and taking part in the management, acting as a director
- Where warranted, MAS will not hesitate to bar from the industry representatives who betray the trust of their clients.” Background of the case 4 Ms Chan was a former representative of The Great Eastern Life Assurance Company Limited (GE).
- Ms Chan is also prohibited from carrying on business as, and taking part in the management of, any insurance intermediary under the Insurance Act. 3 Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “The financial advisory industry must be built on a bedrock of trust and
- MAS
- Letters to Editor
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- Bey Mui Leng Director (Communications) Monetary Authority of Singapore
- 7 November 2014 The Editor ST Forum Dear Editor The Monetary Authority of Singapore (MAS) agrees with Mr Sohindar M. Singh that individuals who already have difficulties repaying their existing credit card debt should be helped to avoid getting into further debt problems.
- However, MAS expects FIs to reach out actively to borrowers who have accumulated high levels of debts to work out reasonable repayment plans to reduce their debt burdens.
- MAS
- Letters to Editor
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- Bey Mui Leng Director (Communications) Monetary Authority of Singapore
- MAS will also work with MoneySENSE, the national financial education programme, to help consumers better understand their responsibility to make complete and truthful declarations. MAS will monitor the impact of DPPs on the industry and how they affect life insurance premiums over time.
- MAS is also working closely with insurers to help Singaporeans make prudent decisions. Online calculators will be provided to help consumers ascertain their protection needs and premium affordability.
- MAS
- Media Releases
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- Singapore, 20 March 2023… The Monetary Authority of Singapore (MAS) said today that Credit Suisse Group AG (CS) will continue operating in Singapore with no interruptions or restrictions, following the announced takeover by UBS Group AG (UBS).
- MAS will remain in close contact with FINMA, CS and UBS as the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment. 4.
- MAS has been in close touch with the Swiss Financial Market Supervisory Authority (FINMA) Parent supervisory authority of Credit Suisse Group AG and UBS Group AG. and was briefed by FINMA earlier today on the details of the takeover.
- MAS
- Media Releases
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- Singapore, 2 December 2004...The Monetary Authority of Singapore (MAS) today launched the 2005 Year of Rooster Almanac coin.
- Issue price: $38.70 (GST inclusive). e) $25 Silver Proof Coin Minted in 5 troy ounce of 999 fine silver, this is the largest coin issued by MAS. Very low mintage of 250 pieces.
- , $1 and a 8-sided scallop-edged $5 coin with a latent image of the year-date "2005" and the MAS logo. The set is presented in an attractive Hongbao pack featuring the Lunar Rooster and peonies, which symbolise happiness and good fortune.
- MAS
- Media Releases
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- The Monetary Authority of Singapore (MAS) is pleased to announce the issue of the 2003 Year of the Goat coins and the Uncirculated Coin Set (5-cent to $5) on 3 January 2003. For the very first time, MAS will be issuing Singapore's smallest and largest gold coin.
- The obverse of the ingot carries the certification by MAS. The gold coin in the 3-coin set is engraved with a serial number matching that of the accompanying certificate of authenticity. The mintage is limited to 2,000 sets and the issue price is $1,618.00 (inclusive of 3% GST).
- The price of this Lunar Pack is $38 (inclusive of 3% GST) with a mintage of 10,000 sets only. 2003 Uncirculated Coin Set (5c to $5) 5 The uncirculated coin set consists of 5c, 10c, 20c, 50c, $1 denominations and a scallop-edged $5 coin which features a latent image of the year-date '2003' and the MAS
- MAS
- Media Releases
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- The Monetary Authority of Singapore (MAS) today issued proposed guidelines on sound risk management practices.
- MAS encourages institutions to consider and adopt the principles set out here and in other applicable guidelines such as the "Framework for Internal Control Systems in Banking Organisations" and "Customer Due Diligence for Banks" issued by the Bank for International Settlements.
- facets, three key pillars are emphasised: adequate Board and senior management oversight; sound risk management policies and operating procedures; and strong risk measurement, monitoring and control capabilities which are commensurate with the risk taken. 4 The proposed guidelines are available on MAS
- MAS
- Media Releases
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- MAS will enhance the GEMS scheme to expand the scope of support for the Listing grant and Research Talent Development grant: a. Listing grant MAS will increase the co-funding of listing expenses for all companies.
- More details on the GEMS grant scheme can be found in the infographic in Annex B and on MAS website.
- Research Talent Development grant MAS will increase the funding for experienced professionals to S$6,000 per month, and the funding duration for experienced professionals who are Singapore citizen to two years3.
- MAS
- Speeches
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- (FAA) which are aimed at • enhancing MAS’ supervisory oversight of capital markets services and financial advisers’ license holders; • increasing the responsiveness of MAS’ regulatory framework to market innovation. 9 MAS had also introduced a set of risk management guidelines earlier, which highlighted
- As an integrated financial services sector regulator, MAS also continually reviews existing regulations to ensure that they remain relevant to market developments. 8 For example, MAS has just completed a final phase of amendments to the Securities and Futures Act (SFA) and the Financial Advisor Act
- In consultation with industry, MAS initiated the Financial Sector Manpower Conversion Scheme in 2004 to help re-channel manpower quickly to new growth areas in the financial sector.
- MAS
- FAQs
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- If in doubt, MAS expects industry practitioners to seek independent legal opinion, to ensure that they continue to satisfy all legal and regulatory requirements.
- Q4: Does the fund manager need to inform MAS and existing participants at least one month before any significant change takes place? A4: Yes, this is required under Chapter 3.2(d) of the CIS Code.
- Q5: Does a fund manager need prior approval from MAS before moving Singapore-based investment advisory and/or management functions to related companies overseas, for temporary business continuity purposes?