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- Media Releases
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- Singapore, 18 January 2013… The Monetary Authority of Singapore (MAS) has taken civil penalty enforcement action against Mr Lee Hon Sun for contravening Section 201(b) of the Securities and Futures Act (SFA), which prohibits the employment of manipulative and deceptive devices in connection with the
- a civil penalty of $50,000, without court action. 4 The matter was referred to MAS by Singapore Exchange Securities Trading Ltd
- Securities Pte Ltd (PSPL) for the purpose of allowing a third party to trade and had deceived PSPL that the account was opened and operated for his benefit when the beneficial owner of the account was in fact the third party. 3 Mr Lee has admitted to contravening Section 201(b) of the SFA and paid MAS
- MAS
- Media Releases
Last revised date:
- Singapore, 12 December 2022… The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) enhanced their close ties and welcomed further exchanges to advance supervisory cooperation at the 12th bilateral roundtable held on 2 December 2022. 2 The meeting,
- Both regulators have also agreed to deepen cooperation in topical areas such as green finance and supervisory technology. 3 Ms Ho said, “MAS and the CBIRC have been holding this regular roundtable since 2006.
- co-chaired by MAS' Deputy Managing Director (Financial Supervision), Ms Ho Hern Shin, and CBIRC’s Vice Chairman, Mr Zhou Liang, discussed the recent regulatory and supervisory developments in the banking and insurance sectors.
- MAS
- Consultations
Last revised date:
- Industry players may submit written comments on the proposal through the following means: Email: rbcgeneral@mas.gov.sg Normal mail: Please mail to Monetary Authority of Singapore Insurance Supervision Department MAS Building 10 Shenton Way Singapore 079119
- As MAS202 classifies the lines of business according to the format in Form 7 in the MAS returns, the analysis is confined to this classification.
- Guidelines for the permitted use of derivatives are set out in MAS Notice 104 on Investment of Singapore Insurance Fund Assets (4 Dec 2001).
- MAS
- Media Releases
Last revised date:
- With the investors' interest is mind, MAS would like to urge investors to consider the points carefully before taking their case to FIDReC.
- SIAS has put out its advisory following discussions with MAS. (Click here to view SIAS' advisory) The advice is well thought through and will be helpful to investors.
- MAS welcomes the initiative from the Securities Investors Association Singapore (SIAS) to advise investors on some of the key points they should consider when they hear back from their financial institution (FI) as to the outcome of their complaint on their purchase of Lehman Minibond Notes, DBS High
- MAS
- Media Releases
Last revised date:
- Singapore, 25 October 2013 …MAS has revoked the remittance licences of BTI Money Transfer Pte Ltd and OFW Remittance Services Pte Ltd with effect from 23 September 2013. 2 Both companies failed to comply with requirements in the Money-Changing and Remittance Businesses Act (Cap. 187), Monetary Authority
- for money laundering and terrorist financing. 4 Over the last three years, MAS has revoked the licences of six money changers and remittance companies for similar breaches.
- of Singapore Act (Cap. 186) and their corresponding Notices, including Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. 3 MAS takes a serious view of such breaches as weak AML/CFT framework and control systems could result in licensees being used as a conduit
- MAS
- Parliamentary Replies
Last revised date:
- It is therefore not possible to determine the proportion of cryptocurrency holdings that the public has obtained through MAS-licensed DPT service providers. 2. MAS has continued to reiterate its warnings that retail investors should not trade in cryptocurrencies.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1. Data on the total cryptocurrency holdings of the Singapore public are not available, as these involve transactions with both Singapore-based and overseas service providers.
- WRITTEN ANSWER Date: For Parliament Sitting on 12 September 2022 Name and Constituency of Member of Parliament Mr Derrick Goh, MP, Nee Soon GRC Question : To ask the Prime Minister what is the current percentage of the public’s retail exposure to digital payment token service providers licensed by MAS
- MAS
- Parliamentary Replies
Last revised date:
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1.
- The consultation period closed on 21 December 2022, and MAS received substantial feedback from a wide range of respondents. MAS is currently reviewing the feedback received, and intends to publish our response to the consultation feedback by mid-2023. * * *
- We thank Mr Choo for his interest in the consultation papers that MAS published, which proposed regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to require stablecoin issuers to maintain a high degree of value stability. 2.
- MAS
- Consultations
Last revised date:
- (Amendment) Act 2009. 3 on the draft Regulations to: MAS invites interested parties to provide their comments and feedback Market Conduct Policy Division Capital Markets Department Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079117 Email: SF_FA_Regs@mas.gov.sg Fax: (65
- MAS will separately inform market operators of the details of these periodic reports.
- HENG SWEE KEAT Managing Director, Monetary Authority of Singapore. [CMI 09/2008; AGC file ref. ]
- MAS
- Enforcement Actions
Last revised date:
- policies with various Singapore registered insurers from 2010 to 2013, without being registered by MAS as a general reinsurance broker. 4 Aon has confirmed to MAS that it has put in place policies and procedures to prevent future recurrence of a similar contravention.
- 1 On 26 September 2014, MAS reprimanded Aon Singapore Pte Ltd (“Aon”), a registered direct insurance broker under the IA, for contravention of section 35W of the IA. 2 Section 35W of the IA states that no person shall carry on business as any type of insurance broker in Singapore unless
- the person is registered by MAS as that type of insurance broker or exempted from registration under section 35ZN of the IA. 3 Aon had contravened section 35W of the IA as it had carried on business as a general reinsurance broker by acting as agent for an overseas insurer by placing four reinsurance
- MAS
- Media Releases
Last revised date:
- In addition, MAS has ensured equal tax, regulatory and liquidity treatment of the Singapore dollar sukuk with Singapore Government Securities, effective immediately.
- The Guidelines consolidate the various regulations and clarifications which MAS has issued, and offers specific information on the regulatory treatment of various Islamic structures.
- Singapore, 7 May 2009...At the 6th Islamic Financial Services Board (IFSB) Summit today, MAS announced that it has issued a set of Guidelines on the Application of Banking Regulations to Islamic Banking.