Definition of “business trust”
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A business trust is a business enterprise structured as a trust. A business trust (“BT”) is a business enterprise structured as a trust....
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- MAS
- Enforcement Actions
Last revised date:
- Singapore, 24 February 2021… The Monetary Authority of Singapore (MAS) has issued four-year prohibition orders (POs) against Mr Lau Man Chun, a former representative of an insurance broker, for dishonest conduct relating to the sale of personal accident (PA) policies. The POs issued against Mr Lau took effect from 22 February 2021. 2 Mr Lau is prohibited from (i) providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder
- MAS
- Media Releases
Last revised date:
- Singapore, 14 November 2018... The Monetary Authority of Singapore (MAS) today released a consultation paper on the creation of pre-defined sandboxes, known as Sandbox Express, to complement the existing FinTech Regulatory Sandbox that was launched in 2016. The aim is to enable firms which intend to conduct regulated activities to embark on experiments more quickly, without needing to go through the existing bespoke sandbox application and approval process. 2 The Sandbox Express is suitable for
- MAS
- Media Releases
Last revised date:
- Singapore, 1 April 2020... In response to media queries about the implications of the COVID-19 (Temporary Measures) Bill on the financial sector, the Monetary Authority of Singapore (MAS) said that the proposed Bill will provide needed temporary protection for SMEs while being carefully scoped to avoid impairing the interests of banks and Singapore’s role in international financial transactions. 2 The proposed Bill covers only SME loans with specific security located in Singapore, namely commercial
- MAS
- Media Releases
Last revised date:
- Singapore, 17 November 2015… The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Services Office (Shanghai FSO) held the inaugural Singapore-Shanghai Financial Forum in Singapore today. The one-day Forum was established as a regular platform for market participants from two of Asia's leading financial centres to exchange views on topical issues and emerging trends, and explore strategic partnerships. 2 More than 100 senior industry experts from Singapore and Shanghai attended
- MAS
- Media Releases
Last revised date:
- 1. Singapore and the US have substantially concluded discussions on an Intergovernmental Agreement (IGA) that will facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) by Singapore-based financial institutions. The two countries have initialled a Model 1 IGA. 2. FATCA is a US law which targets non-compliance with tax laws by US persons using overseas accounts. Under FATCA, all financial institutions outside of the US are required to regularly submit information on financial
- MAS
- Speeches
Last revised date:
- 1 Acting Minister, Ministry of Culture, Community and Youth and Senior Minister of State, Ministry of Communications and Information, Mr Lawrence Wong, today moved the Monetary Authority of Singapore (Amendment) Bill 2013 (MAS(A) Bill) and the Financial Institutions (Miscellaneous Amendments) Bill 2012 (FI(MA) Bill) for First Reading in Parliament. 2 The MAS(A) Bill enhances and expands the Monetary Authority of Singapore’s (MAS) powers for resolving financial institutions and formalises the
- SSO
- Legislation
Last revised date:
- EIGHTH SCHEDULE Section 37(5) Exclusion from meaning of “specified message” 1.— (1) For the purposes of Part IX, a specified message shall not include any of the following: ( a ) any message sent by a public agency under, or to promote, any programme carried out by any public agency which is not for a commercial purpose; ( b ) any message sent by an individual acting in a personal or domestic capacity; ( c ) any message which is necessary to respond to an emergency that threatens the life, health
- MAS
- Explainers
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- Financial institutions (FIs) must ensure that individuals meet the minimum criteria before granting non-card unsecured credit facilities to them. Overview Financial institutions (FIs) must ensure that individuals meet the minimum criteria before granting non-card unsecured credit facilities to them. Regulatory credit limits are in place to ensure that individuals do not borrow beyond their means. Note: A borrower's credit limit with an FI can exceed the regulatory limit if they are refinancing an
- MAS
- Media Releases
Last revised date:
- Singapore, 23 February 2023… The Monetary Authority of Singapore (MAS) today issued a Notice imposing mandatory baseline standards of due diligence and conduct requirements for corporate finance (CF) advisers CF advisers refer to holders of a capital markets services (CMS) licence and banks, merchant banks and finance companies exempt from holding a CMS licence to undertake the regulated activity of advising on corporate finance. . These requirements raise the standards of conduct of CF advisers
- MAS
- Enforcement Actions
Last revised date:
- Singapore, 30 May 2023… The Monetary Authority of Singapore (MAS) has issued 2-year prohibition orders (POs) against Ms Madison Lin (formerly known as Ms Lin Pei Li), a former representative of Standard Chartered Bank (Singapore) Limited (SCB) . The POs were issued following her conviction in the State Courts for 1 count of forgery. 2 Under the POs, which took effect from 30 May 2023, Ms Lin is prohibited from performing any regulated activity and from taking part in the management, acting as a director