2024 updates to the FAQs on the Licensing of Fund Management Companies
Singapore's Monetary Authority of Singapore (the "MAS") revised the FAQs on the Licensing of Fund Management Companies (the "FAQs") in June, August and September 2024. The FAQs are intended to provide guidance on the requirements and procedures to apply to be a fund management company and appoint representatives to carry out fund management activities.
Updates to the Guidelines on Licensing for Payment Service Providers
Singapore's Monetary Authority of Singapore revised the Guidelines on Licensing for Payment Service Providers (the "Guidelines") in July 2024 to include new requirements for licence applications under the Payment Services Act 2019 ("PS Act"). The Guidelines discuss the application procedures, licensing criteria and ongoing requirements for payment service providers under the PS Act.
MAS' consultation paper on proposed regulatory approach for digital token service providers
Singapore's Monetary Authority of Singapore ("MAS") published a public consultation on its Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 (P010-2024) ("Consultation Paper") on 4 October 2024, which closed on 4 November 2024.
MAS' response to feedback received on proposed framework for Single Family Offices
Singapore's Monetary Authority of Singapore ("MAS") published a response to feedback received on proposed framework for Single Family Offices ("Response Paper") on 6 November 2024. This Response Paper responds to the MAS's consultation paper on the proposed framework for Single Family Offices ("SFOs") operating in Singapore in July 2023, further details of which can be found: here.
Singapore's corporate insolvency regime is governed under the newly enacted Insolvency, Restructuring and Dissolution Act 2018 ("IRDA"). The IRDA is an omnibus legislation housing all of Singapore's insolvency and restructuring laws in one single piece of legislation. This memorandum will discuss the current provisions under the IRDA in relation to companies that are seeking protection under the judicial management regime and scheme of compromise and arrangement.
The Ministry of Finance ("MOF") and the Accounting and Corporate Regulatory Authority ("ACRA") regularly review the effectiveness of Singapore's anti-money laundering policies to ensure that its regime continues to stay relevant, amidst evolving threats and increasingly sophisticated crimes. The Corporate Service Providers Act 2024 ("CSP Act") and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 ("CLLPMA Act"), passed by Parliament on 2 July and having received the President's assent on 31 July 2024, are part of the latest enhancements to the approach to anti-money laundering, countering the financing of terrorism and proliferation of weapons of mass destruction ("AML/CFT/PF) in Singapore. The CSP Act and CLLPMA Act will come into operation on a date that the Minister appoints by notification in the Gazette.
ACRA (Registry and Regulatory Enhancements) Act 2024
As part of the Ministry of Finance's ("MOF") and the Accounting and Corporate Regulatory Authority's ("ACRA") regular review of legislation administered by ACRA, the ACRA (Registry and Regulatory Enhancements) Act 2024 (the "Act) was passed by Parliament on 2 July 2024 and received the President's assent on 31 July 2024. Upon coming into operation on a date that the Minister appoints by notification in the Gazette, the Act will amend various ACRA-administered legislation, including the ACRA Act 2004 and the Companies Act 1967.