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Contents


  1. Regulating the Next Generation of Payment Services: An Overview of the New Regulatory Framework under the Payment Services Bill

  2. MAS Issues Response to Feedback Received on the Proposed Framework for Variable Capital Companies

  3. Variable Capital Company - Key Features and Highlights

  4. MAS Issues Update to Guide to Digital Token Offerings

  5. Expanding the MAS Recognised Market Operator Regime

  6. MAS Consultation Paper: New Regulatory Sandbox

  7. Morality and Legality of Crypto Currencies and ICOs

  8. Administration of Estate: Applicable Time Bar for Claims against the Deceased's Estate

  9. Brexit: time to face the facts?


Regulating the Next Generation of Payment Services: An Overview of the New Regulatory Framework under the Payment Services Bill


On 19 November 2018, following two rounds of public consultation over the past 3 years, the Monetary Authority of Singapore finalised its new regulatory framework for payment services under the Payment Services Bill (the "Bill"), which was read in Parliament for the first time. The Bill streamlines the payment services regulatory framework under a single piece of legislation, meaning that the Payment Systems (Oversight) Act (Cap. 222A) and the Money-Changing and Remittance Businesses Act (Cap. 187) will both be repealed at the commencement of the new law.

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MAS Issues Response to Feedback Received on the Proposed Framework for Variable Capital Companies


On 10 September 2018, the Monetary Authority of Singapore ("MAS") issued its response to feedback received during the public consultation on the proposed regulatory framework and draft legislation for Singapore Variable Capital Companies (which is now proposed to be called Variable Capital Company ("VCC")) from March to April 2017. The consultation paper and draft legislation to the VCC regime was published by MAS in March last year. The Variable Capital Companies Bill was moved for Second Reading and approved in Parliament on 1 October 2018. The VCC regime is expected to be operational in Q1 2019.

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Variable Capital Company - Key Features and Highlights


The Variable Capital Company (VCC") will soon become an alternative form of corporate vehicle for use as a collective investment scheme ("CIS"). This will be a useful addition to the existing forms available to use for CIS, being a company under the Companies Act (Cap. 50) ("Companies Act"), a unit trust and a limited partnership. The VCC is similar to variants in other leading fund jurisdictions like the open-ended investment company ("OEIC") in the UK and the Irish Collective Asset-Management Vehicle ("ICAV") in Ireland. With this new legal framework in place, it is envisaged that investment managers will have greater operational flexibility in the constitution of funds in Singapore, elevating Singapore as a leading fund centre in the Asia region.

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MAS Issues Update to Guide to Digital Token Offerings


On 30 November 2018, the Monetary Authority of Singapore issued an updated Guide to Digital Token Offerings (the "2018 Guide"). In this article, we provide a summary of the key changes to the 2018 Guide.

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Expanding the MAS Recognised Market Operator Regime


On 22 May 2018, the Monetary Authority of Singapore ("MAS") issued two (2) consultation papers to improve market operators' business flexibility when establishing new centralized trading facilities and speed to market when launching new products. This was within MAS's broader objective to facilitate innovation in financial services.

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MAS Consultation Paper: New Regulatory Sandbox


On 14 November 2018, the Monetary Authority of Singapore ("MAS") released a consultation paper "Sandbox Express" as part of its actions after reviewing its experience gained from the FinTech Regulatory Sandbox launched by MAS in 2016, proposing to improve the management and processing of sandbox applications.

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Morality and Legality of Crypto Currencies and ICOs


Initial Coin Offerings ("ICOs") and cryptocurrencies have been very much in the news and in many media and social media channels lately for various reasons. You may have read about how some ICOs have raised large sums of money over a short period of time. You may also have read the not insignificant bad press on some ICOs and even generally on cryptocurrencies.

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Administration of Estate: Applicable Time Bar for Claims against the Deceased's Estate


After the death of the deceased, the personal representatives will need to make an application to the Court to obtain a Grant of Probate (if the deceased made a Will) or Grant of Letters of Administration (if the deceased died intestate). After the relevant Grant has been obtained, the personal representative will call in the deceased's assets. Before distributing the assets to the beneficiaries, the personal representative will be required to settle the lawful debts of the deceased, as well as the reasonable testamentary and proper funeral expenses.

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Brexit: time to face the facts?


The UK's former representative to the EU, Sir Ivan Rogers spoke at the invitation of the University of Liverpool's Heseltine Institute for Public Policy, Practice and Place.

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