[Singapore]
New MAS-Industry Group to Strengthen Singapore's Fund Management Ecosystem
MAS News, 27 Apr 2021
The MAS announced a new partnership, the
Singapore Funds Industry Group (SFIG), between MAS and the private sector. The
SFIG will bring together all the key players across the entire asset management
value chain, including fund managers, service providers such as lawyers, tax
advisors, fund administrators and directors, to strengthen Singapore’s value
proposition as a leading full-service asset management and fund domiciliation
hub. The SFIG will identify emerging industry trends and formulate strategies
to develop the asset management ecosystem. It will comprise four working groups
which focus on (i)Infrastructure and Innovation, (ii)Policy, (iii) Capabilities
and Training and (iv)Promotion and Advocacy.
Full text: click here
[Singapore] MAS urges
vigilance on new risk areas such as variable capital companies and virtual
assets
Business Times, 27 Apr
2021
The MAS is paying attention to new ways that
dirty money is channelling into the financial system - singling out the new
breed of fund companies known as variable capital companies, and virtual assets
or digital payment tokens. MAS assistant managing director for policy, payments
and financial crime Loo Siew Yee said that MAS is assessing the higher risk
segments in this space for more intensive supervisory follow-up as fund
vehicles with a separate legal personality can potentially be misused as a
conduit for illicit purposes. Ms Loo encouraged financial institutions that
have already integrated data analytics tools into their AML/CFT processes to
develop and strengthen their data governance frameworks as well as identify
clear objectives and desired outcomes for each analytics tool.
Full text: click here
[Hong Kong] Circular to
licensed corporations Reminder of Data Standards for Order Life Cycles
SFC Circular, 28 Apr 2021
The SFC reminds licensed corporations of the
“Circular to licensed corporations Data Standards for Order Life Cycles” issued
on 31 July 2019. The Data Standards for Order Life Cycles (“DS-OL”) prescribe
the minimum content and presentation format of trading-related data to be
submitted by In-Scope Brokers to the SFC upon request, where In-Scope Brokers
are defined as licensed securities brokers whose trading turnover in
SEHK-listed equities in a calendar year (2018 or beyond) reaches or exceeds 2%
of that year’s total market trading volume. Securities brokers who qualify as
In-Scope Brokers for the first time are generally expected to implement system
changes and make other arrangements needed for compliance with DS-OL within 15
months of the relevant calendar year end. The implementation due date for both
the 2018 batch and the 2019 batch is 30 April 2021.
Full text: click here
[Hong Kong] Circular to
Licensed Corporations which are Participants of The Stock Exchange of Hong Kong
Limited or Hong Kong Futures Exchange Limited - Licence Holders Insurance
Scheme for Exchange Participants
SFC Circular, 28 Apr 2021
The circular sets out the arrangements of
the licence holders insurance scheme applicable to two categories of licensed
corporations - participants of The Stock Exchange of Hong Kong Limited and
licensed for Type 1 regulated activity and participants of Hong Kong Futures
Exchange Limited and licensed for Type 2 regulated activity, for the scheme
year from 1 April 2021 to 31 March 2022.
Full text: click here
