Daily News Headlines

  • Daily News Headlines – 22 Jul 2020

    MAS Proposes New Powers to Enhance Effectiveness in Addressing Financial Sector-Wide Risks

    MAS, 21 Jul 2020

    The Monetary Authority of Singapore (MAS) today issued a consultation paper proposing enhanced powers to deal with risks that can undermine the financial sector. The proposed new Act for financial services and markets will consolidate similar provisions for various classes of financial institutions in the MAS Act into a single legislation. In addition, the new Act will include additional powers to prohibit unsuitable individuals from working in the financial industry, expand the scope of anti-money laundering and countering the financing of terrorism (AML/CFT) requirements to persons in Singapore who provide digital token services overseas, strengthen the framework for technology risk management, and enhance the effectiveness of dispute resolution.

    Full Text: Click Here

    Consultation Paper on the New Omnibus Act for the Financial Sector

    MAS, 21 Jul 2020

    This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.

    Full Text: Click Here

    Related Article: MAS proposes new powers to deal with risks in financial sector (from Straits Times)

    ESAS Notify the European Commission About the Outcome of the Review of the RIIPS Key Information Document

    ESMA, 21 Jul 2020

    The European Supervisory Authorities (ESAs) have informed the European Commission of the outcome of the review conducted by the ESAs of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs).

    This follows the ESAs’ consultation paper published on 16 October 2019 on draft regulatory technical standards (RTS) to amend the technical rules on the presentation, content, review and revision of KID (Delegated Regulation (EU) 2017/653).

    Consultation Paper: Click Here