Monday, April 28, 2014

Cross-Border Financial Services - Challenges & Solutions

Businesses and all our lives are becoming increasingly global. In line with it, financial services are increasingly involving multiple jurisdictions: Loans are taken in one country to fund a project in another country, a wealthy individual holds accounts in an offshore jurisdictions, an investment recommendation sent by email to a foreign investor etc.

Financial institutions are obliged in all jurisdictions in which they are considered to be active. With the increasing internationalisation of their services, financial institutions must consider an increasing number of regulations to comply with. Knowing and keeping track of all these regulations is a major challenge for financial institutions.

Thursday, April 10, 2014

Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

Banks and subsidiaries of banks in Singapore, merchant banks, finance companies, insurers licensed in Singapore, approved trustees, any capital markets services (‘CMS’) licence holder, and significant derivatives holders must report specified information on interest rate derivatives contracts and credit derivatives contracts that are booked or traded in Singapore to a licensed trade repository within two business days after the execution, termination or a change in the specified data.

For more information, please read our regulatory update on the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013.

Tuesday, April 1, 2014

Technology Risk Management Notices and Guidelines

In June 2013, the Monetary Authority of Singapore ('MAS') has issued Notices and Guidelines on Technology Risk Management ('TRM'). Financial Institutions ('FIs') must review their technology systems and processes and evaluate how to effectively implement adequate technology risk measures in order to protect their IT.