Issuers must consult with the SGX if they need flexibility to comply with Rule 877(10) of the Mainboard Rules and Rule 814(3) of the Catalist Rules.
In a recent Regulator’s Column, the SGX RegCo reminded issuers that, in...more
The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
11/30/2023
/ Appeals ,
Banking Sector ,
Banks ,
Breach of Contract ,
Dubai ,
EU ,
Financial Institutions ,
JPMorgan Chase ,
Letter of Credit ,
Sanction Violations ,
Sanctions ,
Singapore
In Ethoz Capital Ltd v Im8ex Pe Ltd (2023), the Singapore Court of Appeal held that a "make whole" payment of interest clause was an unenforceable penalty as, among other things, the requirement to immediately pay on default...more
The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on Proposals to Mandate Reference Checks. -
All financial institutions and entities regulated by the MAS are proposed to be required to carry out...more
The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA). It has also recently...more
Ensuring compliance with the MAS’s proposed Guidelines on Individual Accountability and Conduct will be a non-trivial exercise. While non-prescriptive in nature, FIs will need to conduct a proper and systematic analysis of...more
The MAS is proposing changes to requirements for outsourcing arrangements by banks and merchant banks. The proposals will extend requirements on outsourcing to a wider range of outsourcing arrangements as well as enhance the...more
A new Payment Services Bill tabled in Parliament sets out the MAS’s proposed licensing framework for providers of payment service activities. The three categories are: Money-Changing Licensee, Standard Payment Institution and...more
Banks will need to include bail-in recognition provisions in certain regulatory capital instruments not governed by Singapore law. New approval and notification requirements also applied to banks as from 30 November 2018....more