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Enforcement
MAS Issues Prohibition Orders Against Two Former Bank Employees
By Editors | 09/05/2020
A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.
Securities / Derivatives
Singapore: HSBC Seeks Court Order to Replace ZenRock Management
By Editors | 07/05/2020
ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.
Market Infrastructure
DBS Prices Singapore’s First SORA-based Floating Rate Notes
By Editors | 06/05/2020
DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.
Securities / Derivatives
Singapore Allows Electronic Dissemination of Offer Documents
By Editors | 06/05/2020
Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.
Fintech / Regtech
SGX, AMTD Enter Partnership on Capital Markets Development
By Editors | 05/05/2020
The partnership will seek to promote Singapore’s capital market development, strengthen regional connectivity, support businesses, and explore the use of DLT in bond issuance.
MAS Unveils Additional Financial Industry Support for Individuals
By Editors | 30/04/2020
This second package of measures is aimed at helping individuals ease their cashflow burden, reduce debt, and ensure access to basic banking services.
AML / KYC
G20 TechSprint Invites Firms to Develop Regtech, Suptech Solutions
By Editors | 29/04/2020
Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.
AML / KYC
Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion
By Jamil Ahmed | 23/04/2020
Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.
Enforcement
Singapore Police Open Probe into Renowned Oil Trader
By Editors | 21/04/2020
Hin Leong Trading’s founder admitted to concealing $800mn in losses from oil futures. The firm now unpaid debts of $3.85bn. Up to 23 banks are affected.
ESG / Sustainability
MAS Launches New Facility to Pump Cheap Loans to SMEs
By Editors | 20/04/2020
“Banks and finance companies will be able to make more loans to SMEs and at lower cost – in fact, we expect them to do so,” said MAS Managing Director Ravi Menon.
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