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The guidelines aim to promote the adoption of robust practices for managing technology risks in the financial sector.

By Farhana Sharmeen and Marc Jia Renn Tan

On 18 January 2021, the Monetary Authority of Singapore (the MAS) issued revised guidelines (the Guidelines) to take into account the fast-changing cyber threat landscape and financial institutions’ increased reliance on cloud technologies, application programming interfaces (APIs), and rapid software development. The Guidelines apply to all banks, payment services firms, and brokerage and insurance firms.

The Guidelines, which became effective immediately on the date of issue, aim to support financial institutions by providing them a framework of best practices for overseeing technology risk governance, practices, and controls to address technology and cyber risks. The Guidelines are not meant to be exhaustive or prescriptive, and have incorporated feedback received from the public consultation conducted in 2019.

Regulators consult on an investor identification regime and outsourcing requirements, and issue guidance on electronic storage of regulatory records and environmental risk management

By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan

This blog post summarises key regulatory developments in Hong Kong and Singapore during December 2020, including:

  • The SFC’s consultation on an investor identification regime for the securities market
  • The SFC’s additional guidance on external electronic data storage
  • The MAS’ response to feedback on the proposed guidelines on environmental risk management
  • The MAS’ consultation on requirements in relation to the management of outsourced services

Regulators propose new regulations for virtual asset exchanges and enhanced customer identity verification requirements, and launch an innovative commercial data interchange.

By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan

This blog post summarises key regulatory developments in Hong Kong and Singapore during November 2020, including:

— The Hong Kong FSTB’s consultation proposing a new regulatory framework for virtual asset exchanges
— The HKMA’s new commercial data interchange initiative
— The MAS’ consultation proposing requirements to strengthen financial institutions’ non-face-to-face identity verification process of individuals
— The MAS’ guidance to financial institutions to review security controls amidst COVID-19
— The MAS’ publication of its 2019/2020 enforcement report

The proposal would require financial institutions to use certain categories of information for non-face-to-face verification before undertaking transactions or requests.

By Farhana Sharmeen and Gen Huong Tan

In November 2020, the Monetary Authority of Singapore (the MAS) published a consultation paper proposing to issue a Notice on Identity Verification (the Notice) that would require financial institutions to obtain specific categories of information to verify an individual’s identity for non-face-to-face financial transactions.

The Notice would apply to a broad range of entities regulated by the MAS, including licensed banks, insurers, registered insurance brokers, capital markets services licensees, registered fund management companies, financial advisers, and licensed payment services providers.

Regulators consult on anti-money laundering guidelines and issue guidance on cybersecurity, best execution, and senior management accountability.

By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan

This blog post summarizes key regulatory developments in Hong Kong and Singapore during September 2020, including: (i) the SFC’s consultation on enhancements to its Guideline on Anti-Money Laundering and Counter-Financing of Terrorism for SFC-licensed firms (AML Guideline); (ii) the SFC’s thematic review report setting out the key findings and guidance on cybersecurity issues and vulnerabilities associated with mobile trading applications; (iii) the MAS’ consultation response to its proposal on best execution requirements; and (iv) the MAS’ new accountability guidelines for senior management.

MAS confirms regulatory approach for best execution and timeline for compliance.

By Farhana Sharmeen and Marc Jia Renn Tan

On 3 September 2020, the Monetary Authority of Singapore (the MAS) issued a response to feedback about its proposal for capital markets service license holders, banks, merchant banks, and finance companies that conduct certain regulated activities (Capital Markets Intermediaries) to establish policies and procedures to place and/or execute customers’ orders on the best available terms (Best Execution).

The guidelines aim to strengthen the accountability of senior managers in financial institutions.

By Farhana Sharmeen and Marc Jia Renn Tan

On 10 September 2020, the Monetary Authority of Singapore (the MAS) issued guidelines (the Guidelines) to strengthen the accountability of individuals who are employed by, or acting for or by arrangement with, financial institutions, and are principally responsible for the day-to-day management of key functions in financial institutions (Senior Managers), and to promote ethical behaviour in financial institutions. The MAS also issued its response to frequently asked questions on the Guidelines (the FAQs) as well as an information paper on good practices in these areas (the Information Paper) gathered from a thematic survey and dialogue sessions conducted by the MAS with banks, insurers, and capital markets intermediaries.

Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking.

By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan

This blog post summarises key regulatory developments in Hong Kong and Singapore during July 2020, including:

  • The HKMA’s publication of examples of good practices for green and sustainable banking adopted by various major international banks, which the HKMA has encouraged banks to review and consider in connection with managing climate change risks
  • The HKMA’s consultation proposing new measures to better regulate and supervise trust business, which will be particularly relevant to the wealth management sector
  • The MAS’s consultation on new omnibus legislation designed to enhance the effectiveness of addressing financial sector-wide risks

Regulators seek to expand market connectivity for wealth management products and enhance financial institutions’ environmental risk management.

By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan

This blog post summarises key regulatory developments in Hong Kong and Singapore during June 2020, including:

  • The announcement of a new “Wealth Management Connect” mutual market access project to link Hong Kong, Macao, and mainland China’s Greater Bay Area (GBA)
  • Amendments to the Hong Kong licensing regime for activities relating to over-the-counter (OTC) derivatives
  • Consultations on environmental risk management for Singapore financial institutions
  • Revisions to Singapore’s exemption framework for cross-border business arrangements of capital markets intermediaries

Regulators seek to address “rolling bad apples”, bank culture reform, and cryptocurrency derivatives.

By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan

This blog post summarises key regulatory developments that took place in Hong Kong and Singapore in May 2020, as regulators in both jurisdictions issued regulatory pronouncements across a spectrum of topics — from the Hong Kong Monetary Authority (HKMA) consulting on proposals to address the so-called “rolling bad apples” phenomenon in the banking sector, to the Monetary Authority of Singapore (MAS) publishing proposals for a regime to regulate certain cryptocurrency derivatives.