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Articles by Larry Lim
MAS Consults on Proposed Regulations, AML/CFT Notice and Guidelines, for Regulatory Framework for Virtual Asset Service Providers under FSMA
Executive Summary The Monetary Authority of Singapore (“MAS“) is consulting (until 4 November 2024) on proposed: (i) Financial Services and Markets Regulations (“FSM Regulations“); (ii) notices, including on anti-money laundering and countering the financing of terrorism (“AML/CFT“); and (iii) other applicable guidelines, for the regulatory framework for virtual asset service providers (“VASPs“) under Part 9 of the Financial Services and Markets Act 2022 (“FSMA“).
Public Consultation on Protection from Scams Bill - Police to be Empowered to Order Banks to Restrict Transactions of Scam Targets
Introduction Protecting individuals against the rising threat of scammers has been a key focus of the Government. The Ministry of Home Affairs ("MHA") has reported that in the first half of 2024, the number of cases of scams has increased by 16.3%, with victims losing a record high of over S$385.6 million. Of particular concern is the number of scam cases involving the voluntary transfer of monies by the victim to the scammer.
Generative AI and Financial Institutions - MAS Provides Insight on Cyber Risks and Mitigation Measures
Introduction Generative Artificial Intelligence ("GenAI") has proven an innovative and game-changing resource for businesses, while also presenting an array of thorny challenges. While GenAI has been adopted across a wide range of industries, its application to financial institutions ("FIs") raises some unique issues, both in terms of opportunities and attendant risks.
New Screening Report Requirement for S13O, S13U Tax Incentive Applications by Family Offices
Introduction In December 2023, the Monetary Authority of Singapore ("MAS") extended the scope of due diligence checks to a wider group of individuals and entities associated with family offices who are applying for tax incentives. Depending on the screening results, applicants may be required to provide further documents to support their application.
MAS Proceeding to Refine Tier Structure Requirements and Impose New Remuneration Restrictions for Financial Advisers
Executive Summary On 26 July 2024, the Monetary Authority of Singapore ("MAS") announced that it will implement the following measures to refine the tier structure requirements, as well as implement remuneration prohibitions relating to volume-based incentives ("VBI") for financial advisory ("FA") firms.
MAS Circular Provides Further Guidance for FIs in Wealth Management Sector on Establishing Sources of Wealth of Customers
Introduction On 26 July 2024, the Monetary Authority of Singapore ("MAS") issued the Circular titled "Establishing the Sources of Wealth of Customers" (Circular No.: AMLD 08/2024) ("Circular"). The Circular applies to all financial institutions in the wealth management sector in Singapore ("FIs"). The Circular provides further guidance on the establishment of the sources of wealth ("SOW") of customers and their beneficial owners before business relations with customers can be established.
MAS Revises Guidelines on Licensing for Payment Service Providers - New Licence Application Requirements
Executive Summary The Guidelines on Licensing for Payment Service Providers (PG-G01) ("Guidelines") issued by the Monetary Authority of Singapore ("MAS") were revised recently to include new requirements for licence applications under the Payment Services Act 2019 ("PS Act"), including: for all licence applications, a legal opinion assessing how the regulated payment services are applicable to each proposed service or product covered by the applicant's business model; for licence applications...
MAS Launches COSMIC Platform for FIs to Share Information on Customers Exhibiting Red Flags to Combat ML / TF
Introduction On 1 April 2024, the Monetary Authority of Singapore ("MAS") launched COSMIC (Collaborative Sharing of Money Laundering / Terrorism Financing (ML/TF) Information & Cases), the first centralised digital platform to facilitate the sharing of customer information among prescribed financial institutions ("Prescribed FIs") to combat money laundering ("ML"), terrorism financing ("TF"), and proliferation financing ("PF") globally.
MAS Targets to Repeal RFMC Regime on 1 August 2024, Shares Implementation and Transitional Arrangements
Introduction On 28 March 2024, the Monetary Authority of Singapore ("MAS") issued its Response to feedback received on the Consultation Paper on the Repeal of Regulatory Regime for Registered Fund Management Companies ("Response") covering the following: Its intention to repeal the regulatory regime for Registered Fund Management Companies ("RFMCs") on 1 August 2024.
A Guide to Renewable Energy in Southeast Asia
The Association of Southeast Asian Nations ("ASEAN") recognises the crucial role of energy in driving the region's growth.
Financial Sector to Expect Generative AI Risk Framework
Introduction Artificial intelligence has been widely employed to enhance productivity, services and products, and customer experiences by financial institutions ("FIs"), and FIs are no doubt familiar with the Monetary Authority of Singapore ("MAS")'s Fairness, Ethics, Accountability and Transparency ("FEAT") Principles concerning the responsible use of Artificial Intelligence and Data Analytics ("AIDA").
MAS Seeks Feedback on Requirements on FI-FI Information Sharing under COSMIC for AML/CFT
Introduction The Financial Services and Markets Act 2022 ("FSMA") was amended earlier this year to, among other things, establish a new electronic information sharing system, Collaborative Sharing of money laundering ("ML") / terrorism financing ("TF") Information & Cases ("COSMIC").
Digital Payment Token Service Providers to Comply with Enhanced Regulatory Measures from 2024
Introduction In Singapore, cryptocurrencies are generally regulated as digital payment tokens ("DPTs") under the Payment Services Act 2019 ("PS Act"). Currently, DPT service providers ("DPTSPs") are regulated under the PS Act primarily for anti-money laundering and countering the financing of terrorism (AML/CFT) risks, and technology and cyber risks.
Dealing with Digitally-Enabled Scams - MAS and IMDA Launch Consultations on Duties and Liability of Financial Institutions and Telcos
Introduction As digital payments and transactions continue their rapid growth, so too has the risk posed by digitally-enabled scams, which have become increasingly more prevalent. The Singapore Police Force has reported that from January to June 2023 alone, the number of scam and cybercrime cases reached 24,525, with the total amount reported to have been cheated sitting at an estimated S$334.5 million.
Major Payment Institutions, Exempt Payment Services Providers to Note SGQR Guidelines Taking Effect On 1 Dec 2023
Introduction The Singapore Quick Response Code ("SGQR") is a single standardised quick response ("QR") code for e-payments and combines multiple payment schemes into a single SGQR label. The Monetary Authority of Singapore ("MAS") has set out its expectations on Relevant Merchant Acquirers who participate in the SGQR scheme in the earlier issued Guidelines on Participation in the SGQR Scheme ("Guidelines").
MAS Consults on Repealing Registered Fund Management Companies (RFMC) Regime
Introduction On 24 October 2023, the Monetary Authority of Singapore ("MAS") published the Consultation Paper on Repeal of Regulatory Regime for Registered Fund Management Companies ("Consultation Paper") which (i) proposes to repeal the regulatory regime for Registered Fund Management Companies ("RFMCs") as part of enhancing the regulatory regime for fund management companies ("FMCs") and (ii) sets out MAS' proposed transitional arrangements for existing RFMCs that intend to continue to...
MAS Consults on Proposed Transition Planning Guidelines for Banks, Insurers, Asset Managers
Introduction To facilitate transition planning processes, the Monetary Authority of Singapore ("MAS") issued a set of three Consultation Papers proposing guidelines on transition planning ("TP Guidelines") respectively for banks,[1] insurers[2] and asset managers[3] (collectively, financial institutions or "FIs") as they build climate resilience and enable robust climate mitigation and adaptation by customers and (where relevant) asset managers and investee companies.
New CMFAS Examination Requirements for Appointed Representatives under SFA and FAA Commence on 1 April 2024
Introduction Representatives appointed by capital markets intermediaries and financial advisers to conduct regulated activities under the Securities and Futures Act ("SFA") and Financial Advisers Act ("FAA") ("Appointed Representatives") are required to meet minimum academic qualifications and pass the relevant modules under the Capital Markets and Financial Advisory Services Examination ("CMFAS Examination").
MAS Framework for Domestic Systemically Important Insurers (D-SIIs) to Take Effect on 1 Jan 2024
Introduction In October last year, the Monetary Authority of Singapore ("MAS") issued a Consultation Paper on its proposed framework for Domestic Systemically Important Insurers ("D-SIIs") which is intended to formalise and update its Framework for Impact and Risk Assessment of Financial Institutions to facilitate the annual impact assessment of insurers based on their size, interconnectedness, substitutability and complexity.
MAS Announces New Regulatory Framework for Stablecoins
Introduction On 15 August 2023, the Monetary Authority of Singapore ("MAS") released the finalised regulatory framework for stablecoins regulated in Singapore in its "Response to Public Consultation on Proposed Regulatory Approach for Stablecoin-related Activities" ("Response") where MAS responded to feedback received on MAS' earlier public consultation ("Consultation") which was published in October 2022 where MAS first set out its proposals for the new regulatory framework.
MAS Consults on Proposed New Requirements for Digital Payment Token Service Providers to Enhance Investor Protection and Market Integrity
Introduction The Monetary Authority of Singapore ("MAS") is seeking feedback on the following two consultation papers which will introduce legal requirements that aim to enhance investor protection and address market integrity risks in Digital Payment Token ("DPT") services: Consultation Paper on Proposed Amendments to the Payment Services Regulations ("Investor Protection Consultation") Consultation Paper on Proposed Measures on Market Integrity in Digital Payment Token Services ("Market...
MAS Proposes Amendments to Subsidiary Legislation to Operationalise Revisions to Payment Services Act
Introduction On 8 May 2023, the Monetary Authority of Singapore ("MAS") issued a consultation paper ("Consultation Paper") on proposed amendments to the Payment Services Regulations 2019 ("PSR"), existing notices applicable to payment service providers ("Notices"), and new proposed Regulations on exemptions for a specified period, in order to operationalise the amendments to the Payment Services Act 2019 ("PS Act") that were passed under the Payment Services (Amendment) Act 2021 ("Amendment...
Proposals for Tighter Controls on Prospecting and Marketing of Financial Products in Singapore
Introduction To better protect retail investors in Singapore against inappropriate prospecting and marketing activities and tactics engaged by some financial institutions ("FIs") and their representatives, the Monetary Authority of Singapore ("MAS") is proposing various measures to address conduct risks and issues associated with these activities. The proposed measures are set out in the following two consultation papers issued by MAS on 25 April 2023.
MAS Imposes Business Conduct Requirements for Corporate Finance Advisers, with Effect from 1 October 2023
Introduction On 23 February 2023, the Monetary Authority of Singapore ("MAS") issued a new Notice SFA-04-N21 on "Business Conduct Requirements for Corporate Finance Advisers" ("Notice"). The Notice imposes a mandatory baseline standard of conduct for corporate finance advisers (as elaborated below).
GFIT Issues Third Consultation Paper on Taxonomy for Green and Transition Activities for Singapore-Based FIs
Introduction On 15 February 2023, the Green Finance Industry Taskforce ("GFIT") issued the third consultation paper ("2023 Consultation Paper") on the taxonomy it has been developing for Singapore-based financial institutions (FIs) ("Singapore Taxonomy") to identify and classify green and transition activities.
MAS Seeks Comments On Changes To Insurance Act And Regulations Governing Insurance Intermediaries
Introduction On 4 November 2022, the Monetary Authority of Singapore ("MAS") issued the "Consultation Paper on Amendments to the Insurance Act and the Insurance (Intermediaries) Regulations" containing its proposals to amend: the Insurance Act 1966 ("IA") to achieve four main objectives: (1) enhance MAS' supervisory powers; (2) clarify MAS' existing policy intent; (3) align with other IA provisions or MAS-administered Acts; and (4) reflect changes in policy intent; and the Insurance...
MAS Seeks Comments on Changes to Insurance Act and Regulations Governing Insurance Intermediaries
Introduction On 4 November 2022, the Monetary Authority of Singapore ("MAS") issued the "Consultation Paper on Amendments to the Insurance Act and the Insurance (Intermediaries) Regulations" containing its proposals to amend: the Insurance Act 1966 ("IA") to achieve four main objectives: (1) enhance MAS' supervisory powers; (2) clarify MAS' existing policy intent; (3) align with other IA provisions or MAS-administered Acts; and (4) reflect changes in policy intent; and the Insurance...
MAS Consults on Enhanced Regulatory Measures for Digital Payment Token Services and Regulatory Approach for Stablecoins
Introduction In Singapore, cryptocurrencies are generally regulated as digital payment tokens ("DPT") under the Payment Services Act 2019 ("PS Act"). Currently, DPT service providers are regulated under the PS Act primarily for anti-money laundering and countering the financing of terrorism ("AML/CFT") risks, and technology and cyber risks.
MAS Consults on Revised Restrictions on E-money Payment Accounts
Introduction On 18 October 2022, the Monetary Authority of Singapore ("MAS") published a consultation paper to seek feedback on proposed changes to the Payment Services Act 2019 ("PS Act")[1] to: Revise the limits on stock cap and flow cap ("Caps") imposed on personal payment accounts containing e-money ("e-wallet") issued by a Major Payment Institution ("MPI") to a user; and Introduce a new exemption for a MPI with regard to its arrangements which contemplate "white-label" e-wallet account...
IMDA and MAS Consult on Proposed New Guidelines, Fee Structure etc. to Enhance Participation in SGQR
Introduction ntroduced in September 2018, SGQR is the world's first standard for a unified payment quick response ("QR") code that allows multiple payment schemes to be combined into a single SGQR label. The main aims of SGQR are to: address the problem of having payment QR code fragmentation; standardise payment QR code specifications; and facilitate the interoperability of payment QR codes. Among other advantages, SGQR has made accepting electronic payments more efficient and convenient.
MAS Proposes to Exempt Exchanges/ Market Operators Offering Limited Post-Trade Services from Regulation as Clearing Facilities
Executive Summary The Monetary Authority of Singapore ("MAS") is seeking comments on its proposal to exempt an approved exchange ("AE") or a recognised market operator ("RMO") which provides limited post-trade services after the execution of a trade on its platform from being regulated as a clearing facility under the Securities and Futures Act ("SFA").
SolarEdge Technologies, Inc: Trying To Outshine Its Competitors (NASDAQ:SEDG)
May 16, 2022 7:27 PM ETSolarEdge Technologies, Inc. (SEDG)TAN, RAYS, ITEQ, ICLN, CTEC, ISRA, QCLN, CTEX, GRID, ERTH, FEVR, CNRG, TEMP, MVPS Summary SolarEdge Technologies has penetrated the majority of its total addressable market in the residential and commercial segment. The company has made good progress in international expansions. The company has a respectable financial profile compared to its peers.
The Honest Company: Overreliance On Jessica Alba's Celebrity Influence (NASDAQ:HNST)
Summary The company appears to be relying too much on the founder’s celebrity status as the main source of growth in awareness. While the company is actively using social media to reach out to customers, the result of the execution seems to be underperforming expectations. The company faces competition from the world’s most established brands and the current financial performance suggests it is still struggling to outperform its competitors.
Corsair Gaming, Inc.: Still In The Game For Now (NASDAQ:CRSR)
Investment thesis Corsair Gaming Inc's (NASDAQ: NASDAQ:CRSR) recent launch of DDR5 does not appear to be a game-changer to the company’s competitive advantage. The product is high-end in terms of hardware specifications but this technology is not proprietary to the company which means the barrier to entry is very low for other competitors. CRSR is a market leader in the niche but growing market of 'mechanical keyboard' products.
Axon Enterprise: Taking Stock Of Stock-Based Compensation (NASDAQ:AXON)
Summary Axon Enterprise continues to demonstrate success in its pivot to the high-margin SaaS business model. While overall expenses are still high, the overall bottom line still looks profitable when adjusted by removing stock-based compensation. The stock price is just slightly overvalued when the intrinsic value is calculated based on this adjusted net income (without stock-based compensation).
Providing Digital Payment Tokens in Singapore: Regulatory Issues to Consider
Introduction Broadly, a digital token is a digital representation of the value or rights of the holders of the token to receive a benefit or perform specified functions. They are created and stored using primarily the distributed ledger technology (including but not limited to blockchain technology) ("DLT") to encrypt and assure the authenticity of the digital token.
Medifast Stock: Winning Profits In The Business Of Losing Weight (NYSE:MED)
Grandbrothers/iStock via Getty Images Investment thesis The main reason why weight loss or dieting programs are not successful is due to the failure of participants to follow through with the program consistently. As this article pointed out, "it probably matters less which plan you pick (whether low-carb, low-fat, or something in between) than whether you stick with it". Medifast, Inc (NYSE:MED)'s value propositions aim to directly address this pain point with its coach-centric business model.
Singapore Parliament Passes Bill to Regulate Certain Digital Token Service Providers, Harmonise and Enhance MAS Regulatory Power over FIs
Introduction to implement a financial sector-wide regulatory approach for financial services and markets, was passed in Parliament on 5 April 2022. The FSM Bill will consolidate the provisions and powers that relate to the Monetary Authority of Singapore's ("MAS") regulatory oversight of different financial institution classes in a single Act. The FSM Bill has yet to come into operation.
MAS Issues New MAS AML/CFT Notice for Financial Institutions Dealing in PSMs, Various Revised AML/CFT Notices for Financial Institutions and Variable Capital Companies - Lexology
Introduction To better address money laundering and terrorism financing ("ML/TF") risks in the financial sector, the Monetary Authority of Singapore ("MAS") has issued: A new MAS Notice on anti-money laundering and countering the financing of terrorism ("AML/CFT") for financial institutions ("FIs") dealing in precious stones, precious metals and precious products ("PSM") ("PSM AML/CFT Notice"); and Various revised MAS AML/CFT Notices applicable to FIs and variable capital companies ("VCCs"),...
Turtle Beach: Business Prospects Promising, But Modest Financials (NASDAQ:HEAR)
gleitfrosch/iStock via Getty Images Investment thesis Turtle Beach Corporation (HEAR) made strategic acquisitions in ROCCAT and NEAT to increase its TAM beyond its traditional headset business. In my opinion, HEAR’s success in forming partnerships with notable players of Oakley and Microsoft (NASDAQ:MSFT) are attestations of HEAR's higher than average quality in their product offering. However, HEAR’s financial profile does not appear to have an edge over its closest competitors.
Axon Enterprise Stock Is A Buy On Pullbacks (NASDAQ:AXON)
tirc83/iStock via Getty Images Investment Thesis Axon Enterprise's (NASDAQ:AXON) Taser brand is an unmatched brand monopoly. AXON adopted a high-margin SaaS model with predictable recurring income. The products and services work together in a bundled ecosystem that creates a network effect. AXON is growing faster than its competitor in terms of revenue. Despite being a fast-growing company, it has no debt and is generally operating in a net cash position.
Alpha And Omega Semiconductor: Unknown Sustainability (NASDAQ:AOSL)
krystiannawrocki/E+ via Getty Images Investment thesis In recent years, Alpha And Omega Semiconductor Limited's (AOSL) top and bottom lines are outgrowing its peers in the same industry. Despite improving fundamentals, the company is still one of the smallest players in this competitive industry. The company does not command a leading market share to be a 'key player' in the power discrete and power IC market.
MAS Revises Corporate Governance Guidelines for Singapore-Incorporated Banks & Insurers
Executive Summary On 9 November 2021, the Monetary Authority of Singapore ("MAS") published revised Guidelines on Corporate Governance ("2021 CG Guidelines") for financial holding companies, banks and insurers incorporated in Singapore (collectively, "FIs"). The CG Guidelines provide guidance on best good practices on corporate governance that FIs should observe.
The Boston Beer Company Stock: Tapered Growth But Not Over (NYSE:SAM)
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The Boston Beer Company: Slowed Growth Causing Panic Selling (NYSE:SAM)
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Guide to Climate-Related Disclosures for Banks, Asset Managers & Insurers | Lexology
Executive Summary Improving the quality of disclosures is vital to supporting the growth of green finance in Singapore. In this regard, the Green Finance Industry Taskforce ("GFIT") issued an implementation guide for climate-related disclosures by financial institutions ("FIs")[1] on 19 May 2021 ("Guide"). The Guide details the best practices that are aligned with the recommendations of the Financial Stability Board's Task Force ("Task Force") on Climate-Related Financial Disclosures ("TCFD").
Amendments to Payment Services Act 2019 Tabled in Parliament to Enhance Regulation of DPT Service Providers and Address ML/TF Risks | Lexology
Singapore
November 20 2020 Introduction On 2 November 2020, the Payment Services (Amendment) Bill ("Bill") was tabled in Parliament for first reading.
'I discourage my team from working past 8.00pm'
8.30am: A typical morning cannot begin without multiple alarms. Let’s just say I have a love-hate relationship with the ring-tone. Though I hate to admit it, I fall into the category of a creative who is just not a morning person. 9.00am: My eyelids draw open and I start by browsing through my to-do list, social media feeds and reading the news. I like to keep track of shares on my watchlist for potential buys, and bookmark new animation videos to keep tabs on the latest trends.
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