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BRINGING LOCAL PERSPECTIVES TO GLOBAL KNOWLEDGE
OVERVIEW OF THE SFCA – SHORT TERM LOAN FACILITY INTRODUCED IN SRI LANKA
As per the Direction No.1 of 2023 dated 27th February 2023 issued by the Department of Foreign Exchange, Sri Lanka, Authorized Dealers are issued with directions in respect of Special Foreign Currency Accounts for investees to facilitate Current Transactions (SFCA -...
Monetary Authority of Singapore issues Consultation Paper on measures to reduce risks for consumers engaging in cryptocurrency trading
Background On 26 October 2002, the Monetary Authority of Singapore (“MAS”), Singapore’s Financial Services Regulator and Central Bank, issued a Consultation Paper on “Proposed Regulatory Measures for Digital Payment Token Services” (“Consultation Paper”). MAS is of...
Establishment of Licensing Framework for Cybersecurity Services Providers
BackgroundThe Cybersecurity Agency of Singapore (“the Agency”), which is the government entity charged with protecting Singapore’s Cyberspace environment, has put in place a licensing framework for Cybersecurity Service Providers (“CSPs”) which came into effect on 11...
Cryptocurrencies and ESG Considerations
Cryptocurrencies and ESG valuesAs the cryptocurrency industry rises in prominence (with Bitcoin and increasingly, Ethereum being 2 of the most popular cryptocurrencies by market value), many Financial Institutions (“FIs”) worldwide have shown interest in virtual...
The Use of Electronic Signatures in Singapore
Due to the disruption arising from the spread of COVID-19, there is a global shift towards technological advancements and transformation. The use of electronic signatures instead of traditional “wet ink” signatures has become more common. This article will explore the...
Proposed ‘Amicable’ Divorce Option
On 2 May 2021, the Ministry of Social and Family Development (MSF) published a Consultation Paper entitled “How to Better Support Children and Divorcees, And Reduce Acrimony in Divorce”. The Consultation Paper was compiled after engaging with more than 120 divorcee...
New Omnibus Act for the Financial Sector
On 21 July 2020, the Monetary Authority of Singapore (“MAS”) published a Consultation Paper on a proposed new omnibus Act for the financial sector (the “Omnibus Act”). The consultation period has closed on 20 August 2020. The Omnibus Act will be a standalone...
Repercussions of Failing to Provide Full and Frank Disclosures of Matrimonial Assets
SummaryIn UZN v UZM [2020] SGCA 109 (“UZN”), the Court of Appeal allowed an appeal regarding a division of matrimonial assets by drawing an adverse inference against a party who failed to disclose/adequately explain his assets.Reaching a fair assessment: How does a...
Amendments to the Personal Data Protection Act
Singapore’s Personal Data Protection Act (No. 26 of 2012) (“PDPA”), which was passed in 2012, governs the “collection, use and disclosure of personal data by organisations” and also establishes a “Do Not Call” Registry (“DNC”), as set out in its preamble. Since 2012,...