Christina Tang

Photo of Christina Tang
Firm/Organization: Mayer Brown, Norton Rose Fulbright
Blogs: Consumer Financial Services Review, Financial services: Regulation tomorrow

Latest Articles

In the wake of the order to close BSI Bank, the Monetary Authority of Singapore (MAS) has announced that it will, from 1 August 2016, establish dedicated departments to combat money laundering and strengthen enforcement respectively. MAS has indicated its resolve to ensure that Singapore retains its reputation as a clean and trusted financial centre, and will strengthen supervision of financial institutions’ controls to combat money laundering and illicit financing, as well as enhance…
MAS Takes Action against BSI Bank in Singapore On 24 May 2016, the Monetary Authority of Singapore (MAS) gave BSI Bank Limited (BSI Bank) notice that the MAS will: withdraw BSI Bank’s status as a merchant bank for serious breaches of anti-money laundering requirements, poor management oversight and gross misconduct of bank staff. impose S$13.3 million in financial penalties on BSI Bank for breaches of the MAS Notice to Merchant Banks for the Prevention of…
The revised Singapore Code on Take-overs and Mergers (Code) will come into effect on 25th March 2016. Key changes to the Code include, but are not limited to, the following: 1. Competing Offers (a) Alignment of Offer Timetable for Competing Offers The final day on which an offer can become or be declared unconditional as to acceptances is normally the 60th day after the posting of the offer document (Day 60)[1]. In the case of…
The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on proposed amendments to the regulations for the reporting of derivatives contracts (Regulations) on 18 January 2016, as part of the ongoing development of the regulatory regime governing OTC derivatives. MAS also released its proposed implementation schedule for new reporting phases in relation to the reporting of derivatives contracts. Key changes proposed in the Consultation Paper seek to: Expand Reporting Requirements to New Classes…
MAS has issued a consultation paper on proposed regulations for mandatory clearing of OTC derivative contracts (Regulations) on 1 July 2015, as part of the ongoing development of the regulatory regime governing OTC derivatives. MAS proposes to issue the Regulations by the end of 2015, and has indicated that it will provide at least six months’ notice before the clearing obligations take effect.  MAS currently proposes that the mandatory clearing obligations shall, at a minimum,…
The MAS (Amendment) Act has come into force on 26 June 2015, implementing provisions discussed in our previous update. The key aspects of the new provisions are as follows: Anti-money laundering and countering the financing of terrorism (AML/CFT) Requirements Requirements to conduct customer due diligence and maintain records on transactions and information have been expressly set out in the MAS Act. Detailed requirements with respect to the conduct of due diligence and maintenance of…