Listing Rules: SGX closed its consultations on enhancements to the disclosure regime and changes to the quarterly reporting regime in 2018. We expect the conclusions to be released in 2019. A consultation exercise was launched in November 2018 to change the exit offer and voluntary delisting regime and changes are expected to be implemented in 2019.

Relaxing rules for exchanges: The MAS issued two consultation papers which aim to introduce greater flexibility for market operators when establishing new trading facilities and allow for quicker launch of new products. The consultations form part of the MAS’ broader objectives to facilitate innovation in financial services to meet market needs.

Settlement of tokenised assets: The MAS and Singapore Exchange have developed Delivery versus Payment capabilities for the settlement of tokenised assets across different blockchain platforms.

Corporate governance: The Code of Corporate Governance and the Listing Rules will be amended in January 2019 to implement key changes relating to independent directors, board composition and the comply or explain regime for listed companies.

Listing Rules: SGX closed its consultations on enhancements to the disclosure regime and changes to the quarterly reporting regime in 2018. We expect the conclusions to be released in 2019. A consultation exercise was launched in November 2018 to change the exit offer and voluntary delisting regime and changes are expected to be implemented in 2019.

New insolvency law: In 2018 a new insolvency bill was passed that is expected to come into effect in early 2019. The bill consolidates the existing provisions on corporate and personal insolvency laws. New provisions include a restriction on ipso facto clauses, voluntary judicial management provisions and a new regime for licensing insolvency practitioners.

Individual accountability of senior managers: The MAS published a consultation paper proposing guidelines to strengthen individual accountability of senior managers and raise standards of conduct in financial institutions as part of its broader efforts to foster a culture of ethical behaviour and responsible risk-taking in the financial industry. The Guidelines are targeted to be issued in Q4 2018.

Read our briefing on the consultation.

Misconduct reporting requirements: The MAS issued a consultation paper on revisions to misconduct reporting requirements and proposals to mandate reference checks for representatives.

Read our overview of the proposals.

Amendments to the Employment Act: Amendments were passed in November 2018 and expected to take effect in April 2019. Key amendments include: (i) extending the core provisions of the legislation to all employees, irrespective of salary levels; (ii) increasing the scope of application of the provisions on working hours and overtime payment; (iii) extending the statutory entitlement to paid annual leave to all employees and (iv) empowering the Employment Claims Tribunal to hear wrongful dismissal claims.

Read our overview of the key changes to the Employment Act.

Updates to S-Pass eligibility: The minimum qualifying salary to apply for a S-Pass for foreign mid-level skilled staff will increase from S$2,200 over two phases: (i) to S$2,300 in January 2019 and (ii) to S$2,400 in January 2020.

Read our alert on the updates.

Amendments to the Personal Data Protection Act: Following public consultations held by the Personal Data Protection Commission (“PDPC”) in 2018, the PDPA may be amended in 2019. The key proposed changes will likely include a relaxation of the requirement to gather consent at data collection by introducing a concept of “legitimate interests” for businesses, and introducing a mandatory breach notification requirement, which would require businesses to notify the PDPC and the affected individuals if there had been an unauthorised disclosure of personal information.

Execution of customers’ orders: The MAS issued a consultation paper on execution of customers’ orders, which proposes to require financial institutions to establish and implement written policies and procedures to place and/or execute customers’ orders on the best available terms.

Payment Services Bill: The MAS issued a consultation paper on a proposed Payment Services Bill, which will implement an activity-based regulatory framework to regulate entities operating within the payments ecosystem. This framework will expand the scope of regulated payment activities to include fintech participants in the payments space, including those offering virtual currency services and other innovations. The Bill has been moved for First Reading in Parliament and will likely come into effect in mid-2019.

Cyber hygiene of financial institutions: The MAS issued a consultation paper proposing the issuance of a Notice on Cyber Hygiene prescribing essential cyber security measures to be implemented by a wide range of financial institutions with a view to enhancing cyber resilience and guarding against cyberattacks.

Rules on large exposures of Singapore-incorporated banks: The MAS issued a consultation paper on proposed revisions to the regulatory framework for large exposures of Singapore-incorporated banks, including revisions to large exposures limits and substantial exposures limits. If adopted, the proposals will be implemented in January 2019.

AML/CFT requirements imposed on money-changing and remittance businesses: The MAS issued a consultation paper on changes to such requirements, including facilitating the conduct of non-face-to-face business through guidance on mitigating associated risks.

Enhancements to Deposit Insurance Scheme and Policy Owners’ Protection Scheme: The MAS had finalised proposed enhancements to the Deposit Insurance Scheme and Policy Owners’ Protection Scheme to strengthen protection for depositors and policy owners and improve the operational efficiency of the Schemes. The MAS intends to effect the enhancements in April 2019.

Revised reporting standards for banks: The MAS has revised Notices setting out regulatory requirements relating to the revised reporting standards for banks and merchant banks in Singapore, which will take effect in October 2020. The MAS also established a working group of banks to assess the feasibility of using transactional data provided to the DTCC Data Repository (Singapore) Pte Ltd to compute requested aggregate statistics, which will be completed by the second half of 2019.

Guidelines for financial advisers: The MAS published a consultation paper on two new proposed guidelines for firms providing financial advisory services. These will provide additional clarity on what constitutes the provision of financial advisory services, and setting out key principles on the design of advisory and sales forms.

Misconduct reporting requirements: The MAS issued a consultation paper on revisions to misconduct reporting requirements and proposals to mandate reference checks for representatives.

Responsible and ethical use of AI: The MAS announced that it is working with a group of thought leaders and practitioners in data analytics in the financial sector (together, the Fairness, Ethics, Accountability and Transparency Committee) to develop a guide to promote the responsible and ethical use of artificial intelligence and data analytics by financial institutions.

Protection of e-payments users: The MAS issued a consultation paper on proposed guidelines to protect users of electronic payments.

Read our overview of the proposals.

Relaxing rules for exchanges: The MAS issued two consultation papers which aim to introduce greater flexibility for market operators when establishing new trading facilities and allow for quicker launch of new products. The consultations form part of the MAS’ broader objectives to facilitate innovation in financial services to meet market needs.

Settlement of tokenised assets: The MAS and Singapore Exchange have developed Delivery versus Payment capabilities for the settlement of tokenised assets across different blockchain platforms.

Payment Services Bill: The MAS issued a consultation paper on a proposed Payment Services Bill, which will implement an activity-based regulatory framework to regulate entities operating within the payments ecosystem. This framework will expand the scope of regulated payment activities to include fintech participants in the payments space, including those offering virtual currency services and other innovations. The Bill has been moved for First Reading in Parliament and will likely come into effect in mid-2019.

Responsible and ethical use of AI: The MAS announced that it is working with a group of thought leaders and practitioners in data analytics in the financial sector (together, the Fairness, Ethics, Accountability and Transparency Committee) to develop a guide to promote the responsible and ethical use of artificial intelligence and data analytics by financial institutions.

Settlement of tokenised assets: The MAS and Singapore Exchange have developed Delivery versus Payment capabilities for the settlement of tokenised assets across different blockchain platforms.

Cyber hygiene of financial institutions: The MAS issued a consultation paper proposing the issuance of a Notice on Cyber Hygiene prescribing essential cyber security measures to be implemented by a wide range of financial institutions with a view to enhancing cyber resilience and guarding against cyberattacks.

Protection of e-payments users: The MAS issued a consultation paper on proposed guidelines to protect users of electronic payments.

Read our overview of the proposals.

Amendments to the Personal Data Protection Act: Following public consultations held by the Personal Data Protection Commission (“PDPC”) in 2018, the PDPA may be amended in 2019. The key proposed changes will likely include a relaxation of the requirement to gather consent at data collection by introducing a concept of “legitimate interests” for businesses, and introducing a mandatory breach notification requirement, which would require businesses to notify the PDPC and the affected individuals if there had been an unauthorised disclosure of personal information.

Licensing regime for cybersecurity service providers: The Cybersecurity Act introduced a “light touch” licensing regime for service providers providing certain types of cybersecurity services. Licensed service providers will need to meet certain basic conditions such as retaining service records for three years. This licensing regime is likely to apply to Singapore companies as well as overseas service providers offering such services in Singapore. The licensing regime is expected to be implemented in the second half of 2019.