Speech by Singapore MAS Senior Minister Goh Chok Tong

Text of speech: Good evening.  I am glad that the Singapore Corporate Awards has gained in reputation since its inauguration in 2006.  However, I cannot say the same for the global financial industry.  Even now, the Greek sovereign debt crisis threatens to spread its contagion effects to the international...

MAS reviews the regulatory regime for financial intermediaries

The Monetary Authority of Singapore is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading.  A consultation paper has been issued to seek comments from the...

CFTC ACTION: Kuen Cheol Song

The CFTC announced that it charged Kuen Cheol Song, a citizen of Singapore, with engaging in fictitious transactions and trading noncompetitively in violation of the Commodity Exchange Act and CFTC regulations. Song has never been registered with the CFTC. The CFTC complaint alleges that, since at least...

Consultation Paper on Review of the Deposit Insurance Scheme in Singapore

From the Release: The Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore. 2. As part of our regular review, MAS and the Singapore Deposit Insurance Corporation (SDIC) which administers the...

Government measures to ensure a stable property market

From the release: 1. The Government announced today the following measures to ensure a stable and sustainable property market:a) Introducing a Seller’s Stamp Duty (SSD) on all residential properties and residential lands that are bought after today and sold within 1 year from the date of purchase [1];...

MAS will lift the ban on the sale of structured notes for DBS Bank Ltd

The full release: Singapore, 11 February 2010… The Monetary Authority of Singapore (MAS) today gave an update on the actions undertaken by financial institutions to comply with the formal directions issued by MAS [1]  following our investigation into the sale and marketing of structured notes linked...

Singapore’s policy on Dark Pools

Date: For Parliament Sitting on 12 January 2010 Name and Constituency of Member of Parliament Mdm Ho Geok Choo, MP for West Coast GRC Question: Mdm Ho Geok Choo: To ask the Senior Minister with the emergence of dark pools which allow trading of stocks to occur away from public eyes and off central exchanges...

Minister for Trade and Industry speaks about Singapore’s regulatory philosophy

Date: For Parliament Sitting on 11 January 2010 Name and Constituency of Member of Parliament Q189:  Mr Christopher de Souza, MP for Holland-Bukit Timah GRC Question: Mr Christopher de Souza: To ask the Senior Minister in view of the past year’s global financial crisis (a) whether the level of...

Establishment of the Chiang Mai Initiative Multilateralization

From Release: 1. The Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, are pleased to announce the signing of the Chiang Mai Initiative Multilateralization (CMIM) Agreement following the conclusion on all...

MAS signs MoU with Central Bank of Bahrain

The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) on the sidelines of the 16th World Islamic Banking Conference (WIBC) in Bahrain. 2    The MOU provides a formal basis for supervisory cooperation and mutual support between CBB and...