MAS Managing Director Mr Chia Der Jiun met Hon. Andrew Bayly, New Zealand Minister of Commerce and Consumer Affairs, Minister for Small Business and Manufacturing, and Minister of Statistics. Minister Bayly has oversight of the Financial Markets Authority - New Zealand, which is responsible for regulating the conduct of financial market participants, regulating exchanges and overseeing and enforcing financial regulations. The meeting discussed the regulation of financial and capital markets in New Zealand and Singapore, and MAS’ approach as an integrated regulator and supervisor of financial institutions in Singapore. Mr Chia and Minister Bayly also discussed topical issues including the development of payment services and capital market reforms. MAS values our close partnership with New Zealand and the FMA, which is a member of the IOSCO Asia-Pacific Regional Committee (APRC). The APRC is a regional committee of the IOSCO, focusing on regional issues relating to securities regulation in the Asia-Pacific region. We look forward to continued collaboration and dialogue between MAS and New Zealand.
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🇸🇬 Minister of State for Trade & Industry, Culture, Community & Youth, Board Member of the Monetary Authority of Singapore and Member of Parliament for Tanjong Pagar GRC
Took Parliament through the Second Reading of the Financial Institutions (Miscellaneous Amendments) Bill today. Our Monetary Authority of Singapore (MAS) plays a central role in upholding our status as a safe and trusted international financial centre 🌏. As our financial sector grows in size and complexity, MAS must continually review and enhance its regulatory powers to effectively supervise financial institutions, as well as investigate and punish serious misconduct in our financial sector 🏦. I shared about the key amendments we are introducing to harmonise and enhance MAS’ investigative powers across various Acts under its purview 📑. These include amendments to strengthen evidence gathering capabilities and to facilitate transfer of evidence 🔍. The FIMA Bill will enhance MAS’ ability to enforce its regulatory regime and supervise capital markets financial institutions more effectively. This will further strengthen Singapore’s position as a safe and trusted international financial centre. 💪
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⬇ FECMA invites you for the webinar! ⬇ The EU Observatory of Payments in Commercial Transactions (“EU Payment Observatory”) is an initiative from the European Commission that monitors trends and developments on payment performance and behaviour in commercial transactions in the EU. It also collects, analyses and disseminates data, provides a repository of relevant initiatives and policy documents, and through its regular activities presents an overview of trends and developments in payment behaviour across the EU. FECMA is an active member of the stakeholder’s forum that that gives operational support and advice to the EU Payment Observatory. In this webinar Damir Gojsic, researcher in the Financial Markets and Institutions Unit at CEPS (Centre for European Policy Studies) and member of the project team will highlight the concept and give an update on the current stage of the project. After the speech there will be time for comments and questions from the audience. The discussion will be moderated by Ludo Theunissen, FECMA President. If you want to be up to date on the situation on this important project you can register here https://lnkd.in/dYn4sRYS. ⏩ more on the project can be found here https://lnkd.in/dwiAKk7q #creditmanagement #europe #creditrisk #tradecredit #fecma #ordertocash #riskmanagement #paymentculture #webinarfecma
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📢 Attention Cyprus Investment Firms (CIFs)! 📢 Cyprus Securities and Exchange Commission (CySEC) has issued Circular No. C629, highlighting recent requirements from the Portuguese Securities and Exchange Commission (CMVM) regarding advertising by Financial Intermediaries in Portugal. 🔍 Key points from the circular include: · Entity Identification: Financial intermediaries must ensure that their advertising includes clear identification, regardless of the channel used. · Complete and Truthful Information: All information provided in advertising must be complete, truthful, current, clear, objective, and lawful. · Disclosure of Risks: When advertising potential benefits of an investment service or financial instrument, relevant risks must also be clearly stated. It's essential for CIFs advertising financial services and/or instruments in Portugal to adhere to these requirements promptly. For further insights, reach out to our team of experts: ☎️ 00357 25 34 00 25 📧 info@fivecomply.com 💼 fivecomply.com #CySEC #CMVM #FinancialIntermediaries #Compliance #AdvertisingRegulations #Portugal #FinancialServices #Investment #Transparency #RegulatoryCompliance #ComplianceExcellence #FiveComply
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In line with its 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝘁𝗼 𝘂𝗻𝗹𝗲𝗮𝘀𝗵 𝘁𝗵𝗲 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗳 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗳𝗼𝗿 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗶𝗻𝗴 𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀, the Global Forum Secretariat recently organised an experience-sharing workshop in partnership with the Asian Development Bank (ADB), to help jurisdictions understand the key requirements and components to develop a customised technical solution to process exchanges under the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI). Find out more 👉 https://oe.cd/5tG #GlobalForum #taxtransparency #automaticexchange #CRS #AEOI Hakim Hamadi Jasmina Trajkovski Sathi Meyer-Nandi
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#GCCA NEWS | ➤ Natia Turnava, Acting President of the National Bank of Georgia, and Irakli Lekvinadze, PhD, Chairman of the Georgian Competition and Consumer Agency, signed a #memorandum of cooperation to promote competition and consumer rights protection. ▪️ "It is notable that the National #Bank of Georgia and the Georgian Competition and Consumer Agency signed an amended memorandum today, which envisions collaboration between the agencies in the areas of competition policy and consumer rights protection. The cooperation agreement between our agencies has been in existence since 2018, however it only allowed for collaboration in the competition policy area. Furthermore, based on the recommendations of World Bank and International Monetary Fund experts, it is appropriate to move to a new stage of cooperation, because, given the significant results achieved by the current memorandum, even closer coordination between the agencies is on the agenda. Thus, the amended memorandum envisions more flexible and effective mechanisms of cooperation in both consumer rights protection and competition policy enforcement, and we believe that it will foster even more successful cooperation in both directions,"-said Natia Turnava. ▪️ By signing the memorandum, the agency's leaders emphasized their willingness to work closely together to prevent violations, restore violated consumer rights, create a healthy competitive environment, and raise public awareness. ▪️ "Today's memorandum plays an important role in promoting a competitive environment in the #financial industry, enacting regulatory legislation to defend consumer rights, and ensuring its implementation. Amendments in competition legislation in 2020 clarified the forms of engagement with the financial sector's #regulator. We communicate relevant information on a daily basis to ensure the effective enforcement of competition and consumer rights protection policies. As a result, tight cooperation with the National Bank is strategically crucial for the agency," Irakli Lekvinadze stated while signing the memorandum. ▪️ The parties expressed a willingness to strengthen bilateral cooperation for the purpose of effectively enforcing the Association Agreement between the European Union and Georgia, enforcing competition and consumer protection #mechanisms in the financial sector, and raising public #awareness. 🌐MORE: https://lnkd.in/dUbMyK_J #ConsumerRights #ConsumerProteqtion #beinformed #protectyourrights #InternationalConsumerProtectionDay #regulatory #Bank #Georgia
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#TaxmannAnalysis #GIFT #IFSC The Ministry of Corporate Affairs (MCA) has recently implemented regulations enabling all public companies, whether listed or unlisted, to issue securities for listing on international stock exchanges. In conjunction with the latest amendment to the Foreign Exchange Management Act (FEMA), this development is designed to draw in foreign investors, enhance market confidence, and facilitate global participation and economic expansion. This article provides an in-depth examination of the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024, alongside the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024. Download/Read More: https://lnkd.in/dvA_u-S6 [8 Mins | Read Time] Drafted by Taxmann's Advisory & Research Team | Corporate Laws 𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://lnkd.in/dXuaSZhc #TaxmannUpdates #TaxmannAdvisory #MCA #FEMA #Securities
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AFME welcomes the recent adoption of the European Council’s Strategic Agenda for the next institutional cycle (2024-2029) as part of its conclusions, which emphasises the crucial role of capital markets and banking union in fostering investment for a more dynamic and competitive European economy. AFME looks forward to the European Commission's implementation of this agenda, recommending bold initiatives like streamlining EU trading and post-trading systems, as well as ensuring securitisation can play a more effective role in bridging bank and market-based finance. AFME also welcomes ongoing Council discussions on advancing the Capital Markets Union (CMU), stressing the importance of EU-wide cooperation amidst efforts to unlock retail savings and deepen national capital markets. Read the press release here: https://bit.ly/3XHE1T6
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VP of Sales APAC at Shufti Pro#ID Verification- #KYC, #AML , #Fraud , #PEP #KYB #Innovation #e-kyc #riskassessment
Thrilling Developments Unveiled in Macau's Financial Sector! 🌟 The Legislative Assembly of #Macau has passed groundbreaking amendments to the Financial System Act, propelling the region's financial landscape into the future. Set to take effect on November 1, 2023, these revisions, while retaining the core framework, introduce vital changes aimed at boosting #competitiveness, #innovation, and # compliance to international standards. The amendments target four key areas: Modernization of the Financial Sector: The new Act ensures that Macau's financial sector keeps pace with evolving industry trends, fostering an environment ripe for innovation and growth. Enhanced Supervision: Striving to meet global standards, the Act reinforces supervision requirements, strengthening the Monetary Authority of Macau's (AMCM) oversight powers and introducing a streamlined licensing process. Streamlined Bureaucracy: Say goodbye to unnecessary red tape! The Act simplifies administrative procedures, making it easier for financial institutions to navigate regulatory processes. Strengthened Legal Measures: To deter illegal financial activities, the Act increases penalties for offences, promotes accountability through stringent corporate body requirements, and empowers the AMCM to enforce administrative actions swiftly. Notable Changes Include: 🏦 New License Categories: Introducing "restricted license banks" paves the way for specialized banking services with simplified licensing procedures. 📜 Bond Issuance: Chief executive authorization for bond issuance is replaced with a more efficient registration system. 🧪 Financial Innovation: The Act introduces a "sandbox" framework, encouraging the development of innovative financial products and systems. 💼 Corporate Governance: Financial institutions will now require a minimum of five directors, bolstering governance standards. 📊 Risk Management: Prudential parameters for #riskassessment undergo tightening, ensuring greater stability in the financial system. These changes signify Macau's commitment to becoming a dynamic, forward-looking financial hub in Asia. As the Act takes effect later this year, financial institutions are urged to grasp the implications and adapt their strategies accordingly. The transition presents an opportunity for growth and innovation, cementing Macau's position on the global financial stage. #MacauFinance2023 #FinancialInnovation #GlobalFinance #ShuftiPro #APAC #FutureReady
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Busy agenda today in Brussels. I appeared in front of the Economic and Monetary Affairs Committee, together with Petra Hielkema (EIOPA) and Jose-Manuel Campa (EBA). As part of ESMA’s annual accountability session with the European Parliament, I talked about 👉 the #ESMAstrategy, current challenges, risk monitoring and the effective use of data, the protection of retail investors, #SustainableFinanceEU and many more → https://lnkd.in/eVqMaRn3. And Annex → https://lnkd.in/e62z9uCV. Markets have been, and remain, volatile. 📈 📉 In this environment, ESMA has remained at the forefront of coordinating the actions and information sharing between national competent authorities (NCAs) in the EU and ensuring common approaches to crises responses wherever possible. 🤝 We (ESMA and NCAs) need to continue to strengthen supervisory convergence to ensure a consistent understanding and application of the EU rulebook and its effective supervision wherever the firm or the investor are located. At ESMA, we stand ready to play our part in building stable and effective capital markets for Europe that support growth and benefit retail investors. We look forward to continue to work closely with the European Parliament in this endeavour. Check what we are planning for 2024 → https://lnkd.in/e4txGeJi.
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Workplace Safety & Health (WSH) Council Director (Retired) | WSH Culture and Design Safety Strategist
Prime Minister and Minister for Finance Mr. Lawrence Wong unveiled Singapore National Asset Recovery Strategy at the Financial Action Task Force (FATF) Plenary Meeting on 26 Jun 2024. Jointly launched by the Singapore Police Force, Ministry of Finance, and the Monetary Authority of Singapore, this comprehensive document aims at preserving our reputation as an international financial, business, and trade hub focusing on the four operational pillars of Detect, Deprive, Deliver, and Deter. The strategy paper outlines our nation's robust approach to combating money laundering and recovering illicit assets. Key Highlights of the paper: 1. Innovative Asset Recovery Tools: New techniques to deprive criminals of their ill-gotten gains. 2. Civil and Voluntary Measures: Effective mechanisms for reclaiming proceeds from tax crimes and other offenses. 3. Strengthened Legal Frameworks: Recent legislative amendments enhancing our fight against money laundering. 4. Public Education Campaigns: Empowering the community to recognize and prevent financial crimes. 5. Successful Case Studies: Real-world examples of thwarting fraud and recovering assets. How can we contribute and help to safeguard the integrity of our financial system with strong rule of law, transparency in financial and other regulatory regimes, and ecosystem? Share your ideas by commenting below! https://lnkd.in/guJkaPec. Lawrence Wong Singapore Police Force Monetary Authority of Singapore (MAS) Ministry of Finance #FinancialSecurity #Singapore #AntiMoneyLaundering #AML #FinancialCrimes #PublicSafety #Innovation
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