MAS Issues Guidelines to Strengthen Responsibility and Ethical Behaviour in the Financial Industry

The Monetary Authority of Singapore (MAS) issued new Guidelines on Individual Accountability and Conduct (Guidelines) on 10 September 2020. The Guidelines set out five outcomes that financial institutions (FIs) should achieve to promote clear accountability of senior managers in key functions and promote ethical behaviour in the FIs. The Guidelines were accompanied by an Information Paper and FAQs to help FIs achieve the five outcomes.

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MAS Consults on a New Omnibus Act for the Financial Sector

The Monetary Authority of Singapore (MAS) published a consultation paper on the New Omnibus Act for the Financial Sector. The proposed new omnibus Act (the New Act) will consolidate provisions in the MAS Act into one legislation. The New Act will also include additional provisions relating to the expanded power to issue prohibition orders, expansion of the scope of AML/CFT, imposition of technology risk management requirements and an approved dispute resolution scheme with statutory protection from liability.

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New Zealand High Court Issues Landmark Cryptocurrency Ruling

In Ruscoe v Cryptopia Ltd, the New Zealand High Court issued a landmark ruling that the cryptocurrencies in question constitute property and were held on trust. In its ruling, the New Zealand High Court provides guidance on how traditional principles of property and trust may be applied to cryptocurrencies.

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COVID-19 Support Package for Singapore Financial and FinTech Sectors

The Monetary Authority of Singapore announced a support package for the financial and FinTech sectors to deal with the immediate challenges brought by the Coronavirus Disease 2019 (COVID-19) pandemic and to prepare for recovery and future growth. The initiatives address manpower costs, operational costs and access to business opportunities.

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Landmark Singapore Court of Appeal Case on Autonomous Algorithmic Trading

In Quoine Pte Ltd v B2C2 Ltd, the Singapore Court of Appeal affirmed the Singapore International Commercial Court's ruling that Quoine was in breach of contract by unilaterally reversing B2C2's digital token trades. In its ruling, the SGCA provides guidance on how traditional doctrines of breach of contract and unilateral mistake can be applied to contracts involving autonomous algorithmic processes.

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