Regulatory Alerts2021-06-28
Added · Updated
Guidelines for Operation of Merchant Banks
The Guidelines for Operation of Merchant Banks were cancelled with effect from 1 July 2021. These guidelines previously applied to all merchant banks in Singapore, including locally incorporated entities and branches, covering permitted activities and restrictions. Specific provisions included requirements for obtaining Monetary Authority of Singapore approval to operate an Asian Currency Unit, rules on issuing and safekeeping negotiable certificates of deposit and bearer securities, and regulations governing the lending of Singapore dollars by merchant banks to non-resident financial institutions.
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