Regulatory Alerts2018-10-08
Added
Guidelines on the Application of Section 339 (Extra-Territoriality) of the Securities and Futures Act
The Monetary Authority of Singapore issues these guidelines to clarify the extraterritorial application of Section 339 of the Securities and Futures Act, which extends Singapore's jurisdiction to cross-border activities with substantial and foreseeable effects in the country. The document defines the 'effects doctrine' and outlines specific factors, such as targeting and solicitation, that determine whether foreign entities conducting regulated activities outside Singapore fall under MAS regulatory scope. It further provides general principles for non-applicability and detailed illustrations to distinguish between exempt cross-border transactions and those requiring licensing or approval.
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