Regulatory Alerts2021-06-28
Added · Updated
MAS Notice 1110: Negotiable Certificates of Deposit
Merchant Banks in Singapore must issue negotiable certificates of deposit (NCDs) denominated in foreign currency in minimum denominations equivalent to S$100,000. These banks must lodge every issued NCD and bearer security with an authorized depository, which includes banks or merchant banks in Singapore, the Depository under the Securities and Futures Act, Euroclear, Clearstream, or any other depository approved by the Authority. This Notice applies to all Merchant Banks that issue or act as an authorized depository for NCDs or bearer securities and takes effect on 1 July 2021.
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