Regulatory Alerts2012-04-30
Added
Notice 823 Dealing in Government Securities
The Monetary Authority of Singapore issued Notice 823 to regulate the activities of finance companies dealing in government securities under the Finance Companies Act. The notice permits such companies to deal in government securities without prior approval provided they act for their own account, transact only with exempt financial institutions, and are not designated as Primary, Registered, or Secondary dealers. Additionally, it mandates strict custodial obligations, requiring finance companies acting as securities dealers to hold client securities in separate trust accounts, segregate assets, and maintain specific book-entry accounts to prevent commingling or unauthorized use.
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