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Supporting Statement By Mr Alvin Tan, Minister Of State, Ministry Of Trade And Industry And Ministry Of Culture, Community And Youth, And Board Member Of Monetary Authority of Singapore, On Behalf Of Mr Lawrence Wong, Deputy Prime Minister And Minister For Finance, And Chairman Of MAS, On Singapore’s Anti-Money Laundering Regime

Date 03/10/2023

A. INTRODUCTION

1 As Minister Teo has mentioned, financial institutions (FIs) play a critical gatekeeper role to keep criminals out of our financial system.  Singapore is one of the world’s leading financial centres, and our FIs handle millions of transactions every single day. The vast majority of these are legitimate transactions that support the functioning of our economand allow international trade and investments to be intermediated through Singapore.

Written Reply To Singapore Parliamentary Question On Measures To Detect Ownership Of Movement Of Foreign Shares To Foreigners With Securities Accounts In Singapore

Date 03/10/2023

Question:

To ask the Prime Minister whether MAS requires SGX to have measures to detect ownership movements of foreign shares to foreigners who have securities accounts in Singapore and the encashment of the securities shortly after the shares are transferred to securities firms in Singapore. 

Bilateral Meeting Between Japan Financial Services Agency Commissioner Kurita And Chairman Kim, The Financial Services Commission Of The Republic Of Korea

Date 03/10/2023

On October 3, Commissioner Kurita(photo:right) held an in-person bilateral meeting with Mr. Kim Joo-hyun, Chairman of the Financial Services Commission (FSC) of the Republic of Korea(photo:left).

APRA And ASIC Commence Joint Administration Of The New Financial Accountability Regime

Date 03/10/2023

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published an information package to support the financial services industry in implementing the Financial Accountability Regime (FAR).

Written Reply To Singapore Parliamentary Question On Use Of Artificial Intelligence In Supervision Of Financial Institutions

Date 03/10/2023

Question:

To ask the Prime Minister (a) how has the Monetary Authority of Singapore used artificial intelligence (AI) in its supervision of financial institutions; (b) whether this has resulted in positive outcomes; and (c) what is the long-term role of AI in its regulatory framework.

Concurring Statement Of CFTC Commissioner Caroline D. Pham On Notice Of Proposed Rulemaking Regarding Commodity Pool Operators, Commodity Trading Advisors, And Commodity Pools Operated Under CFTC Rule 4.7

Date 02/10/2023

I respectfully concur on the Notice of Proposed Rulemaking Regarding Commodity Pool Operators, Commodity Trading Advisors, and Commodity Pools Operated under Regulation 4.7: Updating the “Qualified Eligible Person” Definition; Adding Minimum Disclosure Requirements for Pools and Trading Programs; Permitting Monthly Account Statements for Funds of Funds; Technical Amendments (CPO/CTA NPRM), because I am concerned that the proposed changes for commodity pool operators (CPOs) and commodity trading advisors (CTAs) offering to or advising sophisticated clients, or “qualified eligible persons” (QEPs), are burdensome and unnecessary for entities that are already subject to extensive CFTC regulation or banking, securities, insurance, or other financial services regulation. I thank staff in the Market Participants Division for their engagement with my office on the CPO/CTA NPRM.

Dissenting Statement Of CFTC Commissioner Summer K. Mersinger On Proposal To Narrow Historical Exemptions For Qualified Eligible Persons In Rule 4.7

Date 02/10/2023

I regrettably dissent from the Commission’s[1] proposed rulemaking to amend Rule 4.7,[2] which for the past 30 years has provided exemptions to registered commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) that operate commodity pools or trading programs for Qualified Eligible Persons (“QEPs”).  I say “regrettably” because there are two aspects of this proposal that are consistent with views I have expressed before, and which I support.

Statement Of CFTC Commissioner Kristin N. Johnson: Proposed Amendments To CFTC Regulation 4.7 - Heighten Disclosure And Enhance Customer Protections

Date 02/10/2023

History of Disclosure-Centered Regulation

Federal regulation expressly establishes that customer protection is a core principle of and central to the oversight mission of the Commodity Futures Trading Commission (CFTC or Commission).  For almost a century, mandatory disclosure has played a critical role in market regulation, directly shaping the development of the U.S. capital and derivatives markets.  Requiring disclosure of material information mitigates inherent asymmetries of information.

CFTC Approves Proposed Rule Regarding Exemptions From Certain Compliance Requirements For Commodity Pool Operators, Commodity Trading Advisors, And Commodity Pools

Date 02/10/2023

The Commodity Futures Trading Commission today published a proposed rule that would amend CFTC Regulation 4.7, a provision that provides exemptions from certain compliance requirements for commodity pool operators (CPOs) with respect to commodity pool offerings to qualified eligible persons (QEPs) and for commodity trading advisors (CTAs) with respect to trading programs advising QEPs.

Statement Of CFTC Commissioner Christy Goldsmith Romero In Support Of Enforcement Case Against Bank Of America And Merrill Lynch For Violating Reporting & Supervision Rules Designed To Identify Systemic Risk

Date 02/10/2023

As financial regulators, we have a responsibility to guard against post-crisis complacency towards Dodd-Frank Act rules—complacency that exposes the U.S. financial system to systemic risk.  This case against Bank of America and Merrill Lynch is an example of just such complacency, and I strongly support it.