26 October 2018
Peiying Chua Heikes
- Sonia Lim - Peter Fairman - Teddy Tang
Significant amendments to the Securities and Futures Act (Cap. 289) ("SFA") take effect - what are the implications for your business?
The Securities and Futures (Amendment) Act 2017 (“SF(A)A”) took effect on 8 October 2018. Together with new and revised underlying regulations, notices and guidelines that were simultaneously released, the SF(A)A introduces changes to rules in connection with licensing, prospectus requirements, conduct of business and market misconduct.
In this client alert, we will summarise five key (non-exhaustive) areas at a high level:
- Expanded and streamlined capital markets services licensing regime
- Reclassification of non-retail investors, and introduction of opt-in/opt-out
- New and revised conduct of business obligations
- Changes to the market operator regime
- Legislative framework for the regulation of financial benchmarks
We are working with some clients to produce a matrix that will summarise the key changes that have been made to the SFA, as well as the SFA’s underlying regulations, notices and guidelines, as a result of the Securities and Futures (Amendment) Act 2017 taking effect on 8 October.