MAS rolls out streamlined foreign related corporation framework

In Singapore, international financial institution groups have commonly relied on licensing exemptions via approved arrangements with their licensed affiliates in Singapore (e.g. a licensed bank in Singapore) to service Singapore-based customers. These are typically referred to as “Paragraph 9 / 11” arrangements.  

More recently, the MAS has decided to streamline this exemption framework. This alert provides an overview of the revised framework and discusses the impact these changes.

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