Author: Peiying Chua Heikes

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.