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, most notably by moving from the current ex-ante approval approach, to an ex-post notification approach. In our alert, we provide an overview of the revised framework, and discuss the impact these changes will have on the industry.