SINGAPORE Law and Practice Contributed by: Kenneth Pereire and Lin YingXin, KGP Legal LLC
• on pricing day, MAS launches the syndicated issuance, with Bookrunners offering bonds to institutional investors through a book-building process. Pricing details are published on the MAS website by the end of the day; • Public Offer opens one business day after pricing, lasting a determined period. MAS can adjust the aggregate principal amount of bonds during this time; • one to two business days post Public Offer closure, MAS publishes syndication results, detailing applications, allotted amounts, and an overview of allocations for Placement Tranche and Public Offer; and • bonds are then issued to individual and institutional investors, including those outside Singapore. Syndicated lending is regulated by MAS. Com - prehensive regulations can be found on the MAS website and banks need to follow these require - ments to obtain a licence from MAS to carry out syndication of loans. Payment services, including processing, are regulated by the MAS under the PSA. Payment services are categorised by PSA, but it is the providing of the payment service that is regu - lated, and not the creation or implementation of new payment rails. 5.2 Regulation of Cross-Border Payments and Remittances Cross-border payments are regulated by the MAS under the PSA. Cross-border payment ser - vices in Singapore must be licensed by MAS to ensure that service providers meet legal require - 5. Payment Processors 5.1 Payment Processors’ Use of Payment Rails
ments, implement robust AML/CTFT measures, carry out transaction monitoring, and meet regulatory standards on practices such as risk management. Additionally, the PSA is aimed at protecting consumers engaging in cross-bor - der transactions. Thus, service providers must inform consumers of related fees, exchange rates, and terms and conditions in a clear man - ner. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms There are various types of marketplaces and trading platforms that are permissible in Singa - pore. MAS oversees these platforms to ensure market integrity, investor protection and regula - tory compliance across the financial ecosystem. Traditional Stock Exchanges • Example – SGX. • Regulatory regime – traditional stock exchanges are regulated by the MAS and must adhere to the SFA and the rules and regulations set forth by MAS and SGX. These regulations govern aspects such as listing requirements, trading rules, market conduct and investor protection. Multilateral Trading Facilities (MTFs) • Example – SGX Bond Pro. • Regulatory regime – MTFs are alterna - tive trading venues that facilitate the trad - ing of securities outside of traditional stock exchanges. They are subject to regulations similar to traditional stock exchanges, includ - ing compliance with the SFA and MAS regulations. However, MTFs may have slightly different listing requirements and trading rules tailored to their specific market segments.
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