Financial institutions general regulatory news:
UK-Singapore Financial institutions Partnership in Financial Services
HM Treasury announced that it has agreed to a new “financial partnership” between the UK and Singapore that will support more financial services between the two countries. He says the partnership will allow for closer cooperation, greater information sharing, and opportunities to promote trade and investment. The partnership is supported by a Memorandum of Understanding (MoU) between the HM Treasury and the Monetary Authority of Singapore (MAS) on Regulatory Cooperation in Financial Services. The MoU is a declaration of intent by the parties to share information and work to promote regulatory cooperation. It does not create or modify any legally binding obligation, impose any applicable law or supersede national law.
The Parties reaffirm that they will cooperate, whenever possible, bilaterally and through international bodies to achieve certain objectives, including improving trade in financial and investment services between the UK and Singapore. This regulatory collaboration is aimed at all sectors of financial services.
The Memorandum of Understanding defines a framework for regulatory cooperation, which consists of two elements:
• the parties declare that they will endeavor, whenever possible and in the mutual interest, to ensure the compatibility of regulatory and supervisory frameworks for financial services in their respective jurisdictions; IT’S
• each party may where possible and permitted by its local regulatory framework, refer to the regulatory and supervisory framework of the other party’s jurisdiction. The MoU states that it applies to specific parts of the parties’ regulatory and supervisory framework. In areas where compliance applies, the parties agree, among other things, to share information about the implementation and enforcement of legislation in that area and to consider the impact of relevant regulatory initiatives on the other party.
The MoU also describes the procedures to be followed if a party withdraws an escalation decision in a particular area. In that case, the Party that has decided to withdraw from the consultations shall allow the other Party sufficient time before returning to the application and application of the regulatory and supervisory framework within its competence.
The parties also reaffirmed their commitment to the annual UK-Singapore financial dialogue.
The Memorandum of Understanding was signed and entered into force on June 30, 2020. It will remain in effect until one of the parties gives six months’ notice.
UK and Singapore Negotiate Digital Digital Trade Agreement
The Department for International Trade (DIT) has announced that the UK will begin negotiations with Singapore on a new Digital Economy Agreement (DEA) on June 28, 2021. The UK is the first European country to negotiate a DEA. According to the DIT announcement, the DEA plans to remove barriers to digital trade and allow UK exporters to expand into high-tech markets, with talks focused on:
• ensure open digital markets for exporters;
• ensure a free and reliable flow of data at the border (with high standards of personal data protection);
• Reduce bureaucracy for UK businesses by promoting digital trading systems such as digital customs and border procedures to save time and money on exports;
• protection of consumer rights and protection of corporate intellectual property (such as source code and encryption); IT’S
• Deepen collaboration in future growth sectors such as FinTech and strengthen collective cybersecurity capabilities.