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CALENDAR OF
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H CALENDAR OF MONETARY AND FINANCIAL EVENTS 127
     
     
     
     
 
  CALENDAR OF MONETARY AND FINANCIAL EVENTS

April 2005 - March 2006
 
12.04.2005
MAS issued a Monetary Policy Statement (MPS), maintaining the current policy of a modest and gradual appreciation of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy band.

22.04.2005
MAS released the Macroeconomic Review (MR), April 2005.

16.05.2005
Parliament approved further changes to the Companies Act, whereby investors and creditors no longer need to rely on par value in calculating paid-up share capital to get an accurate reading of a company’s underlying value.

23.05.2005
MAS signed a regulatory Memorandum of Understanding (MOU) with the China Insurance Regulatory Commission (CIRC).

30.05.2005
The Singapore Exchange (SGX) proposed enhancements to its listing rules and processes in order to raise corporate governance standards.

01.06.2005
MAS released the Financial Stability
Review, June 2005.

06.06.2005 – 10.06.2005
MAS, together with other Singapore government agencies, organised and hosted a Plenary Meeting of the Financial Action Task Force.

13.06.2005
MAS released a consultation paper on the draft Financial Advisers (Traded Endowment Policies and Traded Life Policies – Prescribed Investment Products) Regulations 2005.

01.07.2005
The Securities and Futures (Amendment) Act 2005 clarified the regulatory framework for markets and introduced a designation approach for clearing facilities. The Financial Advisers (Amendment) Act 2005 came into force as well.

14.07.2005
A revised voluntary code of corporate governance was unveiled by the Ministry of Finance.

15.07.2005
MAS released a staff paper documenting the evolution of the macromodelling work undertaken at the Economic Policy Department since 1986.

19.07.2005
MAS allowed banks to grant housing loans of up to 90% of the property value, up from the previous loan-to-value limit of 80%.

19.07.2005
Parliament approved the Central Provident Fund (Amendment) Bill which will allow private insurers to take over the administration of the MediShield Plus Scheme and the Dependents’ Protection Scheme (DPS).

30.07.2005
MoneySENSE published findings of the first national financial literacy survey.

05.08.2005
Senior central bankers from Thailand, Indonesia, the Philippines and Singapore met to exchange views on monetary policy issues at the Monetary Policy Forum of the 50th Anniversary Conference of the Singapore Economic Review, co-organised by MAS and the Economic Society of Singapore.

Professor Edward Prescott, 2004 Nobel Laureate in Economics, who delivered the keynote address at the Forum, also visited MAS.

15.08.2005
Parliament passed new rules to counter money laundering and terrorism financing activities at remittance houses and money changers.

16.08.2005
MAS signed a Memorandum of Understanding with the Emirates Securities and Commodities Authority.

23.08.2005
MAS directed DC William Insurance Brokers Pte Ltd, a registered direct insurance broker, to cease arranging new insurance contracts and renewals of insurance contracts, for failing to maintain its net asset value at the statutory minimum of S$150,000 and for failing to deposit insurance premiums collected from clients into its insurance broking premium account.

31.08.2005
MAS launched the Financial Industry Disputes Resolution Centre.

31.08.2005
Singapore’s first exchange-traded bond fund, Asian Bond Fund (ABF) Singapore Bond Index Fund, made its debut on the SGX.

03.09.2005
MAS and the International Monetary Fund (IMF) jointly hosted a high-level seminar on Asian financial integration in Singapore.

05.09.2005
MAS released a staff paper on the macroeconomic reform agenda of developing countries in the 1990s.

08.09.2005
MAS issued enhanced Corporate Governance Regulations and Guidelines on Corporate Governance.

15.09.2005
MAS and the Securities and Exchange Commission of Thailand signed a letter of intent setting out initiatives for bilateral cooperation in capital markets.

21.09.2005
SGX, along with the Jakarta Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, the Stock Exchange of Thailand and global index provider FTSE Group launched a series of equity indices known as the FTSE/ASEAN series.

29.09.2005

MAS announced that banks in Singapore will be able to offer Murabaha financing.

03.10.2005
Singapore was admitted as a signatory to the International Organisation of Securities Commissions Multilateral Memorandum of Understanding, which seeks to enhance information sharing and cross-border enforcement among securities regulators.

07.10.2005
MAS signed an MOU with the Financial Services Authority, the United Kingdom’s financial services and markets regulator.

11.10.2005
MAS issued a MPS, maintaining its current policy of a modest and gradual appreciation of the S$NEER policy band, with no change in the level, slope or width of the policy band.

15.10.2005
The Securities and Futures (Amendment) Act 2005 introduced prospectus exemption for small offerings and enhanced prospectus disclosure requirements to raise the quality of information to investors.

20.10.2005
MAS revised the real estate investment trust (REIT) guidelines to strengthen the regulatory regime covering REITs.

21.10.2005
The MAS (Anti-Terrorism Measures) (Amendment) Regulations 2005 took effect.

21.10.2005
MAS released the MR, October 2005.

08.11.2005
MAS and the Bank of Japan, acting as an agent for the Minister of Finance of Japan, renewed their bilateral swap arrangement under the Chiang Mai Initiative. The revised agreement features a significant increase in size from US$1 billion to US$3 billion from Japan to Singapore and a new commitment of US$1 billion from Singapore to Japan.

22.11.2005
To deal with the increasing trend in e-banking threats and internet attacks, MAS issued a circular to all banks asking them to implement two-factor authentication for all their internet banking systems.

29.11.2005
MAS issued Corporate Governance Regulations for Approved Exchanges, Designated Clearing Houses and Approved Holding Companies.

30.11.2005
MAS hosted the 2005 IMF Article IV Consultation on Singapore’s economic developments and policies.

01.12.2005
MAS released the Financial Stability Review, December 2005.

02.12.2005
MAS issued a Notice on Dual Currency Investments under the Financial Advisers Act.

06.12.2005
Singapore and Vietnam signed a Framework Agreement on Vietnam-Singapore Connectivity, which provides for enhanced financial services co-operation between MAS and Vietnamese financial agencies.

07.12.2005
MAS released a consultation paper on the proposed Nomination of Beneficiaries framework.

09.12.2005
MAS released a staff paper analysing the welfare impact of trade reforms in ASEAN countries.

19.12.2005
SGX and Chicago Board of Trade established a joint venture to develop a derivatives exchange for Asian commodities called Joint Asian Derivatives Exchange (JADE).

22.12.2005
MAS released a staff paper on the implications for Asia of China’s emergence as a manufacturing powerhouse.

06.01.2006
MAS issued a circular to financial institutions to provide further guidance on Business Continuity Management (BCM), focusing on flu pandemic and security threats.

16.01.2006
Parliament passed the Payment Systems (Oversight) Act to provide oversight of payment systems and stored value facilities in Singapore.

01.02.2006
The Trust Companies Act framework was operationalised.

01.02.2006
MAS published a list of 32 formal regulatory and enforcement actions on market conduct matters taken against companies and individuals in 2005.

01.02.2006
MAS commenced regulation of trust companies under the new Trust Companies Act.

08.02.2006
MAS announced that the Singapore Deposit Insurance Corporation Limited has been set up to administer the deposit insurance scheme and manage the deposit insurance fund.

17.02.2006
Prime Minister and Minister for Finance Lee Hsien Loong announced several tax measures in his budget speech to promote further growth and development of Singapore’s financial sector, including measures to build up the depth and breadth of the capital markets and to further promote risk management and treasury activities in Singapore.

21.02.2006
SGX, FTSE and Yasaar Consultants launched the first Asian shariah-compliant index, the FTSE-SGX Asia Shariah 100 Index.

27.02.2006
MAS issued guidelines to provide financial institutions with guidance on sound risk management practices.

22.03.2006
MAS tightened the admission criteria for boutique corporate finance advisory firms.

30.03.2006
SGX offered an over-the-counter clearing service for oil derivatives and dry bulk forward freight agreements.

31.03.2006
MoneySENSE held the inaugural MoneySENSE Roadshow. The event conveyed simple financial education messages to the public though fun games and activities.

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