Regulated Investment Services
The commission is responsible for overseeing and regulating the following services (shown in the table below). The first task is therefore to decide which services a license should be applied for.
|1||Reception and transmission of orders in relation to one or more financial instruments.||Reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client.|
|2||Execution of orders on behalf of clients.||Acting to conclude agreements to buy or sell one or more financial instruments on behalf of clients.|
|3||Dealing on own account.||Trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments. The terms “trade on own account” or “trading on own account” have similar interpretation.|
|4||Portfolio management.||Managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments.|
The provision of personal recommendation to a client, either after his request, or on the initiative of the CIF, in relation to one or more transactions related to financial instruments.
(a) Is made to a person in his capacity as a client or potential client, or in his capacity as an agent of a client or a potential client, and (b) is presented as suitable for the client, or is based on a consideration of the circumstances of the client (i) to buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular financial instrument.
But does include a recommendation that is issued exclusively through distribution channels or to the public.
|6||Underwriting of financial instruments and/or placing of financial instruments on a firm committed basis.||Underwriting refers to the process whereby an investment bank raises investment capital from investors on behalf of corporations and/or governments that are issuing securities (either Equity or Fixed Income). It assumes that the underwriter has taken on the risk of distributing the securities. Should he be unable to find enough investors, he will have to hold some securities for himself.|
|7||Placing of financial instruments without a firm commitment basis.|
|8||Operation of Multilateral Trading Facility.||A multilateral system operated by a CIF or market operator, which brings together or facilities the bringing together of multiple third-party buying and selling interest in financial instruments – in the system and in accordance with its non-dictionary rules.|
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.