No material regulatory updates for external asset managers (“EAMs”) were issued by the Monetary Authority of Singapore (“MAS”) in November 2024. Hopefully, this will allow us to enjoy the festive season. At the same time, financial institutions may finalise the implementation of previous updates and prepare for the filings due early next year.

• The Guidelines on Outsourcing (Financial Institutions other than Banks) will take effect on 11 December 2024. As discussed previously, this, fortunately, results in hardly any changes to the previous Guidelines on Outsourcing.
• Nil misconduct declarations will need to be submitted by 14 January 2025 unless the company submitted a Misconduct Report in 2024.
• The usual quarterly returns will also be due by 14 January 2025.

For people looking further ahead, artificial intelligence (“AI”), namely for research, transaction monitoring and fraud prevention, as well as the tokenisation of assets were among the intensely debated topics at the Singapore Fintech Festival. (You can find many of the presentations at https://gftn.co/knowledge-hub?utm_medium=paid-ads&utm_source=google&utm_term=gftn&utm_content=get-to-know&utm_campaign=gftn-launch.)