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NEWSLETTER: Last month in Singapore, we saw the quick move from MAS to ban outright Payment for Order Flow (PFOF), or the commission or equivalent payment which a broker receives from another broker, counterparty or market maker in return for placing and / or executing customers’ orders.
This means MAS is following the trend of other global regulators who have introduced PFOF bans in the UK, EU, Canada and Australia (on a temporary basis). The ban is effective from 1 April 2023.
In Hong Kong, we highlight how the SFC recently flexed their MIC muscles, with the first example of disciplinary action taken against an MIC of compliance who was not a Responsible Officer. Interesting to note that other global regulators (notably FCA in the UK) have announced they are reforming their equivalent to the MIC regime (in the UK, the Senior Managers & Certification Regime). It will no doubt be looking to assess how effective the accountability regimes around the globe have been to date in creating a credible deterrent to individuals breaking the rules.
Meanwhile, there are lots of other exciting updates in our articles below this month, including the latest developments on digital assets in Singapore.
Have a lovely festive break, and a very Happy 2023!
Chief Executive Officer