Financial Services Law and Regulation

This book brings together leading academics and practitioners in Singapore in the area of financial regulation, where there may have been a lacuna in Singapore treatises compared to the many excellent texts on the contractual aspects of banking and insurance. While topics might still be discretely analysed in terms of banking, insurance, securities and derivatives, and financial advisory, common threads exist between them and these are explored throughout the Handbook.

The first two parts of the book focus on prudential regulation as they pertain to banks and insurance companies. As these entities conduct their business in areas that extend into the securities markets, the book also looks at both the financial and market conduct of entities and intermediaries that offer securities and derivatives as well as the exchanges that trade, clear and report these instruments.

The final part of the book covers both institutions and issues that are of present-day interest including alternative investment structures, Fintech, and the harmonisation of rules in the financial sector in Asia. We hope that this Handbook will assist compliance officers in financial institutions, and in-house and corporate/regulatory lawyers in navigating the meandering and often-changing waters of financial regulation.



Chapter 1

Development and Regulation of Financial Services in Singapore: A Brief History

Kevin Y L Tan

Chapter 2

Prudential Regulation of Banks

Christian Hofmann

Chapter 3

Corporate Governance of Banks

Iris H-Y Chiu

Chapter 4

Banking Secrecy

Dora Neo

Chapter 5

Deposit Insurance

Sandra Booysen

Chapter 6

Payment Systems

Paul Yuen

Chapter 7

Regulation of Insurance Business

Yeo Hwee Ying

Chapter 8

Capital Requirements for Insurers: Risk-based Capital, Enterprise Risk Management and Investment

Yong Qiang Han

 Chapter 9

Bond Finance

Hans Tjio

Chapter 10

Over-the-counter Derivatives Regulation

Loh Kai Loon

Chapter 11


Lan Luh Luh

Chapter 12

Market Misconduct

Lee Pey Woan & Pearlie Koh

Chapter 13

Conduct of Business Regulation of Financial Advisers

Low Kee Yang

Chapter 14

Private Equity

Lin Lin

Chapter 15

Hedge Funds: Regulation and Structuring

Alexander Loke & Amit Dhume

Chapter 16

Fintech Developments

Dharmendra Yadav & Stella Cramer

Chapter 17

Anti-money Laundering and Countering Financing of Terrorism

Eric Chan

Chapter 18

Liberalisation of Financial Services in ASEAN: Current Developments

Michelle Dy



Sandra Booysen is an Associate Professor at the National University of Singapore, Deputy-Director of the Centre for Banking & Finance Law, and serves on the editorial board of two journals: Singapore Journal of Legal Studies and International Banking and Securities Law. Sandra’s research in the fields of contract and banking law has been published in a variety of international journals and she is the co-editor of a book entitled Can Banks Still Keep a Secret? Bank Secrecy in Financial Centres Around the World (Cambridge University Press, 2017).

Eric Chan is a partner at Shook Lin & Bok LLP. His practice focus is in financial services regulation. His work covers the full spectrum of the financial services sector in Singapore, and he works regularly with banks, financial advisers, insurers and insurance brokers, fund managers, securities brokers and other intermediaries, advising and helping them to understand and comply with Singapore financial regulatory rules and regulations. He works with financial institutions new to the Singapore market in helping them secure the requisite approvals, authorisations or exemptions. Eric is also extensively involved in advising various financial institutions and corporate clients on privacy and personal data protection, as well as anti-bribery controls.

Iris H-Y Chiu is Professor of Corporate Law and Financial Regulation at the Faculty of Laws, University College London (“UCL”), specialising in corporate governance, company law, banking and investment regulation. She has published extensively in monographs, edited volumes and journal articles in over 40 peer-reviewed journals in the UK and US. She is Executive Editor of the European Business Law Review and co-series editor of the Macmillan Corporate and Financial Law Series. She is Director of the UCL Centre for Ethics and Law, a research centre focused on thinking and development in issues of business and society, law, regulation and ethics broadly.

Stella Cramer is a technology and innovation lawyer based in Singapore. She is head of Technology and Innovation Asia Pacific, and head of FinTech Asia. She regularly advises on complex, transformational technology and commercial transactions, outsourcings, related regulatory issues and global compliance programmes for global financial institutions and major corporates across all industry sectors in the region. Stella leads Singapore’s technology, media and telecommunications team, which is ranked tier one by The Legal 500 Asia Pacific 2017 and 2018 (Singapore). She is also individually ranked by The Legal 500 2017 and 2018 as one of four leading individuals in the sector, and is described as an “exceptional” practice head who “excels in finding practical and commercial solutions”. She has been recently selected by Who’s Who Legal: Banking 2018 as being among the world’s leading fintech lawyers.

Amit R Dhume is a partner at Colin Ng & Partners LLP (“CNP”) and co-head of the Funds and Financial Services Practice Group of CNP. He works closely with fund managers to assist them in establishing investment funds and fund management companies and offering investment funds in Singapore. He also advises family offices on various wealth management issues and legal documentation. He regularly advises clients on regulatory and compliance matters in relation to securities laws and regulations in Singapore. Amit’s expertise has been recognised in The Legal 500 Asia Pacific 2018 as “Recommended Lawyer for Investment Funds”.

Michelle Dy is a legal counsel for AirAsia. She received her Juris Doctor, cum laude, from the University of Philippines College of Law as valedictorian of her class. She has extensive experience in the academia, public, and private sector having worked as a research associate in the Centre for Banking & Finance Law, National University of Singapore, a legal consultant for various departments in the Philippine government, and a junior associate for two top-tier law firms in the Philippines. She has written several papers on ASEAN financial integration, including one book chapter on ASEAN capital market integration which will be published by Cambridge University Press. She is qualified to practice law in the Philippines and is awaiting admission to the New York Bar.

Han Yong Qiang is a post-doctoral researcher at the University of Hull. His major publications include peer-reviewed English articles, the monograph Policyholder’s Reasonable Expectations (Oxford: Hart Publishing, 2016), and substantive chapters in his edited book (with Greg Pynt) Carter v Boehm and Pre-Contractual Duties in Insurance Law (Oxford: Hart Publishing, 2018) which is the fruition of a Centre for Banking & Finance Law conference in late 2016. Since 2015, he has been a member of the Academic Drafting Committee of the Europe-based international research project “Principles of Reinsurance Contract Law”.

Christian Hofmann is an Assistant Professor at the Faculty of Law, National University of Singapore (“NUS”). Prior to joining NUS law, Christian held several positions in law faculties and in legal practice. Among others, he was a senior legal counsel for the German Central Bank (Bundesbank) and a law professor at the Private University in the Principality of Liechtenstein. He held chairs at the University of Cologne and Goethe-University Frankfurt on a visiting basis (Lehrstuhlvertreter), was a visiting scholar and fellow of the Humboldt Foundation at the University of California, Berkeley, and a Global Research Fellow at New York University School of Law. Christian specialises in the law and regulation of financial institutions and markets, sovereign debt restructuring and comparative corporate law.

Pearlie Koh presently teaches at the School of Law, Singapore Management University, where she teaches the law of business organisations and corporate law. Her main area of research interest is in company law, although she has also written in contract law. Her publications include articles published in both local and international peer-reviewed journals, as well as the book Company Law (LexisNexis, 3rd Ed, 2017). She has also contributed chapters to a number of books, including Corporate Law (Academy Publishing, 2015) and The Law of Contract in Singapore (Academy Publishing, 2012).

Lan Luh Luh currently holds a joint position as an Associate Professor with both the National University of Singapore (“NUS”) Business School and Faculty of Law. She specialises in company finance law and corporate governance and has published in management and law journals. She is the author of Essentials of Corporate law and Governance in Singapore (Sweet & Maxwell, 2018) and is a European Corporate Governance Institute research member, the Chairperson for the Global Corporate Governance Colloquia (2018–2020) and a board member of the International Corporate Governance Society. She is also the Academic Director for the University of California, Los Angeles (UCLA)–NUS Executive MBA Programme and a board member of the Charity Council advising the Singapore Commissioner of Charity on regulatory and governance issues.

Lee Pey Woan teaches corporate law at the School of Law, Singapore Management University, but her research interests encompass company, private and commercial law. She has published widely in local as well as leading international journals and has co-authored text books on contract law, tort law and company law.

Lin Lin is an Assistant Professor in the Faculty of Law at the National University of Singapore. She teaches and researches primarily in company law, corporate finance, alternative investments and Chinese corporate law. Prior to joining academia, Dr Lin was a Legal Policy Officer at the Accounting and Corporate Regulatory Authority of Singapore. She has worked in the Corporate Finance Department of Shook Lin & Bok LLP.

Loh Kai Loon is a Counsel at Ashurst ADTLaw, a formal law alliance between Ashurst LLP and ADTLaw LLC in Singapore. He is a derivatives and structured products specialist with significant international and regional experience, having previously practised in London for nearly eight years. He has also worked in Hong Kong in 2015. He has broad transactional, advisory and regulatory experience, including advising on Singapore law matters, ranging from over-the-counter regulatory reforms to netting and collateral, and other regulatory issues arising out of derivatives transactions.

Alexander Loke is Professor at the City University of Hong Kong School of Law, and Director of the Hong Kong Commercial & Maritime Law Centre. Loke was the founding chief editor of the Asian Journal of Contract Law and was one of the co-founders of the National University of Singapore Centre for Banking & Finance Law launched in 2014. Loke publishes widely in contract law, corporate and securities law, and international finance.

Low Kee Yang was part of the start-up team of the Singapore Management University (“SMU”) in 1998 and was Interim Dean of the SMU School of Law as it began in 2007. At the undergraduate level, Kee Yang teaches tort law and business law. At postgraduate level, he teaches financial advisers law, legal issues and legal risks, and legal knowledge and strategy for senior management. His book publications include The Law of Guarantees in Singapore & Malaysia (LexisNexis, 2nd Ed, 2003), The Executive’s Guide to Business & the Law (Prentice Hall, 2nd Ed, 2002) (co-authored) and Halsbury’s Laws of Singapore vol 6 (LexisNexis, 2006 Reissue) “Company Law”. He has written numerous articles in the areas of law of guarantees, financial advisers law, tort law, company law and contract law.

Dora Neo is the Director of the Centre for Banking & Finance Law and an Associate Professor at the Faculty of Law, National University of Singapore, where she teaches contract, credit & security and international banking law. She is co-editor of Can Banks Still Keep a Secret? Bank Secrecy in Financial Centres Around the World (Cambridge University Press, 2017) and is a graduate of Oxford and Harvard universities and a member of the Accreditation Committee of the Singapore Institute of Legal Education.

Kevin Y L Tan is Adjunct Professor at the Faculty of Law, National University of Singapore, and Professor at the S Rajaratnam School of International Studies. He is an expert on constitutional and administrative law and legal history and also teaches courses on international law, law and society and international human rights. He has published widely in his field and is author and editor of over 40 books on the law, history and politics of Singapore.

Hans Tjio teaches at the Faculty of Law, National University of Singapore and was Co-Director of the Centre for Banking and Finance Law. He has published widely in international and local journals, and has written or co-written books on company law, securities regulation and trust law. He is also a contributor to Palmer’s Company Law (Geoffrey Morse gen ed) (Sweet & Maxwell). He has been a visiting professor at National Taiwan University (“NTU”), Auckland and Shanghai’s East China University of Political Science and Law and a visiting scholar at Stanford and Melbourne. He recently delivered public lectures at NTU, Tsinghua and Zhejiang.

Dharmendra Yadav is Vice-President of the Singapore Corporate Counsel Association, where he also chairs its Diversity & Inclusion Committee, and co-ordinates the activities of its Banking and Financial Services Chapter. Dharmendra joined Maybank Kim Eng Singapore as its Head of Legal in March 2014 to support Maybank’s regional investment banking and capital markets franchise, including asset management and private equity. Before that, Dharmendra was a corporate counsel in CIMB Group’s investment banking and capital markets team. He has over ten years of experience as a corporate counsel, most of which were gained in financial institutions. His past legal work experience includes stints at WongPartnership, Civil Aviation Authority of Singapore and NTUC Income.

Yeo Hwee Ying is an Associate Professor at the Faculty of Law, National University of Singapore. Her research interest lies primarily in commercial law – she has taught subjects like insurance law, company law, contract, partnership and agency. She has published in international journals such as Modern Law ReviewLloyd’s Maritime & Commercial QuarterlyJournal of Business LawLegal Studies and International & Comparative Law Quarterly. She is also the author of the first academic text on partnership law in Singapore. She has delivered commercial law seminars at workshops organised by the Singapore Academy of Law, Housing and Development Board, Consumer Association of Singapore and various other professional bodies. Her overseas stints include working in the London office of Clifford Chance as well as Visiting Scholar appointments at University of California (Berkeley) and Monash University.

Paul Yuen oversees legal matters in the Monetary Authority of Singapore (“MAS”) and works with all departments to discharge the multi-faceted roles of the MAS as General Counsel. Before this, Paul was Executive Director of the Market Conduct Department, overseeing capital markets issues relating to corporate finance, market misconduct enforcement and consumer interests. Before that, he served as Chief Executive Officer at the Institute of Banking and Finance and, concurrently, Head of Strategic Development Division in the MAS. Paul is admitted to the Singapore



Publication Type:


CS Redeemable:


Date of Publication:

Feb 2019

ISBN Code:








Shipping to SG: