Abstract:
A key plank of the regulatory regime for the protection of customers’ moneys in Singapore is the requirement to segregate customers’ moneys and the imposition of a statutory trust on such segregated moneys. There have been significant recent developments in this area of law. In particular, the Court of Appeal has recently interpreted, for the first time, the scope of the segregation and statutory trust obligations of capital market services licence holders and commodity brokers. The Monetary Authority of Singapore has also released a consultation paper proposing various enhancements to the regulatory regime governing the protection of customer moneys. This article seeks to explain and comment on these recent developments.