WeekTwelveReadingAssignments

WeekTwelveReadingAssignments - SCHOOL OF ECONOMICS AND...

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Unformatted text preview: SCHOOL OF ECONOMICS AND FINANCE UNIVERSITY OF HONG KONG FINA0501 Asian Financial Institutions First Semester 2010-2011 Dr. Patrick Leung WEEK TWELVE READING ASSIGNMENTS Financial Institutions in Singapore: http://www.mas.gov.sg/fin_development/Types_and_Number_of_Institutions.html http://masnet.mas.gov.sg/fin/findir/sdwfidir.nsf/sdwvothr/sdwfcate?opendocument Guidelines for Operations of Wholesale Banks issued by MAS ( http://www.mas.gov.sg/legislation_guidelines/banks/guidelines/Guidelines_for_Operation_of__ Wholesale_Banks.html ) Guidelines for Offshore Banks issued by MAS ( http://www.mas.gov.sg/legislation_guidelines/banks/guidelines/Guidelines_for_Operation_of_O ffshore_Banks.html ) Asian Currency and Domestic Banking Units ( http://www.mas.gov.sg/fin_development/fin_sec/banking/Asian_Currency_and_Domestic_Bank ing_Units.html ) Singapore Monetary Statistics (Monetary Authority of Singapore, Monthly Statistical Bulletin, September 2010) http://www.mas.gov.sg/data_room/msb/Highlights_of_Monetary_and_Financial_Developments.h tml History of Singapore as an International Financial Center 1959 Singapore became self-governing state 1963 Singapore joined Federation of Malaysia 1965 Singapore independent 1968 Banks allowed to establish Asian Currency Units (ACUs)- separate book-keeping units to accept non-Singapore $ deposits- interest income derived by non-residents exempt from withholding taxes- Asian Dollar Market Liberal policies to admit foreign banks focussed on offshore activities Relax conditions governing entry of expatriate professionals into Singapore Financial Companies Act 1970 Banking Act 1971 Monetary Authority of Singapore (MAS) established- brought together central banking functions 1972 ACUs exempt from statutory liquidity requirements 1973 Sing $ floated following abolishment of cartel system of exchange rate quotations a year ago Securities Industry Act (SIC) 10% tax on ACU incomes 1975 Cartel system of fixing deposit interest rate among banks abolished 1978 Gold Exchange of Singapore (GES) established 1983 ACU income from syndicated offshore loans tax-exempted Tax concessions to induce professional fund managers to base operations in Singapore:- offshore investment income of non-resident funds managed by approved ACUs tax-exempted- 10% tax rate on non-resident fund managers income 1984 GES became Singapore International Monetary Exchange (SIMEX) , introduction of financial futures 10% tax rate on SIMEX members transactions in financial futures 1985 Directives and Notices to Merchant Banks 1986 1983 tax concessions extended to investments in domestic markets and non-resident funds managed by non-bank fund managers Securities Industry Act revamped following 1985 Pan Pacific crisis...
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This note was uploaded on 02/23/2012 for the course FINANCE 0501 taught by Professor P.leung during the Winter '11 term at HKU.

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WeekTwelveReadingAssignments - SCHOOL OF ECONOMICS AND...

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