The Capital Markets and Services (Amendment of Schedules 3, 4, 5 and 8) Order 2025 (“Order”) came into operation on 1 January 2026, amending the CMSA. Schedule 8 of the CMSA, which sets out the non-applicability of Sections 257 to 283 of the CMSA in relation to the issue of, offers for subscription or purchase of, or invitations to subscribe for or purchase, debentures, has also been amended by the Order. In particular, Paragraph 11 of Schedule 8 has been expanded to extend this to issues, offers or invitations relating to foreign currency-denominated debentures made to high-net-worth individuals. In addition to the Order, it is noteworthy that the updated Capital Markets and Services (Fees) Regulations 2025 (“Regulations”) came into effect on 1 January 2026. For further information on the amendments to the CMSA, please refer to the Order here and the Regulations here.