Singapore, 2 July 2021…The Monetary Authority of Singapore (MAS) today issued a consultation paper proposing to strengthen its investigative powers under MAS-administered Acts, so as to enhance its ability to gather evidence. The proposed amendments will be made under a Financial Institutions (Miscellaneous Amendments) Bill [1] .
2 The Bill proposes to empower MAS to enter premises without prior notice or a court warrant in connection with investigations under the Securities and Futures Act (SFA) or the Financial Advisers Act (FAA) where MAS assesses that there is a risk of evidence being destroyed. MAS also proposes to extend this power, along with other investigative powers that are currently available under the SFA and FAA [2] , to other MAS-administered Acts, namely the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new omnibus Act for the financial sector [3] . This will strengthen MAS’ ability to hold persons accountable for offences under those Acts.
3 Other proposals in the consultation paper include (a) clarifying that MAS may reprimand a person for misconduct even after the person has left a financial institution (FI) or the financial industry; and (b) introducing powers to enable MAS to impose requirements on certain FIs to manage risks arising from the conduct of unregulated businesses.
4 Please click here to view the consultation paper. MAS invites interested parties to submit their comments on the proposed amendments in the consultation paper at the link here by 1 August 2021.
Source: Voice of America