Singapore Central Bank MAS to Increase Investigative Power, Enter Premises without Prior Notice or Court Order
4th July 2021 | Singapore
Singapore Central Bank Monetary Authority of Singapore (MAS) has issued a consultation paper proposing to strengthen its investigative powers under the MAS-administered Acts. The new Bill will empower MAS to enter premises without prior notice or court warrant for investigations, if there is risk of evidence being destroyed. Other proposed powers in the consultation paper will allow MAS to reprimand a person for misconduct even after the person has left a financial institution or industry, and to impose requirements on financial institutions to manage risks arising from the conduct of unregulated businesses.
“ Singapore Central Bank MAS to Increase Investigative Power, Enter Premises without Prior Notice or Court Order “
The New Financial Institutions (Miscellaneous Amendments) Bill
The Bill will proposed to extend the investigative power under the Securities and Futures Act (SFA), and the Financial Advisers Act (FAA) to other MAS-administered Acts Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new omnibus Act for the financial sector.
- MAS invites interested parties to submit their comments on the proposed amendments in the consultation paper by 1st August 2021: Click here
- To view the consultation paper: Click here
The Financial Institutions (Miscellaneous Amendments) Bill seeks to enhance and rationalise MAS’ investigative and supervision powers, through amendments to various Acts under MAS’ purview. In addition, there are minor miscellaneous amendments to these MAS-administered Acts, namely: Banking Act; Credit Bureau Act; Financial Advisers Act; Insurance Act; Payment Services Act; Securities and Futures Act; Trust Companies Act and the new omnibus Act for the financial sector.
New Omnibus Act for the Financial Sector: This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme. Learn More
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About Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. The Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities.
As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.
MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
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