MAS looking to strengthen investigative and other powers

Watchdog says changes will strengthen its ability to hold violators to account

MAS looking to strengthen investigative and other powers

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing to strengthen its investigative and other powers.

Results of the consultation will determine various amendments that will be proposed through Parliament in a Financial Institutions (Miscellaneous Amendments) Bill.

According to the MAS, the bill seeks to grant the regulator with the power 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 proposed to extend this power, along with other investigative powers that are currently available under the SFA and FAA , 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 .

MAS said this will strengthen its ability to hold persons accountable for violations of those acts.

The consultation paper also proposes to clarify whether MAS may reprimand a person for misconduct even after said person has left a financial institution or the financial industry. It also seeks to empower MAS to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses.

Interested parties may submit their comments on the proposed amendments, which can be found on MAS’ website, until August 01.  

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