The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing to strengthen its investigative powers so as to enhance its ability to gather evidence. The proposed amendments will be made under a Financial Institutions (Miscellaneous Amendments) Bill.
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, 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. This will strengthen MAS’s ability to hold persons accountable for offences under those Acts.
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.
Please click here to view the consultation paper. MAS invites interested parties to submit their comments on the proposed amendments in the consultation paper by 1 August 2021.