Featured Product

    MAS Proposes Rule to Strengthen Supervisory Powers Under Banking Act

    July 02, 2021

    MAS launched a consultation to strengthen the investigative powers under certain MAS-administered Acts. The amendments are being proposed under the Financial Institutions (Miscellaneous Amendments) Bill, with this Bill seeking to introduce changes to the Banking Act, the Credit Bureau Act, the Financial Advisers Act, the Insurance Act, the Payment Services Act, the Securities and Futures Act, the Trust Companies Act, and the upcoming new omnibus Act for the financial sector. The Bill amends the supervisory and enforcement powers under these Acts, where necessary, with the comment period on this consultation ending on August 01, 2021.

    The consultation seeks views on the proposals to strengthen the investigative powers of MAS to enhance its ability to gather evidence and to clarify that MAS may reprimand a person for misconduct even after the person has left a financial institution or the financial industry. It also sets out proposals to introduce powers to enable MAS to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses. With respect of the Banking Act, the following powers have been proposed to be added through the amended Bill:

    • Transferring evidence between MAS and other agencies
    • Requiring any person to provide information for the purposes of investigation and to appear for examination
    • Recording statement from person at examination
    • Obtaining a court warrant if a person fails to appear for examination with no reasonable excuse and obtaining warrants to seize evidence

     

    Comment Due Date: August 01, 2021

    Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Banking Act, Securities and Futures Act, Financial Institutions Bill, MAS

    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular

    The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.

    May 10, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8191