MAS Consults on the Revisions to Misconduct Reporting Requirements
MAS consults on the revisions to misconduct reporting requirements and the proposals to mandate reference checks for representatives. Part A of the paper proposes revisions to the scope of entities and the requirements on reporting of misconduct by representatives. Part B of the paper sets out the proposed requirements for financial institutions to conduct and respond to reference checks on representatives. Comments are requested by August 06, 2018.
The proposed misconduct report template is included in Annex B and the proposed investigation report template is included in Annex C to the consultation paper. The paper proposes the following:
- Scope to include Registered Fund Management Companies
- Revisions to the categories of reportable misconduct
- Financial institutions to update MAS on the outcome of police investigations
- Requirement by financial institutions to notify representatives when they are under investigation and provide them with a copy of the misconduct report filed with MAS
- Enhanced standards for financial institutions' investigation processes and the requirement for financial institutions to submit investigation reports to MAS in a prescribed format
- Requirement by financial institutions to conduct reference checks on prospective representatives and to share information on their representatives, in response to the reference check requests
Financial institutions are currently required under the Securities and Futures Act (SFA), Financial Advisers Act (FAA), and Insurance Act (IA) to lodge a report with MAS when they become aware of any misconduct committed by their representatives or broking staff; the misconduct includes acts involving fraud, dishonesty, inappropriate advice, misrepresentation, or inadequate disclosure of information to customers. Financial institutions are also expected to have in place a robust and transparent process to investigate possible wrong-doings by their representatives and take appropriate disciplinary actions against the representatives, for any misconduct committed.
Comment Due Date: August 06, 2018
Keywords: Asia Pacific, Singapore, Insurance, Securities, Misconduct Reporting Requirements, Misconduct Risk, SFA, MAS
Related Articles
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
|
News
IASB Proposes Improvements to IFRS 9 and IFRS 16IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.
May 21, 2019
WebPage
Regulatory News
|
|
News
Denis Beau of BDF on Supervisory Priorities for Climate-Change RisksDenis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.
May 21, 2019
WebPage
Regulatory News
|
|
News
ISDA CDM to be Deployed for UK Digital Regulatory Reporting PilotISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.
May 21, 2019
WebPage
Regulatory News
|
|
News
MAS to Consolidate Regulation of Merchant Banks Under Banking ActMAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.
May 21, 2019
WebPage
Regulatory News
|
|
News
ESAs Amend Technical Standards on Mapping of ECAIs Under CRRESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).
May 20, 2019
WebPage
Regulatory News
|
