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 Insights
|
News
US Agencies Propose Revisions to FFIEC Reports 031, 041, 051, and 101US Agencies (FDIC, FED, and OCC) propose to extend for three years, with revision, FFIEC 031, FFIEC 041, FFIEC 051, and FFIEC 101.
February 21, 2019
WebPage
Regulatory News
|
|
News
OFR Adopts Data Collection Rule on Centrally Cleared Repo TransactionsOFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.
February 20, 2019
WebPage
Regulatory News
|
|
News
FHFA Finalizes Rule on Federal Home Loan Bank Capital RequirementsFHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.
February 20, 2019
WebPage
Regulatory News
|
|
News
PRA Publishes PS4/19 on Loss-Absorbency Mechanism Under Solvency IIPRA published a policy statement (PS4/19) that provides feedback on responses to the consultation paper (CP27/18) on adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down under Solvency II.
February 20, 2019
WebPage
Regulatory News
|
|
News
SRB Publishes Framework for Performing Valuations in ResolutionThe framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.
February 19, 2019
WebPage
Regulatory News
|
|
News
BIS Paper on Effect of Securities Lending on OTC Market LiquidityBIS published a working paper that studies how securities lending affects over-the-counter market (OTC) liquidity.
February 19, 2019
WebPage
Regulatory News
|
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBSSEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.
February 15, 2019
WebPage
Regulatory News
|
