MAS Proposes Rule to Strengthen Supervisory Powers Under Banking Act
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
Previous Article
HM Treasury Publishes Green Financing Framework in UKRelated Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
