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
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