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
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
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.
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.
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).
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.