Featured Product

    MAS Consults on the Revisions to Misconduct Reporting Requirements

    July 06, 2018

    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

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    OCC Updates Bank Accounting Advisory Series in August 2019

    OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses.

    August 15, 2019 WebPage Regulatory News
    News

    APRA Consults on Final Phase Margin Rules for Uncleared Derivatives

    APRA is consulting on amendments to the prudential standard CPS 226 on margin and risk mitigation requirements for non-centrally cleared derivatives.

    August 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3656