Singapore's financial market regulator wants to streamline procedures, making it easier to launch new derivatives products.
The Monetary Authority of Singapore (MAS) issued two consultation papers on Wednesday, in acknowledging the emergence of new business models while also safeguarding investors’ interest.
The financial overseer is seeking to improve the flexibility of market operators’ business when setting up new centralized trading facilities while reducing the time it takes for a organization to launch a product or services.
Greater Flexibility
«The proposals will benefit the industry as market operators will have greater flexibility to choose between different business models with regulatory requirements and compliance costs that are commensurate with their investor reach,» Lee Boon Ngiap, assistant managing director, capital markets at MAS, said.
Among the main regulations the MAS intends to simplify the existing Recognised Market Operators (RMO) regime from a single tier to three separate tiers. This should better match regulatory requirements to the risks posed by different types of market operators.
The public consultation will end on June 22, 2018.
