The Monetary Authority of Singapore issued a proposal to strengthen its investigative powers, including the ability to enter premises without prior notice or warrant.
MAS issued the consultation paper last Friday which made various proposals including greater investigative powers for the financial regulators.
This includes the empowerment of the MAS to enter premises without prior notice or a court warrant for investigations under the Securities and Futures Act (SFA) or the Financial Advisers Act (FAA) when the regulator deems there to be risk of evidence being destroyed.
The MAS is also proposing to make the power and other existing powers under the SFA and FAA available for investigations under the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new omnibus Act for the financial sector.
Other proposals in the paper include clarifications that the MAS may reprimand a person for misconduct even after leaving a financial institution or the financial industry and powers to enable the MAS to impose requirements on certain financial institutions over risks from unregulated businesses.
