A new bill has recently been passed aimed at enhancing the Singapore regulator’s supervisory powers in response to the growth and increasing complexity of the financial sector.
The Monetary Authority of Singapore (MAS) will be accorded wider investigative and supervisory powers over financial institutions operating in the city-state following the passage of a new Bill on March 7.
MAS’s enhanced supervisory powers will include the ability to enter premises without a warrant and without having to first issue orders to a suspect in order to deliver legally binding directions to holders of capital markets services licenses as well as to approve appointments of key people in more financial institutions.
More Effective Enforcement
In his reading of the bill, Minister of State for Trade and Industry Alvin Tan said the additional powers will allow MAS to enforce its regulatory regime and supervise capital markets financial institutions more effectively.
«As our financial industry grows in size and complexity, MAS must continually review and enhance its regulatory powers to ensure that it can effectively supervise financial institutions, as well as investigate and punish serious misconduct in our financial sector,» he said in a statement. «This will further strengthen Singapore’s position as a safe and trusted international financial center.»
One of the significant amendments seeks to strengthen MAS’ capabilities in gathering evidence. The regulator will have the power to require people to appear before an MAS officer for examination and statement recording for investigation purposes.
