Posted inSingapore

Singapore regulator wants new powers

The proposals would allow the Monetary Authority of Singapore (MAS) to enter targets' premises without a court warrant.

The Monetary Authority of Singapore is seeking feedback on plans to bolster its ability to gather evidence against firms, reports our sister publication, International Adviser.

The proposed amendments would “empower MAS to enter premises without notice or a court warrant in connection with investigations under the Securities and Futures Act or the Financial Advisers Act where MAS assesses that there is a risk of evidence being destroyed,”,the regulator said.

In addition to expanding its investigative powers under the two acts named above, the MAS is looking to extend those capabilities to the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new omnibus Act for the financial sector.

“This will strengthen MAS’s ability to hold persons accountable for offences under those acts,” the watchdog said.

Not out of the woods

In its consultation, which closes on 1 August 2021, the MAS is also seeking to clarify a misconception that a person cannot be ‘reprimanded’ for misconduct after they have left a financial institution or industry.

In addition, the MAS is looking to introduce powers that would enable it to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses.

Part of the Mark Allen Group.