The Monetary Authority of Singapore (MAS) has issued a consultation paper on July 2 that proposes to boost its investigative powers under the MAS-administered Acts.
This is done to enhance the central bank’s ability to gather evidence.
The proposed amendments will be made under a Financial Institutions (Miscellaneous Amendments) Bill.
Under the amendments, MAS will be able to enter premises without a prior notice or court warrant pertaining to investigations under the Securities and Futures Act (SFA) or the Financial Advisers Act (FAA).
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In the same paper, MAS also proposes to extend this power to other Acts such as the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new Omnibus Act for the financial sector.
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According to MAS, the bill will strengthen its ability to “hold persons accountable” for offences under the Acts.
Other proposals include MAS’s role in being able to reprimand a person for misconduct even after the person has left a financial institution or the financial industry.
MAS would also be able to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses.
