Released on Oct 24, the 12 questions in MAS’s consultation paper seek views on the finer details of three key proposals, such as the criteria that will be used to designate an independent representative who will bring legal action on behalf of investors. MAS also proposes to remove the statutory cap on compensation for all market misconduct offences.
The Monetary Authority of Singapore (MAS) has published a consultation paper seeking feedback on proposals to enhance investors’ ability to seek civil compensation for losses suffered from market misconduct.
This follows MAS’s three “focus areas” to strengthen investor protection, unveiled in July: allowing investors to “ride on” a court action or civil penalty to seek compensation, enabling not-for-profit representative actions on behalf of investors, and introducing a grant to defray the costs of legal cases involving market misconduct.
