The Monetary Authority of Singapore (MAS) published a “Consultation Paper on a Proposed New Omnibus Act for the Financial Sector” (the CP) on July 21, 2020. The CP sets out proposals relating to the expansion of supervisory powers by the MAS in a range of important areas, including (among others) additional powers to take enforcement action against individuals, to apply new licensing requirements to certain types of virtual asset service provider (VASP), and to impose technology risk management (TRM) requirements. The consultation is therefore likely to receive significant attention from the financial services industry. The CP also has far-reaching implications for the overall structure of the Singapore financial services regulatory framework.
Read more about consultation in our client alert.
Interested parties must respond to the consultation by August 20, 2020. Should you wish to discuss any aspects of the consultation or require assistance with your feedback to the MAS, please reach out to any of the team below, or to your usual Reed Smith contact.
Reed Smith LLP is licensed to operate as a foreign law practice in Singapore under the name and style, Reed Smith Pte Ltd (hereafter collectively, “Reed Smith”). Where advice on Singapore law is required, we will refer the matter to and work with Reed Smith’s Formal Law Alliance partner in Singapore, Resource Law LLC, where necessary.