Skip to content

Menu

LexBlog, Inc. logo
CommunitySub-MenuPublishersChannelsProductsSub-MenuBlog ProBlog PlusBlog PremierMicrositeSyndication PortalsAboutContactResourcesSubscribeSupport
Join
Search
Close

Monetary Authority of Singapore publishes a “Consultation Paper on a Proposed New Omnibus Act for the Financial Sector”

By Hagen Rooke, Charmian Aw, Tamara Box, Claude Brown, Lee Ann Dillon, David Adelman, Janet Cheung & Johnny Lim on July 28, 2020
Email this postTweet this postLike this postShare this post on LinkedIn

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.

Photo of Hagen Rooke Hagen Rooke
Read more about Hagen RookeEmail
Photo of Charmian Aw Charmian Aw
Read more about Charmian AwEmail
Photo of Tamara Box Tamara Box
Read more about Tamara BoxEmail
Photo of Claude Brown Claude Brown
Read more about Claude BrownEmail
Photo of Lee Ann Dillon Lee Ann Dillon
Read more about Lee Ann DillonEmail
Photo of David Adelman David Adelman
Email
Photo of Janet Cheung Janet Cheung
Read more about Janet CheungEmail
  • Posted in:
    Technology
  • Blog:
    Technology Law Dispatch
  • Organization:
    Reed Smith LLP
  • Article: View Original Source

LexBlog, Inc. logo
Facebook LinkedIn Twitter RSS
Real Lawyers
99 Park Row
  • About LexBlog
  • Careers
  • Press
  • Contact LexBlog
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Terms of Service
  • RSS Terms of Service
  • Products
  • Blog Pro
  • Blog Plus
  • Blog Premier
  • Microsite
  • Syndication Portals
  • LexBlog Community
  • 1-800-913-0988
  • Submit a Request
  • Support Center
  • System Status
  • Resource Center

New to the Network

  • Pro Policyholder
  • The Way on FDA
  • Crypto Digest
  • Inside Cybersecurity & Privacy Law
  • La Oficina Legal Ayala Hernández
Copyright © 2022, LexBlog, Inc. All Rights Reserved.
Law blog design & platform by LexBlog LexBlog Logo