The Monetary Authority of Singapore (MAS) recently issued a consultation paper which included a number of proposals for strengthening its powers. If adopted, the proposals will expand the MAS’ investigative powers significantly, key changes include:
- allowing the MAS to reprimand persons for misconduct even after they leave a financial institution (FI) or the financial industry; and
- enhancing the MAS’ ability to require FIs to manage risks arising from unregulated business.
These suggested amendments represent an important expansion of the MAS’ ability to investigate instances of misconduct and address risks arising from the activities of FIs. Read our alert to find out more about the suggested proposal and the potential impact.