SINGAPORE: A new Bill passed by parliament on Thursday (March 7) will expand the Monetary Authority of Singapore’s (MAS) investigative and supervisory powers over the financial sector, including the ability to enter premises without a warrant and without prior notice if certain conditions are met.
The Financial Institutions (Miscellaneous Amendments) Bill, introduced for a second reading by Minister of State for Trade and Industry Alvin Tan, sought modifications to six Acts under the scope of the MAS.
The Bill seeks to “harmonize and enhance” the regulator’s investigation powers across six pieces of legislation covering financial services and markets, insurance, payment services, financial advisers, the securities and derivatives business, and trust companies.
Mr. Tan went on to say, “As our financial industry grows in size and complexity, MAS must continually review and enhance its regulatory powers to ensure that it can effectively supervise financial institutions and investigate and punish serious misconduct in our financial sector.”
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