MAS seeks enhancement of investigative powers

This includes the power for MAS to enter premises without prior notice or a court warrant.

The Monetary Authority of Singapore (MAS) is seeking to enhance its investigative powers in a proposed Financial Institutions (Miscellaneous Amendments) Bill.

The bill proposes to empower MAS to enter premises without prior notice or a court warrant in connection with investigations under the Securities and Futures Act (SFA) or the Financial Advisers Act (FAA), where MAS assesses that there is a risk of evidence being destroyed.

Additionally, MAS also proposes to extend this power, along with other investigative powers that are currently available under the SFA and FAA2, to other MAS-administered Acts, namely the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act, and the new omnibus Act for the financial sector. This will strengthen MAS’ ability to hold persons accountable for offences under those Acts.

Furthermore, it clarifies that MAS may reprimand a person for misconduct even after the person has left a financial institution (FI) or the financial industry; and introduces powers to enable MAS to impose requirements on certain FIs to manage risks arising from the conduct of unregulated businesses.

MAS has conducted a consultation for the proposed amendments. Interested parties must submit their comments by 1 August.

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