A Report by CYS Global Remit Legal & Compliance Office
The Financial Institutions (Miscellaneous Amendments) Bill, recently passed by parliament on Thursday (7 Mar 2024), marks a significant expansion of the Monetary Authority of Singapore's (MAS) investigative and supervisory powers over the financial sector. According to the details outlined in the bill, MAS will now have the authority to enter premises without a warrant and without prior notice under certain conditions. This broader scope of investigative powers encompasses changes to six Acts falling under MAS's jurisdiction.
The amendments proposed in the bill aim to strengthen MAS's evidence-gathering capabilities and enhance inter-agency coordination. Previously, MAS could compel individuals to attend interviews and record statements, and enter premises without a warrant, but only in specific sectors such as financial advisory services, securities, and derivatives. With the new amendments, MAS's investigative rights will extend to all parts of the financial sector, effectively closing existing gaps in regulatory oversight.
Furthermore, the bill enhances MAS's power to enter premises without prior notice if there are reasonable grounds for suspecting that the premises are linked to ongoing investigations. Additionally, provisions facilitating the transfer of evidence between MAS and other agencies will be expanded, further streamlining investigative processes and strengthening regulatory enforcement.
These legislative changes represent a concerted effort to bolster MAS's regulatory capabilities and ensure robust oversight of the financial sector. By empowering MAS with broader investigative powers and facilitating greater cooperation between regulatory authorities, CYS Global Remit aims to uphold the integrity and stability of its financial system.
Source: