Singapore regulator seeks power to enter financial adviser premises without notice

clock • 1 min read
Singapore regulator seeks power to enter financial adviser premises without notice

The Monetary Authority of Singapore (MAS) today (2 July) issued a consultation paper proposing to strengthen its investigative powers to enhance its ability to gather evidence.

The extra powers, to be made under a Financial Institutions (Miscellaneous Amendments) Bill, will allow 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".

MAS also wants to extend this power, along with other investigative powers that are currently available under the SFA and FAA , 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 .

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”.

"This will strengthen MAS' ability to hold persons accountable for offences under those Acts", the regulatior said.

Other proposals in the consultation paper include:

(a) clarifying that MAS may reprimand a person for misconduct even after the person has left a financial institution (FI) or the financial industry.

(b) introducing powers to enable MAS to impose requirements on certain FIs to manage risks arising from the conduct of unregulated businesses.

MAS asked interested parties to submit their comments on the proposed amendments in the consultation paper by 1 August 2021.