On 21 July 2020, the Monetary Authority of Singapore (“MAS”) issued a consultation paper on a proposed new omnibus Act for the financial sector (“new Act”). The proposed new Act for financial services and markets will consolidate similar provisions for various classes of financial institutions currently set out in the Monetary Authority of Singapore Act into a single legislation. The new Act will also provide for additional powers to prohibit unsuitable individuals from working in the financial industry, expand the scope of anti-money laundering and countering the financing of terrorism requirements to persons in Singapore who provide digital token services overseas, strengthen the framework for technology risk management, and enhance the effectiveness of dispute resolution.
This article provides an overview of some of the key provisions of the proposed new Act. To read more, please click here.