Amendments to regulations governing appeals under MAS-administered legislation in force

25 June 2025

On 21 May 2025, new regulations governing appeals involving an Appeal Advisory Committee (“AAC”) (“Appeals Regulations”) took effect. The new Appeals Regulations seek to strengthen the appeal process by making it more efficient, fair, and practical. 

Under the various Acts administered by the Monetary Authority of Singapore (“MAS”), such as the Business Trusts Act 2004, Financial Advisers Act 2001, Insurance Act 1966, Securities and Futures Act 2001, and Trust Companies Act 2005, there is provision for persons who are the subject of certain decisions of MAS to appeal to the Minister. In some of these appeals, the Minister must constitute an AAC to study the materials and make recommendations to the Minister. 

The new Appeals Regulations incorporate the following amendments:

  • Order in which parties file their cases: The order in which the parties file their respective cases in an appeal has been reversed. MAS will file its detailed reasons for the decision being appealed against first, and the appellant will file its response thereafter.
  • Timeline for parties to file their cases: The amount of time that both parties have to file their respective cases has been extended to 28 days.
  • Case management conference: The concept of a case management conference, during which the AAC gives directions, taking into consideration the views of the parties, has been introduced.
  • Form of hearing: The AAC has the power to conduct a hearing in person or by video conference, or by way of written submissions.
  • Consolidation of proceedings: The AAC now has the power to order appeal proceedings to be consolidated and heard together.
  • Confidentiality: MAS may request confidential treatment of any document or information that it seeks to rely on, and the Minister may decide whether and to what extent MAS should disclose or withhold the document or information. Previously, MAS could withhold the disclosure of information to an appellant if MAS was of the view that it was not in the public interest to furnish such information to the appellant, and the decision to withhold information lay solely with MAS.
  • Summary of parties’ arguments: Parties are to submit a summary of their arguments to the AAC at the close of an appeal hearing.

Background

MAS had sought feedback on a version of the amendments to the Appeals Regulations in a consultation paper published on 13 October 2021. MAS published its response to feedback received on the consultation paper on 31 July 2024.

Reference materials

The following materials are available on Singapore Statutes Online sso.agc.gov.sg: