MAS publishes revised notices on misconduct reporting requirements

28 January 2026

On 30 December 2025, the Monetary Authority of Singapore (“MAS”) published the following notices relating to the misconduct reporting requirements for representatives and broking staff (collectively, “representatives”):

  • Notice FAA-N27 on Reporting of Misconduct of Representatives by Financial Advisers
  • Notice 508 on Reporting of Misconduct of Broking Staff by Insurance Brokers and of Representatives by Accident and Health Insurance Intermediaries
  • Notice SFA 04-N24 on Reporting of Misconduct of Representatives by Holders of Capital Markets Services Licence and Exempt Persons

(collectively, “Revised Notices”)

The Revised Notices take effect on 1 January 2027. Notice FAA-N14 on Reporting of Misconduct of Representatives by Financial Advisers, Notice 504 on Reporting of Misconduct of Broking Staff by Insurance Brokers, and Notice SFA 04-N11 on Reporting of Misconduct of Representatives by Holders of Capital Markets Services Licence and Exempt Financial Institutions are cancelled with effect from 1 January 2027.

Under the Revised Notices, the categories of reportable misconduct have been updated. In addition, financial institutions (“FIs”) will be required to:

  • submit to MAS an investigation report (where the FI has commenced an internal investigation into the alleged misconduct) at the same time the FI submits a misconduct report to MAS;
  • submit to MAS a copy of any report lodged with the police (where available), with prescribed accompanying information at the same time the FI submits a misconduct report to MAS; and
  • provide their representatives with a copy of the misconduct report (including subsequent updates to the misconduct report) filed with MAS within prescribed timelines.

Background

On 6 July 2018, MAS issued a consultation paper to seek feedback on proposed changes to the misconduct reporting requirements. MAS published its response to the feedback on 14 May 2021.

Subsequently, on 19 April 2022, MAS published a consultation paper seeking feedback on the legal amendments to the relevant notices to implement the changes to the misconduct reporting requirements. MAS published its response to the feedback received on 30 December 2025.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg: