MAS responds to feedback on consultation on review of recognised market operator regime

30 July 2026

On 26 June 2026, the Monetary Authority of Singapore (“MAS”) announced in its response to feedback received on its consultation paper published on 22 May 2018 that it would not proceed with its proposal to expand the existing recognised market operator (“RMO”) regime into a three-tiered regime.

MAS had proposed expanding the existing RMO regime into a three-tiered regime (comprising RMO Tier 1, Tier 2, and Tier 3) with regulatory requirements calibrated to the risks posed by each tier’s business model. The proposal aimed to better support growth and innovation in Singapore’s capital markets while safeguarding investors’ interests.

In its response, MAS stated that, having assessed the proposal and feedback against subsequent regulatory and market developments, it had re-examined its original proposals and concluded that the design parameters of the proposed three-tiered RMO regime were no longer the most appropriate means of supporting growth and innovation in Singapore’s capital markets. MAS will therefore not be proceeding with the proposed three-tiered RMO regime.

Reference materials

The response is available on the MAS website www.mas.gov.sg.