Proposed amendments to MAS’ investigative and other powers under MAS-administered Acts

09 Jul 2021

The Monetary Authority of Singapore (“MAS”) has proposed a series of amendments to be made to various MAS-administered Acts, for the purposes of (i) enhancing MAS’ investigative powers, (ii) clarification of MAS’ reprimand powers under certain Acts, and (iii) expanding MAS’ powers to issue written directions under the Securities and Futures Act (Cap. 289) (“SFA”) to financial institutions (“FIs”) regulated under the SFA conducting unregulated business.
This article summarises the proposed revisions pertaining to (iii) as set out in the consultation paper “Proposed Amendments to MAS’ Investigative and Other Powers under the Various Acts” issued by the MAS on 2 July 2021 (“MAS Consultation Paper”) and discusses its impact on FIs conducting unregulated activities in the blockchain space.
MAS is now consulting on the legal amendments to be made to various MAS-administered Acts for the purposes of strengthening its investigative powers under such Acts through a Financial Institutions (Miscellaneous Amendments) Bill and invites comments on the proposed amendments at this link by 1 August 2021.

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