Financial Sector-wide Legislation

Introduction of a new omnibus Act for the financial sector

Ongoing

MAS consulted on a new omnibus Act for the financial sector. This financial sector-wide regulatory approach complements MAS’ entity and activity-based regulation in addressing the emerging risks and challenges that impact the financial sector. Existing provisions in the MAS Act relating to MAS’ regulatory oversight of financial institutions in specific areas across the financial sector would be moved to the new Act. These include provisions relating to the prevention of money laundering and terrorism financing, and the control and resolution of financial institutions. A provision will be introduced to impose requirements relating to technology risk management on financial institutions across the financial sector. These requirements are currently imposed through various legislation. 

In addition, MAS proposed to harmonise and expand powers to issue prohibition orders, to address risks presented by individuals who are not fit and proper in a more effective manner. The harmonised and expanded powers will rationalise the grounds for issuing prohibitions orders and widen the scope of persons and activities to which the prohibition may apply.