sg-crest A Singapore Government Agency Website

Capital Markets Group

The Capital Markets Group is responsible for admitting and supervising capital markets intermediaries, regulating activities, and supervising markets and infrastructure.

Our Departments

Capital Markets Intermediaries Departments I, II and III

The Capital Markets Intermediaries (CMI) Departments have collective responsibility for the admission and supervision of capital markets intermediaries, including securities and derivatives brokers, fund managers, real estate investment trust (REIT) managers, corporate finance advisers, financial advisers, insurance brokers, trust companies, and credit rating agencies.

CMI administers the licensing and business conduct rules for these intermediaries to promote safe, sound and fair-dealing intermediaries. In addition, CMI is also responsible for the supervision of individuals who have been appointed to act as representatives for these intermediaries.

Broadly, CMI I supervises financial advisers, insurance brokers and credit rating agencies. CMI II supervises fund managers and REIT managers, while CMI III supervises securities and derivatives brokers, corporate finance advisers and trust companies. The Conduct Surveillance and Analytics division in CMI II also supports the three departments in the use of business and data analytics in their conduct supervision.

Corporate Finance & Consumer Department

The Corporate Finance & Consumer Department has supervisory responsibility for capital markets through the administration of the Securities and Futures Act, the Business Trusts Act and the Singapore Code on Take-overs and Mergers.

It regulates:

  • The offering of securities, business trust, REIT and collective investment schemes.
  • The conduct of takeover and merger transactions.
  • The disclosure of interests in securities of listed entities.
  • SGX as a listed entity.

It also houses the Consumer Issues Division which spearheads initiatives in financial education and coordinates MAS' responses to consumers who have disputes with financial institutions.

Markets Policy & Infrastructure Department

The Markets Policy and Infrastructure Department has supervisory responsibility for markets and infrastructures including central counterparties and trade repositories.

The department formulates and implements policies in relation to markets and infrastructures, as well as market and business conduct policies to achieve fair outcomes for depositors, investors and policyholders. It is also responsible for formulating MAS' positions on competition issues and corporate governance standards.