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MAS
takes over on-site inspection from SGX
24
April 2003
The Monetary Authority of Singapore (MAS) has reached an agreement
with the Singapore Exchange Ltd (SGX) for MAS to take over
the responsibility for on-site inspection of brokers. This
will come into effect on 1 July 2003.
The transfer of the inspection function from SGX to MAS is
intended to provide greater clarity in regulatory responsibilities.
It will also reduce duplication of work, and is part of the
continuing efforts of both organisations to improve the efficiency
of securities regulation in Singapore.
Currently,
MAS has the authority to conduct inspection of SGX member
companies, as well as trading and dealer representatives as
they are licensed under the Securities and Futures Act (SFA).
At the same time, SGX also carries out inspection of its member
companies in its capacity as the supervisor of firms with
trading and/or clearing access
to the Exchange and to ensure compliance with SGX rules and
the SFA.
MAS
is working closely with SGX on staffing and other implementation
issues.
Source:
Monetary Authority of Singapore
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