Alvin Tan on Financial Institutions (Miscellaneous Amendments) Bill

The Monetary Authority of Singapore (MAS) must continually review and enhance its regulatory powers to uphold Singapore’s status as a safe and trusted international financial centre. This is to ensure that it can effectively supervise financial institutions as well as investigate and punish serious misconduct in the financial sector. MAS Board Member Alvin Tan said the Financial Institutions (Miscellaneous Amendments) Bill (FIMA Bill) will enhance the central bank’s investigative powers across six Acts including the Financial Services and Markets Act 2022. Other key amendments pertain to regulation of capital markets. FIMA will also expand the existing provisions to allow evidence by MAS to be transferred to the police or Public Prosecutor for criminal investigations or proceedings for any offence under MAS-administered Acts. Mr Tan was moving the second reading of the Bill in Parliament on Thursday (Mar 7).