Skip to main content

Advertisement

Derrick Goh on Financial Services and Markets Bill

07:52 Min

In Parliament on Monday (Apr 4), MP Derrick Goh asked several questions about a proposed expansion of the Monetary Authority of Singapore’s (MAS) regulatory powers across the financial sector. On harmonising and expanding the power to issue prohibition orders (POs), he wanted to know how MAS will determine an individual’s nexus to the financial sector, whether there will be retrospective application of POs to individuals who may not be deemed “fit and proper” under a new test, and how background checks will be conducted on foreign talent. On technology risk management, Mr Goh noted that financial institutions have been transforming and digitising their businesses; but where third-party cloud-based solutions are involved, he asked how MAS will weigh accountability.

In Parliament on Monday (Apr 4), MP Derrick Goh asked several questions about a proposed expansion of the Monetary Authority of Singapore’s (MAS) regulatory powers across the financial sector. On harmonising and expanding the power to issue prohibition orders (POs), he wanted to know how MAS will determine an individual’s nexus to the financial sector, whether there will be retrospective application of POs to individuals who may not be deemed “fit and proper” under a new test, and how background checks will be conducted on foreign talent. On technology risk management, Mr Goh noted that financial institutions have been transforming and digitising their businesses; but where third-party cloud-based solutions are involved, he asked how MAS will weigh accountability.

Advertisement

You May Also Like

Advertisement