Saktiandi Supaat on Financial Services and Markets Bill

Singapore needs a coherent and consistent regulatory framework that avoids over regulation while guarding against the unintended burdens on entities or individuals, said MP Saktiandi Supaat. Speaking in Parliament on Monday (Apr 4), he said a coherent and consistent regulatory framework should have requirements which are easy to understand, so that market participants do not have to waste time and costs trying to figure them out, or to over-comply on the safe side. He asked if the Financial Services and Markets Bill is merely the first step in a broader exercise to rationalise regulations on a financial sector-wide basis. He said the Bill, if passed, could allow Singapore to harmonise the possible inconsistencies between related regulations, or how they are implemented.