Singapore, 25 September 2006...The Monetary Authority of Singapore (MAS) released a consultation paper that sets out two proposals in relation to the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA). This is the first in a series of amendments MAS will make following a review of the SFA and FAA.
2 The two proposals are:
To introduce a Representative Notification Framework that applies to all representatives conducting regulated activities and to establish a public register of representatives. This would replace the current system of licensed and exempt representatives.
To include new powers for MAS in emergency situations, and to expand MAS' existing powers in accessing information.
3 MAS will take into consideration comments received for this consultation and the subsequent consultations in preparing the relevant Amendment Bills.
4 Interested parties should forward their comments on the proposals in the consultation paper by 22 November 2006. The consultation paper is posted on the MAS website, www.mas.gov.sg. (Please click here to view the consultation paper (89.4 KB) ).