The Financial Services and Markets Act 2022 ("FSMA"), which was passed in April 2022, is an omnibus piece of legislation for sector-wide regulation of financial services and markets. The FSMA will be implemented in phases, and as part of the first phase, sections of the FSMA which port over provisions from the Monetary Authority of Singapore Act 1970 will come into force on 28 April 2023. These provisions relate to: MAS' general powers over financial institutions, the AML/CFT framework and the framework for the Financial Disputes Resolution Schemes.
MAS has indicated that the remaining sections of the FSMA are targeted to come into force between the second half of 2023 and 2024. These other sections include a new licensing regime for digital token service providers, as well as consolidation of the power to issue prohibition orders in the financial services sector.
The full FSMA (including the parts which have yet to come into force) may be accessed here.
Our Financial Services Regulatory (FSR) Practice advises on a broad range of issues that concern FIs. Reach out to our FSR Partners Elaine Chan, Rosabel Ng, Chan Jia Hui, Tian Sion Yoong, or find out more about our practice here.