The Monetary Authority of Singapore (MAS) has published its response (Response) to feedback received on its consultation paper entitled “Proposals to Refine the Tier Structure Requirements and to Introduce New Requirements Relating to Remuneration” for the financial advisory (FA) industry. The consultation paper sets out MAS’ proposals to:

(a) Clarify the policy intent of, and refine, the tier structure requirements, which include defining overriding benefits and stipulating the circumstances under which payment of overriding benefits are allowed;

(b) Consolidate and effect the tier structure requirements under the Financial Advisers Act 2001 (FAA) and extend the requirements to all financial advisers for consistency across the FA industry; and

(c) Introduce restrictions on direct payment of remuneration by persons, other than the principal FA firm, to representatives and/or supervisors of the principal FA firm, and acceptance of remuneration by representatives and/or supervisors of the principal FA firm from other persons.

We have prepared an update highlighting some key takeaways from the Response.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or the following Partner:

HUI Choon Yuen
Head – Financial Services Group
d +65 6416 8204
e choonyuen.hui@wongpartnership.com
Click here to view Choon Yuen’s CV.