On 6 July 2018, the Monetary Authority of Singapore ("MAS") issued a Consultation Paper on Revisions to Misconduct Reporting Requirements and Proposals to Mandate Reference Checks for Representatives.
The proposed changes are in relation to the misconduct reporting requirements by financial institutions, to provide greater clarity on such requirements, and to reduce errors in the submission of misconduct reports. MAS is also proposing to standardise industry practices by mandating FIs to carry out and respond to reference check requests on representatives, as well as setting out the mandatory information that must be provided in a reference.
This Update provides a brief summary of the key and salient points of the proposals in the consultation papers. The consultation paper may be obtained from MAS' website here. The deadline for public feedback on the consultation paper is 6 August 2018.
We would be pleased to assist with any feedback that your organisation would like to provide MAS on the proposals in the abovementioned consultation paper.
If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally deal with or any of the following partners:
Elaine CHAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to see Elaine’s CV.
Joy TAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8138
e joy.tan@wongpartnership.com
Click here to see Joy’s CV.