What is the Financial Services and Markets Bill 2022?
The Financial Services and Markets Bill 2022 aims to address financial-sector wide risks.
Presently, MAS regulates the financial sector by entity and activity through various MAS-administered legislation. The Monetary Authority of Singapore Act (“MAS Act”) also contains provisions that impose requirements on different classes of financial institutions (“FIs”) across the financial sector in specific areas (“FI Related Provisions”).
Recognising the increasing need for a financial sector-wide regulatory approach to complement MAS’ existing entity and activity based regulation, MAS is introducing the FSM Bill to enhance MAS’ agility and effectiveness in addressing financial sector-wide risks in a rapidly changing and increasingly integrated environment. FI Related Provisions will be moved from the MAS Act to the FSM Bill. New powers to address emerging risks and challenges that impact institutions across the financial sector will also be introduced in the FSM Bill.