MAS Act and Regulations

In 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The MAS Act gives MAS the authority to regulate the financial services sector in Singapore. The MAS has been given powers to act as a banker to and financial agent of the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy.  In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of the MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984. The MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general.

 

Last Modified on 26/11/2016