THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Content Page Supervision Regulation Risk-based Regulatory Regime Fine-Tuning Regulatory framework Ensuring Sound Market Conduct Innovative Systems for Efficient Payment and Settlement     ENSURING SOUND MARKET CONDUCT   . Developing Framework for Composition of Offences . Publishing Unlicenced Operators . Box 6 – Integrated Dispute Resolution Scheme . Improving Corporate Disclosure . Enhancing Management of Insurance Agents . Helping Consumers Better Understand “Critical Year” . Regulatory Frameworks for Business Trusts and Trust Companies . Consulting Industry on CIS . Box 7 – MoneySENSE – Singapore’s Financial Education Programme . Box 8 – Boosting Research . Health Insurance and Changing Demographics . Box 9 – Coping with E-Banking Risks   Developing Framework for Composition of Offences   Under the SFA and FAA, MAS has the powers to take action against those who have committed certain offences without having to initiate court proceedings. MAS has begun to institutionalise the framework for the composition of offences.