HOME
CONTENTS
EMERGING FROM THE
GLOBAL RECESSION
MONETARY POLICY
LIQUIDITY
MANAGEMENT
ENSURING SAFETY
AND SOUNDNESS
OF FINANCIAL INSTITUTIONS AND
FINANCIAL SYSTEM
SINGAPORE AS AN
INTERNATIONAL
FINANCIAL CENTRE
ENHANCING
OPERATIONAL
CAPABILITIES
AND RESILIENCE
CURRENCY AND
PAYMENT SYSTEM

Enhancing Operational Capabilities and Supervisory Processes Through IT

In 2009, the Bills for the amendments of the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) were passed in Parliament. This paved the way for the development of the Representative Notification Framework (RNF) and a Register of Representatives to replace the current bifurcated Licensing Framework. Under the RNF, financial institutions will be able to lodge notifications for their representatives via an online system. This system will streamline the notification process for individuals carrying out regulated activities across the industry. All data will be captured by the system, allowing easier retrieval of information for supervisory purposes. The Register of Representatives will be made available online. Members of the public may conduct a search against the Register, thereby reducing the risk of dealing with unregulated individuals.

MAS also developed an online notification system, CISNet, to facilitate the notification of restricted offers of collective investment schemes to accredited investors in Singapore. Since its launch on 1 October 2009, CISNet has reduced processing time for restricted schemes significantly from 14 days to two business days. Furthermore, CISNet has increased convenience and lowered costs of compliance with regulatory requirements for restricted offers. Fund managers can now make electronic payment for notifications and notify MAS of any updates on the restricted schemes online. Members of the public can also refer to CISNet for the latest list of restricted schemes on offer.

MAS embarked on the Retail Singapore Government Securities (SGS) project in 2009 to facilitate retail investors’ investment in SGS. A new IT system was developed to enable retail investors to apply for SGS via local banks’ Automated Teller Machines (ATM). Together with the three local banks and the Central Depository, MAS successfully launched the system on 1 July 2009.

back to top