Operational Capabilities and Supervisory Processes
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.