MAS Invites Comments on Proposed Changes to the Securities and Futures Act and the Financial Advisers Act

Singapore, 5 December 2006...The Monetary Authority of Singapore (MAS) has released a policy consultation paper on proposed amendments to the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA). This is the second in a series of policy consultations MAS is conducting following a review of the SFA and FAA.

2. This paper sets out the proposed amendments to five broad areas and highlights other drafting amendments. The five broad areas are:

(a) Markets and clearing houses;
(b) Licensing and business conduct rules;
(c) Fidelity funds of securities and futures exchanges;
(d) Market misconduct enforcement framework; and
(e) Regulation of offers of investments.

3. MAS will take into consideration comments received for this consultation and subsequent consultation(s) in preparing the relevant Amendment Bills.

4. Interested parties should forward their comments on the proposals in the consultation paper by 16 January 2007. The consultation paper is posted on the MAS website.