MAS Seeks Public Comment on Amendments to Securities and Futures Act and Financial Advisers Act
Singapore, 23 April 2003...The Monetary Authority of Singapore (MAS) invites public comment on two consultation papers released today on proposed amendments to the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) respectively. The amendments are targeted for first reading in Parliament during the second half of 2003.
2 Amendments to the SFA mainly pertain to the implementation of some of the recommendations made by the Company Legislation and Regulatory Framework Committee (CLRFC). Amendments are also made to the two Acts to improve drafting, make technical or consequential amendments and institute minor policy changes.
3 There will be a second phase of amendments for the SFA and FAA in 2004. During the second phase, the remaining CLRFC recommendations, as well as a review of any matters, will be implemented. MAS will also seek comment on these reviews and the draft amendments to the Acts at a later date.
4 We would like to invite comments on the two draft Amendment Bills by 22 May 2003. The consultation papers may be found at MAS' website at www.mas.gov.sg.