MAS Takes Over On-Site Inspection Function from SGX
Singapore, 24 April 2003. The Monetary Authority of Singapore (MAS) has reached an agreement with the Singapore Exchange Ltd (SGX) for MAS to take over the responsibility for on-site inspection of brokers. This will come into effect on 1 July 2003.
2 The transfer of the inspection function from SGX to MAS is intended to provide greater clarity in regulatory responsibilities. It will also reduce duplication of work, and is part of the continuing efforts of both organisations to improve the efficiency of securities regulation in Singapore.
3 Currently, MAS has the authority to conduct inspection of SGX member companies, as well as trading and dealer representatives as they are licensed under the Securities and Futures Act (SFA). At the same time, SGX also carries out inspection of its member companies in its capacity as the supervisor of firms with trading and/or clearing access to the Exchange and to ensure compliance with SGX rules and the SFA.
4 MAS is working closely with SGX on staffing and other implementation issues.