MAS Invites Comments on the Securities and Futures (Amendment) Bill 2004 and Financial Advisers (Amendment) Bill 2004
Singapore, 22 April 2004...The Monetary Authority of Singapore (MAS) invites comments on the consultation paper released today on the draft Amendment Bills to the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA). The amendments are targeted for first reading in Parliament during the second half of 2004.
The policy consultation in September 2003 was part of the second phase of amendments to the SFA and FAA. The amendments will implement several policy reforms as part of MAS' efforts to keep our regulatory framework responsive and conducive to developments in the capital markets. The topics covered in the consultation included:
Introducing additional exemptions from the prospectus requirements under Part XIII of the SFA.
Re-examining the prospectus liability for underwriters and other professionals.
Refining the legislative framework for markets and clearing facilities in the SFA.
Reviewing the product scope of the FAA.
Exempting from the requirement for a reasonable basis in respect of generally circulated advice.
Exempting financial advisers from business conduct requirements when dealing with overseas investors, subject to certain safeguards.
Rationalising the regulatory categories of non-retail investors in the SFA and FAA.
1 To fully implement these policies, MAS will make necessary amendments to the subsidiary legislation to the FAA.