Media Releases
Published Date: 11 October 2007

MAS Invites Comments on Proposed Changes to the Securities and Futures Act, Financial Advisers Act, Securities and Futures (Amendment) Bill 2007 and Financial Advisers (Amendment) Bill 2007

Singapore, 11 October 2007...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 third in a series of policy consultations MAS is conducting following a review of the SFA and FAA that commenced in 2006.

2   This policy consultation paper sets out proposed amendments in a number of areas:

(a) perpetual licensing for holders of  corporate licences;
(b) regulatory assistance to foreign regulators;
(c) licensing exemptions relating to fund management, leveraged foreign exchange trading and advising on corporate finance; and
(d) definitions of “securities” and “futures contract” in the SFA and the FAA.

These amendments aim to enhance MAS’ supervisory oversight of capital markets services and financial advisers’ licence holders, and the responsiveness of MAS’ regulatory framework to market innovation.

3   MAS has also released the draft Amendment Bills to the SFA and the FAA, the Draft Securities and Futures (Licensing and Conduct of Business)(Amendment) Regulations 2007 and the Draft Financial Advisers (Amendment No.2) Regulations 2007. These seek to implement the policy changes proposed by MAS in the consultation papers dated 25 September 2006, 5 December 2006 and 11 October 2007. They take into account feedback received from the earlier consultation papers and MAS’ responses to the comments received, which can be found on the MAS website. (Click here for Responses to Consultation Papers dated 25 September 2006 (102.1 KB)  and 05 December 2006 (163.9 KB)) . The Amendment Bills are targeted for first reading in Parliament in the first quarter of 2008.

4   We would like to invite comments on the policy consultation paper on proposed amendments to the SFA and the FAA, and the draft Amendment Bills and regulations by 9 November 2007. The consultation paper and draft Amendment Bills and regulations can be found on MAS’ website: