MAS Issues Second Part of Response to Feedback on Proposals to Strengthen the Regulation of the Sale and Marketing of Unlisted Investment Products
Singapore, 28 January 2010...MAS has issued the second part of its response to the feedback on the proposals in the Consultation Paper on the Review of the Regulatory Regime Governing the Sale and Marketing of Unlisted Investment Products, which was published on 12 March 2009.
2 The first part of MAS' response was published on 8 September 2009. MAS has received supportive and useful feedback from consumers and the industry, and thanks all respondents for their comments and feedback.
3 The second part of MAS' response addresses feedback on the following proposals:
(i) introducing a definition of "complex investment products", risk rating of retail investment products, mandatory advice for the sale of complex investment products, and “health warnings” for complex investment products;
(ii) remuneration structures for the sale of investment products;
(iii) appointing an approved trustee for unlisted debentures; and
(iv) strengthening MAS' powers to investigate and take regulatory actions.
4 In place of the complex investment products regime, MAS has developed a revised package of proposals that will apply to both listed and unlisted investment products. MAS will be conducting a separate consultation on the revised proposals.