Public Consultation on Proposed Amendments to the Securities and Futures Act, Financial Advisers Act and Trust Companies Act
Proposed amendments to enhance and harmonise MAS authorisation and supervisory powers across the SFA, FAA and TCA. MAS also sought comments on allowing the pledging of securities held in CDP direct accounts for collateralised trading.
Provides guidance to financial advisers about the FAA regime and covers topics including licensing requirements, exemptions, representative notification framework, business conduct and reporting requirements.
Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.
Proposed regulatory treatment of closed-end funds and amendments to the collective investment scheme regulations to (a) enhance disclosure requirements in a prospectus and (b) to require an information memorandum to be furnished to investors for offers of restricted schemes