Last Revised Date: 10 May 2024

Financial Services and Markets Act 2022

The Financial Services and Markets Act (FSMA) is an omnibus Act for the sector-wide regulation of financial services and markets.  Parliament passed the FSMA on 5 April 2022. 

Implementation of the FSMA

The FSMA is being implemented in phases.

Phase 1

Phase 1 commenced on 28 April 2023 and migrated the following provisions from the Monetary Authority of Singapore Act 1970 (“MAS Act”): 

(a) General powers over financial institutions, including inspection powers, offences and other miscellaneous provisions (Parts 2, 10, 11 and 12# of the FSMA);
(b) Provisions on Anti-Money Laundering / Countering the Financing of Terrorism (Part 4 of the FSMA); and
(c) Provisions on Financial Dispute Resolution Schemes (Part 6 of the FSMA). 

#Except section 183 (within Part 12), which will be implemented in later phases. 

Phase 2A

Phase 2A commenced on 10 May 2024. It introduces:

(a) new provisions on technology and risk management (Part 5 of the FSMA); and

(b) provisions relating to the control and resolution of financial institutions (Parts 7 and 8 of the FSMA) and certain miscellaneous provisions (section 183(a) and (d) within Part 12 of the FSMA), which are migrated from the MAS Act.


The remaining phases are targeted to be implemented in the 2nd half of 2024.


Application of the FSMA

The FSMA applies to, amongst others, financial institutions, namely:

  • bank
  • merchant bank
  • finance company
  • financial institution approved under the FSMA
  • Payment Services Act licensee
  • insurer
  • insurance intermediary
  • financial adviser
  • approved holding company, approved exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house, recognised clearing house, authorised benchmark administrator, authorised benchmark submitter, designated benchmark submitter and capital markets services licensee
  • trustee for collective investment scheme
  • trustee-manager of a business trust
  • licensed trust company
  • designated financial holding company
  • credit card or charge card issuer
  • operator of a designated payment system
  • provider of digital token service licensed under the FSMA
  • any other person licensed, approved, authorised, designated, recognised, registered or otherwise regulated under this Act or any other MAS scheduled Act