Published Date: 27 April 2023

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.  

The FSMA will be implemented in phases, with the first phase commencing on 28 April 2023. The first phase relates to the porting of the following provisions from the Monetary Authority of Singapore Act 1970: 

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

The remaining phases are targeted to be implemented between 2H 2023 and 2024. 

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

This Act applies to financial institutions i.e.

  • 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