MAS works with brokerages to share appropriate information about and promptly stop manipulative trading behaviour on or across the brokerages. Brokers are key partners in addressing market misconduct as they can impose restrictions on customers, suspend accounts or off-board customers. These actions help to:

• Curb undesirable trading behaviour before it escalates
• Minimise negative market impact from ongoing suspicious trading activities
• Shape broker conduct and culture
• Limit the ability of errant players to benefit from undesirable behaviour
• Complement MAS' focus on deterrence through effective enforcement

MAS uses Open-Source Intelligence and data analytics to detect firms that carry on regulated capital market activities without authorisation.

MAS also relies on multiple channels, such as Suspicious Transaction Report filings and information from members of public, for gathering intelligence and information to help in early detection of breaches.

Case discussion platforms and referral protocols with key stakeholders like SGX RegCo and ACRA have been created and are continuously enhanced, so that all investigative angles in market misconduct and corporate disclosure cases are pursued expeditiously.

With effect from 31 July 2024, the scope of persons who can be issued prohibition orders by MAS has been broadened to “any person” who is assessed by MAS not to be fit and proper to conduct regulated activities as well as other functions that are critical to the integrity and functioning of financial institutions.

MAS’ investigative powers across MAS-administered Acts* have also been enhanced with effect from 24 January 2025 to ensure effectiveness of investigations by MAS, and prevent duplication of investigative work between MAS and other law enforcement agencies.

* “MAS-administered Acts” refer to the Securities and Futures Act 2001, Financial Advisers Act 2001, Financial Services and Markets Act 2022, Insurance Act 1966, Payment Services Act 2019 and Trust Companies Act 2005.