MAS Consultation Paper on a New Omnibus Act for the Financial Sector

MAS Consultation Paper on a New Omnibus Act for the Financial Sector

CNPupdate

 

MAS Consultation Paper on a New Omnibus Act for the Financial Sector


A photo of the Monetary Authority of Singapore



Date Published: 17 August 2020 


Authors: Bill Jamieson and Timothy Tan.



 

On 21 July 2020, the Monetary Authority of Singapore (“MAS”) released a consultation paper to seek feedback in relation to a proposed new omnibus act for the financial sector (“Omnibus Act”). This Omnibus Act would have provisions moved from the Monetary Authority of Singapore Act (Cap 186), as well as new provisions. These provisions relate to the following:

  • Prevention of money laundering and terrorism financing
  • The control and resolution of financial institutions
  • The oversight of financial sector dispute resolution schemes
  • Harmonised and expanded power to issue prohibition orders
  • Regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes
  • Provision of statutory protection from liability for mediators, adjudicators and employees of an operator of an approved dispute resolution scheme

The proposed Omnibus Act is the result of the recognition of the increasing need for a financial sector-wide regulatory approach. This will complement MAS’s entity- and activity-based regulation (e.g. through the Banking Act and the Financial Advisers Act) in addressing the emerging risks and challenges that impact the financial sector.

Click here to access the MAS consultation paper dated 21 July 2020. The consultation phase will close at 11.30 p.m. on 20 August 2020.


Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice.

 

CNPLaw’s Investment Funds Lawyer

Bill Jamieson is a Partner at CNPLaw LLP. Bill is an English lawyer who is also registered to practise Singapore law in the areas of corporate law, banking and finance and securities laws. He enjoys working in the diverse and dynamic Asian market and helping his clients to achieve their goals.
Partner

Bill’s practice focuses on corporate financing transactions, investment funds, mergers and acquisitions, private equity and employment law matters. His experience includes 10 years in the City of London and over 20 years in Asia. Before joining CNP, Bill was a partner in a well-known international law firm. He is recommended lawyer for Corporate and M&A, Banking and Finance, Investment Funds and Labour and Employment in Legal 500 Asia Pacific 2020. Bill is one of the firm’s contacts for Interlaw, a network of independent full-service corporate law firms ranked by Chambers and Partners in its highest category, “Elite”, amongst all global law firm networks.




Timothy Tan Associate at CNPLaw
Associate

Timothy is an associate in the Corporate Finance practice group. His main areas of practice include corporate finance, equity capital markets, and general corporate advisory. He has been involved in preparing commercial agreements and general corporate contracts.



We provide legal advisory services to fund managers, investors and investee companies in relation to both open-end funds and closed-end funds that deal with a variety of asset classes and employ different investment strategies including: Hedge Funds, Private Equity Funds, Mutual Funds, Venture Capital (VC) Funds, Commodity Funds and Exchange Traded Funds (ETFs).





The lawyers from the Banking & Finance Practice Group (BFPG) have always taken pride in providing a comprehensive range of banking and finance services to our clients, including domestic and foreign international banks, other financial institutions as well as non-bank lenders and borrowers, and foreign legal firms acting for parties outside Singapore.

Our banking & finance practice covers the whole spectrum of domestic and international banking & financing work, including restructurings, financings and financial institutions advisory work. We can draw upon a broad base of partners, senior, mid-level and junior associates, all with strong and varied banking & finance product line and country experience.

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