Implementation of First Phase of Financial Services and Markets Act 2022 Relating to Supervisory and Regulatory Powers of MAS over FIs Commenced on 28 April 2023

17 May 2023

The Financial Services and Markets Act (“FSMA“) was passed in Parliament on 5 April 2022. The FSMA is an omnibus Act for the sector-wide regulation of financial services and markets that applies to financial institutions (“FIs“). The FSMA consolidates the provisions and powers that relate to the Monetary Authority of Singapore’s (“MAS“) regulatory oversight of different FIs into a single Act.

On 27 April 2023, MAS announced that the FSMA will be implemented in phases. The first phase commenced on 28 April 2023. The remaining phases are targeted to be implemented between the second half of 2023 and 2024.

For more information, click here to read the full Legal Update.

CONTACTS

Head, Financial Institutions Group

+65 6232 0456

E regina.liew@rajahtann.com

Singapore,

Deputy Head, Financial Institutions Group

+65 6232 0482

E larry.lim@rajahtann.com

Singapore,

Partner

+65 6232 0686

E benjamin.liew@rajahtann.com

Singapore,

Partner

+65 6232 0941

E samuel.lim@rajahtann.com

Singapore,

Country

Singapore

EXPERTISE

Financial Institutions

Share

RELATED VIEWPOINT

Bills Introduced in Parliament to Implement BEPS 2.0 Pillar Two, Amend Income Tax Act

17 Sep 2024

Two Public Consultations on Requirements on Licensing, Food Import and Export, Food Marketing, Health Promotion in Proposed Food Safety and Security Bill

12 Sep 2024

Public Consultation on Protection from Scams Bill – Police to be Empowered to Order Banks to Restrict Transactions of Scam Targets

12 Sep 2024

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.