The Financial Services and Markets Bill 2022, the goal of which is to address risks and challenges that impact institutions across the financial sector, was recently moved for first reading in the Parliament of Singapore on 14 February. The bill will grant the Monetary Authority of Singapore additional regulatory powers to address misconduct, cryptoassets, and technology risks and to deal with various financial institutions, including banks, insurers, financial advisers, virtual asset service providers, trustees for collective investment schemes, trustee-managers of business trusts, licensed trust companies, and operators of payment services.
FSM BILL
The Financial Services and Markets Bill 2022 (FSM Bill) contains new provisions relating to the following areas:
- A harmonized and expanded power to issue prohibition orders
- Regulating virtual asset service providers (VASPs) created in Singapore for anti-money laundering and countering of financing of terrorism (AML/CFT) purposes
- A harmonized power to impose requirements on technology risk management
- Providing mediators, adjudicators, and employees of an operator of an approved dispute resolution scheme with statutory…