MAS Proposes New Powers to Enhance Effectiveness in
Addressing Financial Sector-Wide Risks
MAS, 21 Jul 2020
The Monetary Authority of Singapore (MAS) today issued a
consultation paper proposing enhanced powers to deal with risks that can undermine
the financial sector. The proposed new Act for financial services and markets
will consolidate similar provisions for various classes of financial
institutions in the MAS Act into a single legislation. In addition, the new Act
will include additional powers to prohibit unsuitable individuals from working
in the financial industry, expand the scope of anti-money laundering and
countering the financing of terrorism (AML/CFT) requirements to persons in
Singapore who provide digital token services overseas, strengthen the framework
for technology risk management, and enhance the effectiveness of dispute
resolution.
Full Text: Click Here
Consultation Paper on the New Omnibus Act for the
Financial Sector
MAS, 21 Jul 2020
This consultation seeks views on the harmonised and expanded
power to issue prohibition orders, the regulation of virtual asset service
providers created in Singapore for anti-money laundering and countering of
financing of terrorism purposes, the harmonised power to impose requirements on
technology risk management, and the provision of statutory protection from
liability to mediators, adjudicators and employees of an operator of an
approved dispute resolution scheme.
Full Text: Click Here
Related Article: MAS
proposes new powers to deal with risks in financial sector (from Straits
Times)
ESAS Notify the European Commission About the Outcome of
the Review of the RIIPS Key Information Document
ESMA, 21 Jul 2020
The European Supervisory Authorities (ESAs) have informed
the European Commission of the outcome of the review conducted by the ESAs of
the key information document (KID) for packaged retail and insurance-based
investment products (PRIIPs).
This follows the ESAs’ consultation paper published on 16
October 2019 on draft regulatory technical standards (RTS) to amend the
technical rules on the presentation, content, review and revision of KID
(Delegated Regulation (EU) 2017/653).
Consultation Paper: Click Here