Financial Services and Markets Act 2022

The Monetary Authority of Singapore, MAS, has published a statement to briefly describe the proposed implementation plan of the new Financial Services and Markets Act 2022 which modifies numerous other Acts and regulations to
– expand the power of MAS with respect to prohibition orders;
– align the regulation of virtual asset service providers (VASPs) with the standards set out by FATF particularly in terms of licensing requirements and requirements pertaining to AML and CFT;
– expand the power of MAS with respect to the stipulation and supervision of technology risk management requirements; and
– provide legal protection from civil liabilities to mediators, adjudicators, and employees of an operator of an approved dispute resolution scheme.
According to MAS, and as seen by the implementation of various amendment rules, some parts of the Act came into force on April 28, 2023. These parts „port“ numerous provisions from the Monetary Authority of Singapore Act 1970, including the following – as quoted:
(a) General powers over financial institutions, including inspection powers, offences and other miscellaneous provisions (Parts 2, 10, 11 and 12# of the FSMA);
(b) Anti-Money Laundering / Countering the Financing of Terrorism framework (Part 4 of the FSMA); and
(c) Financial Dispute Resolution Schemes framework (Part 6 of the FSMA).
The remaining provisions under the Act are scheduled to be implemented between Q3/2023 and 2024.