Financial Services and Markets Act 2022 (Commencement) Notification 2023

The new Financial Services and Markets Act 2022 (Commencement) Notification 2023 was published on Singapore Statutes Online, the Official Journal of Singapore. The notification brings into force on April 28, 2023 most of the provisions of the Financial Services and Markets Act 2022, except for the following – as quoted:
1. Parts 3, 5, 7, 8 and 9;
2. sections 183, 193(3)(c), (6), (7)(d) and (8) to (11), 194(2), 196(2), 198, 199, 200(1)(b) and (2) to (7), 201(2), 203(3), 204(1) to (4), (8) and (9), 205(1), (2)(b), (c) and (e) and (4), 207(1) and (3), 209(1)(a), (c) and (d), (3) to (14), (17) and (18), 210(1), 212(1)(b) and (2), 214 to 218, 219(r) to (zc), 220 and 221;
3. First Schedule;
4. Second Schedule.
Among others, the parts and sections that come into force refer to the inspection power of the Monetary Authority of Singapore (MAS), MAS‘ general powers over financial institutions, powers as regards AML and CFT regulations, cooperation internationally, or enforcement in case of violations.
To recall, the act 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, among others (please refer to EventID 15717 in this context for more information).