Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023

All new Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 were published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal documents. The Regulations basically replace the MAS Dispute Resolution Regulations due to the coming into force of key provisions of the Financial Services and Markets Act 2022. Most provisions are primarily relevant for dispute resolution scheme operators only by setting forth corresponding
– registration,
– governance, and
– reporting
requirements of operators. However, the new Regulations, just like the previous MAS Regulations, also stipulate in Schedule 2 which financial market participants must be members of a dispute resolution regime, including banks, insurance companies, brokers, financial advisers, trading venues, or holders of a capital markets services licence, and many others.