Financial Services and Markets Bill

Explore the details of bill number 4/2022.

Summary written by AI (learn more)

The Financial Services and Markets Bill aims to provide a comprehensive framework for regulating financial services and markets in Singapore, including the control and resolution of financial institutions and licensing of digital token service providers.
The Bill grants the Monetary Authority of Singapore (MAS) extensive powers, including the ability to issue directions to financial institutions, approve their operations, and enforce compliance with various regulations aimed at preventing money laundering and terrorism financing.
It establishes a structure for issuing prohibition orders against individuals deemed unfit to operate within the financial sector, including appeal mechanisms against such orders.
The legislation outlines procedures for the recovery, resolution, and restructuring of financial institutions, including compulsory transfers of business and shares, facilitating orderly operations during financial distress.
It also mandates the approval of dispute resolution schemes and provides stipulations related to technology risk management, granting MAS authority to enforce compliance with new technological standards in financial services.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

4 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

4 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

4 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

4 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

4 years ago

Voting

The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.

4 years ago

Bill passed

The bill is passed and becomes law.

4 years ago

Financial Services and Markets Bill

Explore the details of bill number 4/2022.

Summary written by AI (learn more)

The Financial Services and Markets Bill aims to provide a comprehensive framework for regulating financial services and markets in Singapore, including the control and resolution of financial institutions and licensing of digital token service providers.
The Bill grants the Monetary Authority of Singapore (MAS) extensive powers, including the ability to issue directions to financial institutions, approve their operations, and enforce compliance with various regulations aimed at preventing money laundering and terrorism financing.
It establishes a structure for issuing prohibition orders against individuals deemed unfit to operate within the financial sector, including appeal mechanisms against such orders.
The legislation outlines procedures for the recovery, resolution, and restructuring of financial institutions, including compulsory transfers of business and shares, facilitating orderly operations during financial distress.
It also mandates the approval of dispute resolution schemes and provides stipulations related to technology risk management, granting MAS authority to enforce compliance with new technological standards in financial services.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

4 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

4 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

4 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

4 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

4 years ago

Voting

4 years ago

Bill passed

The bill is passed and becomes law.

4 years ago