Financial Institutions (Miscellaneous Amendments) Bill

Explore the details of bill number 4/2024.

Summary written by AI (learn more)

The Financial Institutions (Miscellaneous Amendments) Bill proposes various changes to several key financial regulations in Singapore, including the Financial Advisers Act, Financial Services and Markets Act, Insurance Act, and Securities and Futures Act. Key points include:

Amendments intend to enhance regulatory clarity and compliance, particularly around definitions of roles like "executive officer" and terms related to regulatory bodies.
Expanded investigative powers will allow authorities to conduct thorough investigations and enforce compliance, including the authority to conduct examinations and access data and records.
A consistent framework for the disqualification and removal of officers in financial institutions based on specified criteria, including convictions related to fraud and dishonesty.
Provisions for penalties and compliance requirements aimed at ensuring that financial institutions operate transparently and within the legal framework.
Adjustments to reporting requirements for auditors and strengthening of confidentiality measures concerning investigation reports.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

2 years ago

First reading

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

2 years ago

Second reading

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

2 years ago

Select committee

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

2 years ago

Third reading

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

2 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'.

2 years ago

Bill passed

The bill is passed and becomes law.

2 years ago

Financial Institutions (Miscellaneous Amendments) Bill

Explore the details of bill number 4/2024.

Summary written by AI (learn more)

Amendments intend to enhance regulatory clarity and compliance, particularly around definitions of roles like "executive officer" and terms related to regulatory bodies.
Expanded investigative powers will allow authorities to conduct thorough investigations and enforce compliance, including the authority to conduct examinations and access data and records.
A consistent framework for the disqualification and removal of officers in financial institutions based on specified criteria, including convictions related to fraud and dishonesty.
Provisions for penalties and compliance requirements aimed at ensuring that financial institutions operate transparently and within the legal framework.
Adjustments to reporting requirements for auditors and strengthening of confidentiality measures concerning investigation reports.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

2 years ago

First reading

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

2 years ago

Second reading

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

2 years ago

Select committee

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

2 years ago

Third reading

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

2 years ago

Voting

2 years ago

Bill passed

The bill is passed and becomes law.

2 years ago