The Draft Amendment Bills and Regulations has five sets of legislative drafts. They are (i) the Draft Securities and Futures (Amendment) Bill 2007, (ii) the Draft Financial Advisers (Amendment) Bill 2007, (iii) the Draft Securities and Futures (Licensing and Conduct of Business) (Amendment) Regulations 2007, (iv) the Draft Financial Advisers (Amendment no 2) Regulations 2007, and (v) the Draft Securities and Futures Regulations 2007 (Amendment), covering financial and margin requirements for holders of capital market services licences.
The Monetary Authority of Singapore (MAS) has been reviewing the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA). MAS has carried out consultations regarding the proposed changes to the SFA and the FAA in stages. It aims to achieve greater consistency in its regulations, to facilitate new business activities and products, and to refine its supervisory and enforcement toolkit. So far, MAS has issued three consultation papers on policy reform and amendment, on September 25 2006, December 5 2006 and October 11 2007. Through the consultation papers, MAS first invites feedback from the public on existing or proposed regulatory measures or supervisory policy issues. After that, MAS considers the comments, and its own responses. MAS' replies to the comments received on earlier consultation papers can be found on the MAS website.
The Policy Consultation Paper on Amendments to the SFA and the FAA, and the Draft Amendment Bills and Regulations, are open for public comment and feedback until November 9 2007. A detailed report can be found on the MAS website.