On 2 July 2021, the Monetary Authority of Singapore (MAS) issued consultation paper proposing to strengthen MAS’ evidence-gathering powers and facilitate greater inter-agency coordination. The types of power may be new or amendments to existing powers.
- Requiring any person to provide information for the purposes of investigation
- Allow MAS to require information from any person for the purpose of investigations under the Banking Act and the new Act.
- Make explicit that the scope of those powers includes information that exist in electronic form.
- Requiring any person to appear for examination / Recording statement from person at examination
- Give MAS the power to require any person to appear for examination and the recording of statements under the Banking Act (BA), Insurance Act (IA), Payment Services (PS) Act, Trust Companies Act (TCA) and the new Act.
- Power to examine individuals and take statements, and specifying the manner in which this power is to be exercised.
- Obtaining a court warrant if a person fails to appear for examination with no reasonable excuse
- Ability for MAS to report any failure by an examinee to attend an interview to a Magistrate, who may then issue a warrant ordering the examinee to attend the interview.
- Provide explicitly that an MAS investigator will provide a copy of the written record (i.e., recorded statement) at such time he determines, upon the request by an examinee.
- Entering premises without warrant
- Allow MAS investigators to enter premises without a warrant in the BA, IA, PS Act, TCA and the new Act. Generally, MAS intends to exercise the power to enter premises without a warrant where it assesses that there is a real risk of evidence being destroyed or tampered with, if a production order is issued in advance of entry.
- Remove the requirement in the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) for MAS to provide two days’ notice to the occupier of the premises before entry can be made without a warrant.
- Obtaining warrants to seize evidence
- Allow MAS to apply to the courts for a warrant to seize evidence in specified circumstances under the BA, IA, PS Act and the new Act.
- Clarifying in the SFA and FAA that the scope of the warrant which can be issued by the Magistrate includes electronic evidence.
- Amend the TCA to align the scope of the warrant with that under the other relevant Acts
- Transferring evidence between MAS and other agencies
- Expand the scope of section 168C(1) of the SFA to allow the transfer of evidence collected under the Criminal Procedure Code (CPC) from the Police to MAS for Part VII civil penalty investigations or proceedings.
- Expand the scope of section 168B(1) of the SFA to allow the transfer of evidence (relating to any offence under the SFA) from MAS to the Police or the Public Prosecutor for the purpose of criminal investigations or proceedings, and to replicate this provision in the other relevant Acts (other than the FAA).
- Enable evidence collected under the CPC to be transferred to MAS for regulatory actions under each relevant Act.
- Reprimand powers under SFA, FAA and TCA
- Amendments to the Reprimand Provisions to make clear the policy intent that MAS may reprimand any person who was a “relevant person” at the time of the misconduct.
- Empower MAS to issue directions to regulated FIs and their representatives conducting unregulated business.
For details on the consultation paper, please refer to the MAS website https://www.mas.gov.sg/publications/consultations/2021/consultation-paper-on-proposed-amendments-to-mas-investigative-and-other-powers-under-the-various-acts
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.