Page 52 - 期货和衍生品行业监管动态（2024年1月）

期货和衍生品行业监管动态

derivatives traded on overseas exchanges), which may pose contagion risks to their

regulated activities. For instance, losses from unregulated businesses could adversely

affect a CMSL holder’s ability to meet its obligations to customers in its regulated

activities. While MAS has issued guidance to CMSL holders to adopt risk-mitigating

measures if they conduct unregulated businesses with retail investors, the FIMA Bill

will now allow MAS to issue written directions on the minimum standards and

safeguards that should be in place when CMSL holders and their representatives

conduct unregulated businesses.

(IV) Enhance supervisory and inspection powers

MAS will enhance its supervisory and inspection powers under the SFA, FAA

and TCA, to ensure that it has consistent powers across these Acts and to align with

the Banking Act 1970.

We set out a summary of the key amendments in the FIMA Bill below:

(a) Appointment and removal of key persons: The SFA will have approval

requirements for the appointment of chief executive officers and directors of

Singapore-incorporated recognised market operators (“RMOs”),

Singapore-incorporated recognised clearing houses (“RCHs”) and approved trustees

(“ATs”). The provisions in the FAA and TCA on the appointment of key persons (e.g.

chief executive officers, resident managers or directors) of licensed financial advisers

(“LFAs”) and licensed trust companies will also be amended to align with provisions

in the SFA. The grounds for removal of key persons in these Acts will be aligned to a

single fit and proper test;

(b) Obtaining effective control: Existing approval requirements in the SFA and

FAA for controllers of CMSL holders and LFAs will be refined so that MAS’ approval

is only required prior to a person obtaining effective control. Approval requirements

will be extended to controllers of RMOs, RCHs and ATs;

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