Revised Notices on Misconduct Reporting Requirements under the Financial Advisers Act, Insurance Act and Securities and Futures Act

25 Apr 2022 Legal Highlights

The MAS has issued a consultation paper on 19 April 2022 (“Consultation Paper”) on proposed amendments to the various MAS notices which impose misconduct reporting requirements on financial institutions ("FIs") regulated under the Financial Advisers Act 2001, the Insurance Act 1966 (“IA”), and the Securities and Futures Act 2001 (“SFA”).


The proposed amendments outlined in the Consultation Paper include:

(i) expanding the scope of the various misconduct reporting notices to apply to additional types of FIs, i.e. accident and health insurance intermediaries under the IA, registered fund management companies under the SFA;

(ii) changes to the categories of reportable misconduct and reporting timelines;

(iii) requiring FIs to submit internal investigation / police reports (where applicable) to the MAS as part of the misconduct report to the MAS; and

(iv) requiring FIs to provide their representatives with a copy of the misconduct report filed with the MAS within certain specified timelines.


The consultation paper may be accessed here.

Our Financial Services Regulatory Practice has advised on a broad range of issues that concerns various classes of financial institutions. Reach out to our Financial Services Regulatory Partners Joy Tan, Elaine Chan, Rosabel Ng, Chan Jia Hui, Tian Sion Yoong, or find out more about our practice here.