28 January 2021
On 2 December 2020, the Monetary Authority of Singapore (“MAS”) issued a consultation paper (hereinafter referred to as the “December 2020 Consultation Paper”) on proposed amendments to regulations, notices, and guidelines to support the implementation of the remaining provisions under the Banking (Amendment) Act 2020 (“BAA”) that have not yet commenced. For more information on the BAA, which was passed by the Singapore Parliament on 6 January 2020, please refer to our earlier client update found here.
In addition to the proposed amendments arising from the BAA, MAS is also consulting on the proposal to extend its composition powers to specified offences under the Banking Act (“BA”) and Trust Companies Act (“TCA”).
This update outlines the key proposals in MAS’s public consultation.
