What is the Omnibus Financial Services and Markets Act (FSMA)?

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What is the Omnibus Financial Services and Markets Act (FSMA)?

Monetary Authority of Singapore (MAS) – The Omnibus Financial Services and Markets Act (FSMA) was passed in Parliament, to enable and empower MAS to respond more effectively to the opportunities and challenges posed by a dynamic and rapidly evolving financial sector, and position Singapore as a safe, trusted and innovative global financial centre.

” provides MAS with broader powers to issue prohibition orders “

 

Omnibus Financial Services and Markets Act (FSMA) There are 4 key aspects to the Act: 
  • First, it provides MAS with broader powers to issue prohibition orders, which enables MAS to better protect the financial industry from bad actors.
  • Second, it sets out a harmonised power to impose technology risk management requirements and increases the maximum penalty for a breach of such requirements to S$1 million. This will bolster the security and resilience of financial services and public confidence in our financial sector.
  • Third, it further aligns Singapore with the revised international standards for money laundering and terrorist financing risks posed by digital token service providers, and helps to safeguard Singapore’s reputation as a safe and sound financial centre.
  • Fourth, it offers statutory protection for liability for personnel of an operator of a dispute resolution scheme, which in turn strengthens the confidence and autonomy of these individuals when they carry out their duties.










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      Originally posted on: https://www.caproasia.com/2022/09/05/what-is-the-omnibus-financial-services-and-markets-act-fsma/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-the-omnibus-financial-services-and-markets-act-fsma