This Act is the Financial Services and Markets Act 2022 and comes into operation on a date that the Minister appoints by notification in the Gazette.
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In Force
Financial Services and Markets Act 2022
An Act to provide for a financial sector-wide regulation of financial services and markets, the exercise of control over and the resolution of financial institutions and their related entities, the licensing and regulation of digital token service providers, and other incidental and connected matters, to make related and consequential amendments to certain other Acts, and to amend a provision of the Income Tax Act 1947 consequent upon the operation of the Financial Holding Companies Act 2013.
Sections (257)
Marginal notes shown beside each section number. Select a section to read its full text.
In this Act, unless the context otherwise requires —“Authority” means the Monetary Authority of Singapore established by the Monetary Authority of Singapore Act 1970; “bank” means a bank licensed under the Banking Act 1970; “corporation” ha
(1) The Authority may, if the Authority thinks it necessary in the public interest, request information from and make recommendations to such financial institutions as the Authority may, from time to time, determine and issue directions for
(1) The Authority may require any relevant financial institution which operations are considered by the Authority to affect —(a) monetary stability and credit and exchange conditions in Singapore; (b) the development of Singapore as a finan
(1) Every financial institution approved by the Authority under section 4 may be required to pay such fees in respect of anything done under or by virtue of that section as the Authority may by notification in the Gazette prescribe.(2) The
In this Part, unless the context otherwise requires —“appointee”, in relation to a financial institution, or any other person who carries on a business or an activity, provides a relevant service or performs a relevant function —(a) means a
(1) The Authority may, by written notice, make a prohibition order against any person, if the Authority is satisfied that the person is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria to carry out an
(1) A person against whom a prohibition order is made must comply with the prohibition order.(2) Where a prohibition order is made against a person (A), a financial institution must not employ or enter into any arrangement with A, or use A’
(1) The Authority may vary or revoke a prohibition order, by giving written notice to the person against whom the order was made, if the Authority is satisfied that it is appropriate to do so because of a change in any of the circumstances
A prohibition order, or any variation or revocation of a prohibition order, takes effect on the date specified by the Authority in the order or the notice in section 9(1), as the case may be.
The Authority —(a) must publish the making of a prohibition order under section 7, and the variation or revocation of a prohibition order under section 9, in such manner as the Authority thinks will secure adequate publicity for the fact th
(1) The Authority must keep, in such form as the Authority thinks fit, records on persons —(a) against whom prohibition orders are made under section 7; and (b) whose or which prohibition orders are varied or revoked under section 9. (2) Th
(1) Where an appeal is made to the Minister under this Part, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give such directions in the matter as the Minister thinks fit, and the decision of the Minist
(1) For the purpose of enabling Appeal Advisory Committees to be constituted under section 13, the Minister is to appoint a panel (called in this Part the Appeal Advisory Panel) comprising such members from the financial services industry,
(1) The Authority may, from time to time —(a) issue such directions to a financial institution or class of financial institutions; and (b) make such regulations under section 192 concerning any financial institution or class of financial in
(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any financial institution or class of financial institutions as the Authority considers necessary for the prevention of
(1) In this Division, unless the context otherwise requires —“agent” means an insurance agent in respect of policies which relate to general business within the meaning of section 3(1)(b) of the Insurance Act 1966; “AML/CFT authority” or An
The purposes of this Division are —(a) to enable the Authority to provide information to an AML/CFT authority of a foreign country in connection with the AML/CFT authority’s supervision of foreign financial institutions carrying on any fina
(1) The Authority may, on the request of an AML/CFT authority of a foreign country, provide the assistance referred to in section 20 to the AML/CFT authority, if the Authority is satisfied that all of the following conditions are fulfilled:
(1) Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may,
The Authority may, on the request of a domestic authority, provide the assistance referred to in section 22 to the domestic authority, if the Authority is satisfied that all of the following conditions, and all such other conditions as the
(1) Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may,
(1) A person shall be guilty of an offence if the person —(a) without reasonable excuse, refuses or fails to comply with an order made under section 20(2)(a) or 22(2); (b) without reasonable excuse, refuses or fails to comply with section 2
(1) No civil or criminal liability is incurred by any person for —(a) providing to the Authority any information or copy of any information, if the person had provided the information or copy with reasonable care and in good faith and in co
Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may, on t
(1) An AML/CFT authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of a financial institution in accordance with this section, if all of the follow
(1) For the purposes of an inspection under section 26, and subject to subsection (2), the financial institution must —(a) give the AML/CFT authority access to such of the books of the financial institution; and (b) provide such information
(1) Except as provided in subsection (2), where a written report has been produced by an AML/CFT authority in respect of a financial institution following an inspection under section 26, and is provided by the AML/CFT authority to the finan
(1) The purpose of this Part is to permit the disclosure, publication and sharing of certain information (despite any restriction against the disclosure, publication or sharing of that information imposed by law, contract or rules of profes
In this Part —“bank in Singapore” has the meaning given by section 2(1) of the Banking Act 1970; “beneficial owner”, in relation to a relevant party of a prescribed financial institution, means —(a) an individual who ultimately owns or cont
For the purposes of this Part, the Authority may by regulations made under section 192 prescribe —(a) a bank in Singapore as a bank in Singapore to which this Part applies; and (b) a financial institution (other than a bank) as a financial
(1) Subject to this section, a prescribed financial institution (called in this section the requester) may request from another prescribed financial institution (called in this section the discloser) any risk information relating to —(a) a
(1) Subject to this section, a prescribed financial institution (called in this section the discloser) may on its own motion disclose to another prescribed financial institution (called in this section the recipient) any risk information re
(1) Subject to this section, a prescribed financial institution (called in this section a lister) that —(a) has made a suspicious transaction report in respect of any property; and (b) has —(i) declined to establish a relationship, or decid
(1) The Authority must issue to each prescribed financial institution (A) —(a) the criteria applicable to A for determining whether —(i) risk information relating to a relevant party may be requested by A under section 28D; and (ii) risk in
(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Part, issue a written notice, either of a general or specific nature, to any prescribed financial institution or any class of prescribed
A prescribed financial institution or an officer of a prescribed financial institution authorised to act for the prescribed financial institution, or both —(a) may —(i) in accordance with the provisions of section 28D, 28E or 28F; or (ii) a
A prescribed financial institution, or an officer of the prescribed financial institution, that knowingly or recklessly —(a) discloses any risk information under section 28D or 28E; (b) publishes any risk information under section 28F; or (
(1) A prescribed financial institution must not disclose any risk information that it receives or accesses under this Part to any other person except as expressly provided for in subsection (2) or (3).(2) A prescribed financial institution
(1) The Authority is entitled —(a) to a copy of every disclosure of risk information made by a prescribed financial institution under section 28D or 28E, including any correction to such risk information; and (b) to access every publication
Sections 21 and 22 of the Personal Data Protection Act 2012 do not apply to a prescribed financial institution in relation to any personal data about an individual that is in the possession or under the control of the prescribed financial i
(1) The Authority must establish and maintain an electronic information sharing system for the purpose of —(a) enabling requests for risk information under section 28D to be made by prescribed financial institutions; (b) enabling disclosure
(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any financial institution or class of financial institutions as the Authority considers necessary for —(a) the managemen
In this Part, unless the context otherwise requires —“approved dispute resolution scheme” means a dispute resolution scheme approved by the Authority under section 31(1); “operator”, in relation to a dispute resolution scheme approved under
(1) For the purposes of this Part, the Authority may approve any dispute resolution scheme for the resolution of disputes arising from or relating to the provision of financial services by financial institutions.(2) An application for appro
(1) It is a condition of an approval for any dispute resolution scheme approved under section 31(1) that the operator of an approved dispute resolution scheme must not appoint a person as its chief executive officer or director without the
(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer or director of an operator of an approved dispute resolution scheme is not a fit and proper person
An operator, or a chief executive officer or director of an operator, who is aggrieved by a decision of the Authority under section 33(1) may, within 30 days after receiving the direction, appeal in writing to the Minister, whose decision i
It is a condition of an approval for any dispute resolution scheme approved under section 31(1) that the operator of the approved dispute resolution scheme that is a company must not amend its constitution without the prior approval of the
(1) The Authority may, by regulations made under section 192, require a financial institution to be a member of such approved dispute resolution scheme and to comply with such terms of membership of the scheme as may be prescribed.(2) A fin
No liability shall lie against any mediator, adjudicator or employee of an operator of an approved dispute resolution scheme, for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good fai
(1) Regulations may be made under section 192 —(a) to provide for the matters that the Authority may have regard to in determining whether to approve a dispute resolution scheme under section 31(1); (b) to prescribe a list of dispute resolu
(1) This Part applies to, and in relation to, every relevant financial institution.(2) In this Part, unless the context otherwise requires —“chief executive”, in relation to a relevant financial institution, means any person, by whatever na
(1) Any relevant financial institution which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority
(1) The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where —(a) a relevant financial institution informs the Authority that it is or is likely to become insolvent, or tha
(1) Upon assuming control of the relevant business of a relevant financial institution, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.(2) During the period when the Authority o
(1) The Authority must cease to control the relevant business of a relevant financial institution when the Authority is satisfied that —(a) the reasons for the Authority’s assumption of control of the relevant business have ceased to exist;
(1) During the period when the Authority or statutory manager is in control of the relevant business of a relevant financial institution —(a) the Court may, on an application by the Authority or statutory manager, direct any person who has
The Authority may at any time fix the remuneration and expenses to be paid by a relevant financial institution —(a) to a statutory manager or statutory adviser appointed in relation to the relevant financial institution, whether or not the
(1) A transferor may transfer the whole or any part of its business (including any business that is not the significant business of the transferor) to a transferee, if —(a) where the transferor is incorporated in Singapore, the Authority ha
(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 46(1).(2) Before making an application under subsection (1) —(a) the transf
(1) Despite the provisions of any other written law —(a) a relevant financial institution must not, without the prior written consent of the Authority, permit a person to act as its executive officer; and (b) a relevant financial institutio
(1) This section applies despite any other written law.(2) In any proceedings under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a Type A fina
Regulations made under section 192 for this Part may prescribe —(a) that any contravention of a provision of the regulations shall be an offence punishable (despite section 192(2)(d)) —(i) in the case of an individual, with a fine not excee
(1) The Authority may issue a notice to pertinent financial institutions requiring each pertinent financial institution to which a direction is issued under section 52(1) —(a) to prepare, in the form and manner and containing the informatio
(1) The Authority may issue a direction to a pertinent financial institution —(a) requiring the pertinent financial institution to comply with the requirements of a notice issued under section 51; and (b) specifying the dates for the submis
The Authority may prepare plans for the orderly resolution of a pertinent financial institution, and may for that purpose issue a direction to the pertinent financial institution requiring the pertinent financial institution to provide, wit
(1) This section applies if the Authority is of the opinion that an impediment exists to the orderly resolution of a pertinent financial institution in accordance with a plan of the Authority under section 53.(2) The Authority may issue a d
(1) A pertinent financial institution that is aggrieved by a direction issued to it under section 52(2)(b) or 54(2) may, within 30 days after receiving the direction, appeal to the Minister whose decision is final.(2) An appeal may only be
(1) A direction or notice under this Division must be in writing.(2) It is not necessary to publish a direction or notice under this Division in the Gazette. —(1) A direction or notice under this Division must be in writing. (2) It is not n
(1) A pertinent financial institution that does not comply with a direction or notice of the Authority under this Division shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of
In this Part, unless the context otherwise requires — “affected person”, in relation to a specified financial institution, means any person prescribed by regulations made under section 135 as an affected person for that specified financial
In determining whether to exercise its powers under Divisions 2, 4, 5 and 6 of this Part in relation to a pertinent financial institution, the Authority may have regard to one or more of the following matters:(a) whether a failure of the pe
(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any person that has ceased to be a specified financial institution, or any class of persons that has ceased to be a clas
(1) Where a person ceases to be a specified financial institution, any direction or notice issued under this Act or any other MAS scheduled Act (being a direction or notice which was in force, and which applied to that person, immediately b
(1) The Authority may, if the Authority considers it to be in the interests of the affected persons of a specified financial institution, make an order prohibiting that specified financial institution from carrying on its significant busine
(1) On the application of the Authority, the Court may, in addition to the grounds specified in section 125(1) of the Insolvency, Restructuring and Dissolution Act 2018, order under that Act the winding up of a company incorporated in Singa
(1) Without affecting any provision of this Act or any other MAS scheduled Act, if, in the course of exercising the Authority’s powers under this Part or the relevant provisions, it appears to the Authority that any past or present director
In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of transfer issued by the Minister under section 67(1); “debenture” has the m
(1) Subject to subsections (2), (3) and (7), the Authority may make a determination that the whole or any part of the business of a transferor must be transferred to a transferee, if —(a) any ground exists for the Authority to exercise any
(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of transfer, which comes into effect on the date specified by the Minister in the certificate.(2) The certificate must specify such
(1) Despite section 62(2) but subject to section 134, no resolution may be passed, and no order may be made, for the winding up of a transferor, and no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Diss
In this Division —“2nd transferee” means the person to which the whole or part of a transferor’s business that was transferred to a transferee by a certificate of transfer, is or is to be transferred from the transferee in accordance with a
(1) Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate
(1) If the Minister approves a determination under section 70, the Minister must, as soon as practicable, issue a certificate (called in this section the reverse transfer certificate), which is to come into effect on the date specified in t
(1) Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate
(1) If the Minister approves a determination under section 72, the Minister must, as soon as practicable, issue a certificate (called in this section the onward transfer certificate), which is to come into effect on the date specified in th
(1) In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of transfer issued by the Minister under section 76(1); “determination” m
(1) The Authority may make a determination that all or any of the shares held by a transferor in a pertinent financial institution incorporated in Singapore be transferred to a transferee, if —(a) any ground exists for the Authority to exer
(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of transfer, which comes into effect on the date specified by the Minister in the certificate.(2) The certificate must specify such
In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of restructuring of share capital issued by the Minister under section 79(1);
(1) The Authority may make a determination that the share capital of a pertinent financial institution incorporated in Singapore be reduced by the cancellation of the whole or any part of any share capital not paid up, or of any paid‑up sha
(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of restructuring of share capital, which comes into effect on the date specified by the Minister in the certificate.(2) The certifi
(1) In this Division, unless the context otherwise requires —“appointed date”, in relation to a bail‑in certificate, means the date appointed for the bail‑in certificate to take effect, as specified in the notification under section 84(2);
(1) In exercising any power under this Division, the Authority must have regard to the desirability of giving each pre‑resolution creditor or pre‑resolution shareholder of a Division 6 FI the priority and treatment the pre‑resolution credit
(1) Subject to subsection (2), the Authority may make one or more of the following determinations concerning one or more eligible instruments issued by a Division 6 FI, or to which the Division 6 FI is a party or is subject:(a) that the eli
(1) Before approving a determination of the Authority, the Minister must, unless the Minister decides that it is not practicable or desirable to do so —(a) publish in the Gazette and in such newspaper or newspapers as the Minister determine
(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a bail‑in certificate.(2) The bail-in certificate comes into effect on such date as the Minister appoints by notification in the Gazette. (3) The
(1) A provision in a bail-in certificate has effect despite any restriction arising by reason of contract, any written law or rule of law in force before the appointed date of the bail‑in certificate, or the constitution of the Division 6 F
(1) Despite section 62(2) but subject to section 134, during the period beginning on the date of publication of the notice in section 83(1)(a) in the Gazette or (where the notice is not published in the Gazette) the date of publication of t
(1) Where any person becomes a significant shareholder of a Division 6 FI or resulting FI as a result of a provision of a bail‑in certificate, that person —(a) is treated as having obtained the approval of the Minister or the Authority (as
(1) If the Minister is satisfied that any person has failed to comply with a condition imposed on the person in section 87(2) or (3), or if the Minister has served a notice on the person in section 87(5), the Minister may, by written notice
A person that fails to comply with a condition imposed on the person in section 87(2) or (3), or a notice served on the person in section 87(5) or 88(1), shall be guilty of an offence and shall be liable on conviction —(a) in the case of an
(1) To ensure the effective operation of the provisions of this Division on an eligible instrument, regulations made under section 135 may impose a requirement on a Division 6 FI to ensure that the contract governing the eligible instrument
In this Division, unless the context otherwise requires —“approved clearing house” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “basic substantive obligation”, in relation to a contract, means an obligation
(1) This section applies to a contract that satisfies both of the following:(a) one of the parties to the contract is —(i) a pertinent financial institution that is the subject of a resolution measure; or (ii) an entity that is part of the
(1) This section applies to a contract one of the parties to which is —(a) a pertinent financial institution that is the subject or proposed subject of a resolution measure; (b) a pertinent financial institution in respect of which a foreig
(1) A suspension by a notice under section 93 takes effect from (and including) the time of publication of the notice under that section in the Gazette or a time on another date specified in the notice, and —(a) if the contract is not a rei
In this Division, unless the context otherwise requires —“domestic authority” —(a) means any ministry or department of the Government, any Organ of State in Singapore and any statutory body (other than the Authority) established by a public
(1) The Authority may provide the assistance referred to in section 98 to a foreign resolution authority, if the Authority is satisfied that all of the following conditions are fulfilled:(a) the request by the foreign resolution authority f
In deciding whether to grant a request for assistance referred to in section 98 from a foreign resolution authority, the Authority may also have regard to the following:(a) whether the foreign resolution authority is preparing plans for dea
(1) Despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a foreign resolution authority for a
(1) Despite any obligation as to secrecy or other restriction upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct,
Any person who —(a) without reasonable excuse, refuses or fails to comply with an order under section 98(1)(b) or (c); (b) in purported compliance with an order made under section 98(1)(b), provides to the Authority any material, or copy of
(1) No liability, other than for an offence under section 100, shall lie against any person for —(a) providing to the Authority any material or copy of any material, if the person had provided that material or copy with reasonable care and
(1) In this Division, unless the context otherwise requires —“determination” means a determination made under section 103; “foreign financial institution” means a financial institution incorporated, formed or established in a foreign countr
(1) This section applies where a foreign resolution authority of a foreign country or territory makes a request to the Authority to recognise a foreign resolution in relation to a foreign financial institution by the foreign resolution auth
(1) If the Minister approves a determination that a foreign resolution should be recognised in whole or in part, the Minister must, as soon as practicable, by order in the Gazette, declare that the foreign resolution is to be recognised.(2)
The Authority may, from time to time, issue such directions to any person that is approved, authorised, designated, recognised, registered, licensed or otherwise regulated by the Authority under this Act or any other MAS scheduled Act, as t
(1) A person that refuses or fails to comply with a provision of the order under section 104 that applies to the person, or a direction issued to the person under section 105, shall be guilty of an offence and shall be liable on conviction
In this Division, unless the context otherwise requires —“Agency” means the company designated by the Minister under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 as the deposit insurance and policy owne
(1) For the purposes of supporting a resolution measure undertaken for a financial institution and other matters relating to the measure, the Minister may, on the recommendation of the Authority, establish a resolution fund.(2) The Minister
(1) The duty of the trustee of a resolution fund is to administer and manage the resolution fund, and in particular —(a) to make withdrawals from the resolution fund in accordance with sections 110 and 118(1) and to apply the moneys withdra
(1) The trustee of a resolution fund must, at the Minister’s direction, make one or more withdrawals from the resolution fund and apply the moneys withdrawn for one or more of the following purposes:(a) to pay the operating costs of a provi
(1) Where one or more withdrawals have been made from a resolution fund under section 110, the Minister may direct the trustee of the resolution fund to recover the sum or sums withdrawn in one or both of the following ways:(a) by making a
(1) Where a direction has been given under section 111(1)(a), the trustee of the resolution fund must make a claim mentioned in that provision on the financial institution under resolution to pay the sum mentioned in the direction, at such
(1) After the Minister has given a direction under section 111(1)(b) or (2), the Authority must, in accordance with the regulations made under section 135 for the purpose of this section —(a) compute the amount of levy payable by every levy
(1) This section applies where a notice under section 113(3), (5) or (6) is given to a levy payer that is a similar financial institution, or a participant of a market infrastructure or of a payment system operated by a payment system opera
(1) This section applies where a notice under section 113(4) is given to a market infrastructure.(2) The market infrastructure must —(a) during the period of collection specified in the notice, collect from each participant on whom the levy
(1) The levy imposed on a person under section 113(3), (5) or (6), and any late payment fee imposed on the person under section 114(3), are both recoverable as a debt due from that person to the trustee of the resolution fund concerned.(2)
(1) This section applies to a notice given under section 113(3), (5) or (6) to a levy payer that is a similar financial institution, or a participant of a market infrastructure or of a payment system operated by a payment system operator.(2
(1) The Minister may, from time to time, direct the trustee of a resolution fund to make a withdrawal from the resolution fund for any of the following purposes:(a) to repay the Authority all or any part of the loan made under section 23(7A
Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a financial institution (other than one that is a bank, a finance company licensed under the Finance Companies Act 1967 or an in
(1) Regulations may be made under section 135 for the purposes of this Division.(2) Without limiting subsection (1), regulations may be made in relation to the imposition and recovery of a levy and late payment fee under section 113, 114, 1
In this Division, unless the context otherwise requires —“2nd transferee” has the meaning given by section 69; “Division 11 FI” or Division 11 financial institution means a pertinent financial institution within a class of pertinent financi
(1) In this Division, a pre‑resolution creditor or pre‑resolution shareholder of a Division 11 FI under resolution is worse off as a result of the resolution if, by reason of one or more of the actions mentioned in subsection (2) taken in r
(1) A pre-resolution creditor or pre‑resolution shareholder of a Division 11 FI under resolution that is worse off as a result of the resolution, is eligible for compensation of the amount mentioned in subsection (2).(2) The amount of compe
(1) The Minister must, as soon as practicable, after the resolution date of a Division 11 FI under resolution, appoint a valuer for the Division 11 FI.(2) The role of a valuer appointed under this section is to make a valuation in relation
(1) A valuer for a Division 11 FI under resolution must conduct the valuation of the Division 11 FI in accordance with the valuation principles that are prescribed by regulations made under section 135, and any other valuation principles sp
(1) A Division 11 FI under resolution for which a valuer is appointed must —(a) give the valuer access to such of its records and documents as the valuer may reasonably require to conduct the valuation; (b) procure a person who is in posses
(1) A valuer must not use or disclose any information obtained under this Division other than for the performance of its functions under this Division.(2) Any person who comes to know of any information in the course of assisting another pe
(1) A valuer of a Division 11 FI under resolution may, with the Authority’s approval, disclose the whole or any part of the valuation report of the Division 11 FI to the Division 11 FI, any pre‑resolution creditor or pre‑resolution sharehol
(1) The Authority may appeal to the Court against a valuation report if the Authority is dissatisfied with —(a) the valuer’s decision on any person’s eligibility for compensation; or (b) the amount of compensation to be paid to any person p
(1) The Authority may, if the Authority thinks it necessary or expedient in the public interest, in the interests of any affected person or class of affected persons of a specified financial institution or in the interests of the financial
Despite anything to the contrary in this Act, the Companies Act 1967 and the Insolvency, Restructuring and Dissolution Act 2018 —(a) any sale, transfer, assignment or other disposition of any property or business of a pertinent financial in
(1) The Minister or the Authority may require a person to provide, within the period and in the manner specified by the Minister or the Authority, any information or document that the Minister or the Authority may reasonably require —(a) fo
(1) No civil or criminal liability is incurred by an officer of a specified financial institution, or of a significant associated entity referred to in section 130, for anything done (including any statement made) or omitted to be done with
(1) The Minister may, by order in the Gazette, direct that section 68(1) or (2), 76(13), 79(13) or 86, or any part of that provision, ceases to apply to a pertinent financial institution, any business (or any part of the business) of a pert
(1) The Minister may make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Part and for prescribing anything that may be required to be prescribed under this Part.(2) Without limiting su
(1) In this Part, unless the context otherwise requires —“5% controller”, in relation to a corporation (being a licensee), means a person that alone or together with the person’s associates —(a) has an interest in at least 5%, but less than
(1) Except as provided for in subsection (5), an individual or a partnership must not from a place of business in Singapore carry on a business of providing any type of digital token service outside Singapore unless the individual or the pa
(1) An application for a licence must be made to the Authority in the form and manner required by the Authority.(2) Upon receiving an application under subsection (1), the Authority may —(a) grant a licence to the applicant, with or without
(1) A person must not hold himself, herself or itself out as a licensee, unless the person has in force a licence.(2) An individual or a partnership must not hold himself, herself or itself (as the case may be) out as carrying on from a pla
(1) A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice.(2) The Authority may, where the Authority considers it to be appropriate in a particular case, waive, refund or
(1) A licence lapses —(a) in the case of a licensee that is an entity, if the licensee is wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) in the case of a licensee that is an individual, if the licensee dies, becomes
Any person that is aggrieved —(a) by the refusal of the Authority to grant a licence to the person; or (b) by the revocation or suspension of the person’s licence by the Authority, may, within 30 days after having been informed by the Autho
(1) A licensee must not carry on a business of providing any type of digital token service unless the licensee has a permanent place of business.(2) A licensee must appoint at least one person to be present, on such days and at such hours a
(1) A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a) any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere;
(1) Subject to subsection (4), the Authority may, by written notice, require any licensee, or any person acting on behalf of a licensee, to provide to the Authority, within such period as the Authority may specify in the notice, all such in
(1) A licensee must submit to the Authority such reports or returns relating to the licensee’s business in such form, manner and frequency as the Authority may specify by written notice.(2) A person that contravenes subsection (1) shall be
(1) A licensee must not carry on a business of granting any credit facility to any individual in Singapore.(2) A licensee that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceedin
(1) This Subdivision applies to —(a) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and (b) every entity. (2) In this Subdivision, unless the context otherwise requires, a reference to a li
(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).(2) The Authority may approve an application made by any person under subsection (1) if
(1) The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 149(2) to become, a 20% controller of a licensee, if the Authority is satisfied
(1) If the Authority is satisfied that a person has contravened section 149(1) or has failed to comply with any condition imposed under section 149(3) or (4), or if the Authority has served a written notice of objection under section 150, t
(1) The Authority may, by written notice, direct a licensee to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the follow
(1) A person that —(a) contravenes section 149(1) or 150(5) or does any act in contravention of section 151(2); (b) fails to comply with —(i) any written notice issued under section 151(1) or 152(1) or (3); or (ii) any condition imposed und
Any person that is aggrieved by a decision of the Authority under section 149, 150 or 151 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.
(1) Subject to subsections (4) and (5) —(a) an individual may not be appointed as a chief executive officer or as a director of a licensee that is a corporation; (b) an individual may not be appointed as manager, or become a partner, of a l
(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual who is a chief executive officer, director, partner or manager of a licensee is not a fit and proper person under the Guidelines on Fit
(1) A licensee that is aggrieved by a decision of the Authority under section 155(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.(2) A licensee, or any chi
(1) Despite the provisions of the Companies Act 1967, a licensee —(a) must, on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceases to be its auditor, must appoint another auditor as soon
(1) An auditor appointed by the Authority under section 158(2) may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any officer or employee of the licensee or any other auditor of the licensee;
(1) Except as may be necessary for the carrying into effect of the provisions of this Part or so far as may be required for the purposes of any legal proceedings, whether civil or criminal —(a) an auditor appointed under section 158(1) or (
(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 158 or 159 —(a) destroys, conceals or alters any book relating to the business of a licensee; or (b) sends, or consp
(1) An officer, auditor, employee or agent of a licensee who —(a) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of
A person guilty of an offence under this Part for which no penalty is expressly provided shall be liable on conviction — (a) in the case of an individual, to a fine not exceeding $50,000; or (b) in any other case, to a fine not exceeding $1
(1) Where, on an application of the Authority, it appears to the court that a person —(a) has committed an offence under this Part; or (b) is about to do an act that, if done, would be an offence under this Part, the court may (without prej
(1) The Authority may issue and publish by notification in the Gazette or in any other manner the Authority considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as the Authority considers ap
(1) The Authority may, if the Authority thinks it necessary or expedient for the effective administration of this Part, for the protection of consumers or in the interest of the public or a section of the public, issue to any of the followi
(1) Regulations may be made under section 192 for or with respect to —(a) the fees to be paid in respect of any matter or thing required for the purposes of this Part, and the refund or remission of the whole or any part of any such fees; (
In this Part, unless the context otherwise requires —“book” has the meaning given by section 17; “licensee” has the meaning given by section 136(1); “prescribed financial institution” has the meaning given by section 28B;[Act 19 of 2023 wef
(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons: (a) a financial institution, for the purpose of determining the extent of compliance by the financial institution with
(1) For the purposes of an inspection under section 169(1), a relevant person must —(a) give the Authority access to such of the books of the relevant person as the Authority may reasonably require to conduct the inspection; (b) procure any
(1) Except as provided in subsection (2), where a written report has been produced in respect of a relevant person by the Authority following an inspection under section 169(1), the report must not be disclosed to any other person by —(a) t
(1) The Authority or any person authorised by the Authority may, on the Authority’s own motion, and subject to the satisfaction of such conditions as the Authority may determine, transmit any information obtained by the Authority from an in
(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person.(2) Where a per
In this Part —“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “auditor” means a public accountant who is registered or deemed to
(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a) to perform any of its functions and duties under this Act; (b) to ensure compliance with this Act or any written d
(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 173B and is provided by the Authority to the person under invest
(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (2) or (3), pursuant to a requirement made of the person under any provision of this Division, on the
(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —(a) to give to the Authority all reasonable assistance in connection with the investigation; and (b) to appear before an officer o
The provisions of this Subdivision apply where, pursuant to a requirement made under section 173E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (ca
(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.(2) The oath or affirmation to be taken or made by the examinee for the purposes of the exami
(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person must not be present at the examination unless the person is —(a) the invest
(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —(a) the investigator may requi
(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examintion, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of
If a copy of any written record or book is given to a person under section 173I(2) or 173J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person w
For the purpose of an investigation under this Division, the Authority may, in writing, require —(a) a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any m
(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorise
257 sections
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Cite this Act
Financial Services and Markets Act 2022 (Singapore Statutes Online). Retrieved via LawPlayer, https://lawplayer.com/sg/act/FSMA2022 (accessed 2026-07-03)
Source: Singapore Statutes Online (sso.agc.gov.sg), © Singapore Government
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