Investment Management regulatory updates from Singapore.
We track 52 Investment Management updates from Singapore regulators, published by MAS. The archive covers 42 news items, 6 speeches and 2 consultations. Most recent update: September 2026. Coverage runs from 2025 to 2026.
Oral reply to Parliamentary Question on adapting shared responsibility principles to authorised-transfer scams
Why this matters
This is a parliamentary reply (informational content, urgency null) that articulates MAS's position on adapting regulatory frameworks to combat investment scams. It confirms existing measures (cooling periods for banks, messaging platform warnings) and explicitly states the Shared Responsibility Framework is...
Written reply to Parliamentary Question on impact of the tax incentive conditions under the Income Tax Act and Philanthropy Tax Incentive Scheme
Why this matters
This is a written parliamentary reply explaining the Government's position on tax incentive tracking for family offices under existing schemes. It confirms that MAS does not track social contributions from SFOs, provides statistics on PTIS recipients and donations channelled (8 approved recipients, S$30M+ in...
Written reply to Parliamentary Question on the Investment Management Track under the Overseas Networks and Expertise (ONE) Pass framework
Why this matters
This is a written parliamentary reply addressing concerns about the ONE Pass Investment Management Track's impact on local employment and career progression in asset management. It confirms existing policy positions and talent development initiatives rather than announcing new regulatory requirements.
Written reply to Parliamentary Questions on impact of China's offshore trust taxation on Singapore's wealth management sector
Why this matters
This is a parliamentary Q&A response addressing concerns about China's new offshore trust tax rules and their impact on Singapore's wealth management sector. The content is informational and reassuring in nature—MAS reports no significant impact observed thus far, reaffirms Singapore's regulatory strengths, and...
Written reply to Parliamentary Question on the Hedge Fund Investment Programme
Why this matters
This is a parliamentary reply disclosing MAS's Hedge Fund Investment Programme (HFIP) design and selection approach. It outlines developmental commitment factors (nature/scale of activities, talent development, investment strategies, performance) and monitoring mechanisms, but is primarily informational and...
Written reply to Parliamentary Question on Singapore’s proposed profit-related returns exemption
Why this matters
This is a formal parliamentary reply from MAS leadership announcing a proposed tax exemption regime for asset managers. While framed as a response to parliamentary inquiry, it constitutes a policy announcement with concrete regulatory signals (exemption framework, industry consultation underway, Budget 2027 timeline).
Written reply to Parliamentary Question on the removal of the 5% cap on physical Investment Precious Metals from fund tax incentive schemes
Why this matters
This is a written parliamentary reply from MAS clarifying the removal of the 5% cap on physical investment precious metals in tax incentive schemes. It addresses fund manager regulatory obligations, defines what qualifies as IPM (excluding palladium), and explains the policy rationale.
The measures comprise a tax exemption for profit-related returns from the provision of fund management services to qualifying funds; a new hedge fund investment programme to anchor leading hedge fund managers in Singapore; and a new Investment Management Track under the Overseas Networks & Expertise (ONE) Pass…
AI Analysis
MAS announced three measures on 19 August 2026 to improve Singapore’s competitiveness against rival asset-management centres: a proposed exemption for qualifying profit-related fund-management returns, a hedge-fund investment programme, and an Investment Management Track under the ONE Pass framework. Independent market coverage characterises the package as a response to growing international competition, particularly Hong Kong’s proposed carried-interest tax concessions, but the measures are not yet fully operational and key eligibility, application and calculation rules remain pending.
Key dates
2026-08-19
MAS published the announcement of the proposed tax exemption, Hedge Fund Investment Programme and Investment Management Track.
2027-01-01
The proposed tax exemption is expected to apply from Year of Assessment 2027; the precise income-period mechanics and legislative commencement remain to be confirmed.
Suggested considerations
Firms should inventory existing carried-interest, performance-fee, incentive-allocation and other profit-participation arrangements and identify whether returns are received directly or indirectly for fund-management services.
Tax and legal teams may wish to map each relevant fund against Sections 13D, 13O, 13OA, 13U and 13V of the Income Tax Act 1947 and retain evidence of Singapore-based management and applicable economic-substance conditions.
Firms should avoid treating the announcement as an immediately available exemption and should monitor Budget 2027 and subsequent legislation or administrative guidance for the effective scope, rate, thresholds, attribution rules and documentation requirements.
Compliance teams may wish to review fund, management-company, partnership and individual remuneration agreements so that the commercial basis for any profit-related return is clearly documented and distinguishable from ordinary salary or bonus remuneration.
Asset managers considering Singapore expansion should assess whether participation in the Hedge Fund Investment Programme or the proposed Investment Management Track could support their business and talent strategy, while awaiting eligibility and application details.
Immigration and HR teams may wish to identify senior investment professionals whose compensation is materially linked to investment performance and assess the potential implications once revised ONE Pass criteria are published.
Firms should continue applying existing tax, licensing, employment, payroll, conduct, books-and-records and anti-avoidance requirements; this announcement does not displace those obligations.
What changed
MAS and the Ministry of Finance plan to introduce a tax exemption from Year of Assessment 2027 for qualifying profit-related returns arising from fund-management services. The exemption is intended to cover a contractual share of profits of funds qualifying under Sections 13D, 13O, 13OA, 13U or 13V of the Income Tax Act 1947, where the funds are managed by Singapore-based fund managers and the returns are received directly or indirectly by corporate entities, partnerships or individuals for providing fund-management services.
Compliance impact
The immediate compliance impact is limited because the announcement is a policy announcement rather than a final rule and does not impose a new obligation or provide complete eligibility criteria. The potential tax, structuring, remuneration and immigration impact is nevertheless material for Singapore-based managers and senior investment professionals, particularly because eligibility may depend on fund-tax status, Singapore economic substance and the contractual character of performance-linked returns.
At the book launch for the Institute of Policy Studies’ 17th S R Nathan Fellow Mr Piyush Gupta, Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS highlighted the importance of balancing innovation with trust and stability, and of strong public-private partnerships in driving the continued…
Why this matters
This is a high-level policy speech by the Deputy Chairman of MAS at a book launch event. It contains substantive regulatory signals regarding Singapore's financial sector strategy, including specific initiatives (Global Listing Board, Equity Market Development Programme, Growth Capital Workgroup) and principles...
Written reply to Parliamentary Question on the number of Single Family Offices
Why this matters
Parliamentary reply providing statistical update on Single Family Offices in Singapore. Reports 2,000+ SFOs receiving tax incentives as of December 2025, their AUM contribution to S$6.7 trillion asset management industry, and geographic distribution.
Mr Chia Der Jiun, Managing Director of MAS, spoke on economic developments and monetary policy as well as the developments in Singapore's financial sector.
Why this matters
This is an informational speech by MAS Managing Director covering annual report highlights. Key regulatory content includes: AI-enabled cyber threats and new supervisory expectations for FIs (Technology & Cyber), operational resilience measures and third-party risk management guidelines (Operational Resilience),...
Singapore, 9 July 2026… The Monetary Authority of Singapore (MAS) today published a consultation paper seeking feedback on proposed amendments to the Code on Collective Investment Schemes (CIS Code). The proposed amendments seek to enable a wider range of new fund product types to be authorised for retail offer…
Why this matters
MAS consultation paper on proposed amendments to CIS Code to streamline approval processes for new fund types. Primarily affects investment managers and distributors. Includes enhanced disclosure requirements and fair dealing obligations. Informational/consultation stage with August 10, 2026 deadline for feedback.
MAS and the China Securities Regulatory Commission held their 10th annual supervisory roundtable in Singapore on 29 June 2026.
Why this matters
This is an informational news release announcing the 10th MAS-CSRC supervisory roundtable focused on capital markets cooperation, market infrastructure resilience, and regulatory developments.
Singapore, 1 July 2026… The table below provides an overview of the key public enforcement actions taken by the Monetary Authority of Singapore (“MAS”) from April to June 2026.
AI Analysis
MAS’ Q2 2026 enforcement round-up highlights targeted actions across governance failures, AML/CFT breaches, weak risk management and outsourcing controls, and serious market misconduct (trading offences and insider dealing). For compliance teams in Singapore-regulated firms, this is a clear signal that MAS expects robust senior management oversight, strong AML/CFT controls, high-quality regulatory information, and effective management of outsourcing and conflicts, backed by meaningful financial penalties, licence revocation, and criminal sanctions.
Key dates
Q2 2026 (April–June 2026)
- Period covered by MAS’ “Key Enforcement Actions Taken by MAS in Q2 2026” enforcement round-up
14 May 2026
- Effective date of MAS’ revocation of the Major Payment Institution licence of Bsquared Technology Pte Ltd (BSQ)
18 May 2026
- MAS announced reprimands against senior management of Havenport Investments Pte Ltd and a $40,000 composition fine on the firm for regulatory breaches
19 May 2026
- Mr Tan Chun Yong and Mr Xie Jianfeng were convicted and sentenced (10 weeks’ imprisonment and a $200,000 fine respectively) for trading-related offences under the SFA
20 May 2026
- MAS published the outcomes of the SFA trading-related convictions and confirmed revocation of BSQ’s MPI licence with effect from 14 May 2026
Suggested considerations
Review and, where necessary, enhance senior management and board-level oversight frameworks to ensure that responsibilities for MAS regulatory compliance are clearly allocated, documented, and evidenced (e.g. through committee charters, management information, and challenge records).
Conduct a targeted compliance review at fund managers and other CMS licence holders to assess adherence to MAS regulations, focusing on areas previously cited in MAS enforcement actions (e.g. internal controls, client asset safeguards, and recordkeeping).
For Major Payment Institutions and other payment providers, perform a comprehensive gap analysis of risk management frameworks, conflict-of-interest policies, and compliance with MAS Guidelines on Outsourcing, including due diligence, ongoing monitoring, and intra-group/related-party arrangements.
Implement or strengthen formal governance around the accuracy and completeness of all information submitted to MAS (licence applications, regulatory returns, inspection responses), including sign-off controls, documentation standards, and verification procedures.
For licensed trust companies and other AML/CFT-obliged entities, review and update AML/CFT policies, customer due diligence (CDD) and enhanced due diligence (EDD) procedures, ongoing monitoring, and suspicious transaction reporting processes in line with MAS Notices and Guidelines.
What changed
- MAS reaffirmed its willingness to hold senior management personally accountable where they fail to ensure their institution complies with MAS regulations, as illustrated by reprimands against...
MAS demonstrated continued zero tolerance for trading-related offences under the Securities and Futures Act (SFA), supporting criminal prosecutions that resulted in imprisonment and substantial fines...
MAS confirmed that Major Payment Institution (MPI) licences can and will be revoked where inspections reveal significant weaknesses in risk management, conflict-of-interest policies, and...
MAS signalled continued priority on AML/CFT supervision and enforcement by imposing a $300,000 composition penalty on a licensed trust company (Padang Trust Singapore Pte.
MAS underscored its ongoing focus on insider trading and market abuse by imposing a civil penalty on an individual for insider trading in shares of a Singapore-listed (now delisted) company.
Compliance impact
The overall compliance impact is high: MAS is applying significant financial penalties, licence revocations, and criminal or civil sanctions to institutions and individuals, demonstrating an expectation of proactive, demonstrable compliance in governance, AML/CFT, outsourcing, and market conduct. Non-compliance exposes firms and individuals to monetary penalties, loss of licence, reputational harm, prohibition orders, and criminal liability.
MAS announced a call for applications and nominations for the 2026 Global FinTech Hackcelerator and the Singapore FinTech Festival FinTech Excellence Awards.
Why this matters
MAS announcement of 2026 FinTech Hackcelerator and Excellence Awards programs. Informational content inviting applications for innovation competitions focused on AI applications in digital banking, wealth management, and SME risk management. No compliance deadline or regulatory requirement imposed.
The Energy Transition Acceleration Finance partnership (ETAF) seeks to mobilise capital into earlier-stage or higher-risk energy transition infrastructure investments where financing is not otherwise available at a sufficient scale, tenor, or risk appetite. As these investments mature and their risk profiles improve…
Why this matters
This is an informational announcement about a blended finance fund (ETAF) under Singapore's FAST-P initiative achieving first close with US$250 million for energy transition infrastructure investments.
At the 9th Asia-Pacific Precious Metals Conference, Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman, MAS announced areas of progress on four key building blocks – reliable clearing and settlement systems, secure vaulting, relevant products, and clear standards.
Why this matters
This is an informational speech announcing Singapore's gold market development initiatives, including new clearing infrastructure, vaulting services, and capital market products. It addresses regulatory framework development and market infrastructure standards rather than imposing immediate compliance requirements.
Singapore, 12 June 2026… The Monetary Authority of Singapore (MAS) announced that the revised framework for Single Family Offices (SFOs) will take effect on 15 June 2026. The revised framework provides a simple, streamlined process for SFOs to establish operations in Singapore, whilst enhancing overall monitoring of…
Why this matters
MAS announcement of revised Single Family Office framework effective 15 June 2026, introducing streamlined licensing exemption process and simplified compliance requirements. Informational regulatory update with implementation timeline for existing and new SFOs.
At the UBS Investment Conference, Singapore Wealth Edition, Mr Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, share his perspectives on navigating the latest macro-economic outlook amid an evolving geopolitical landscape.
Why this matters
This is an opening speech by MAS Managing Director covering global economic conditions and Singapore's financial centre positioning. Key regulatory content includes guidance on AML/Source of Wealth verification (circular issued), risk-proportionate regulatory approach, and AI adoption in finance.
Singapore, 20 May 2026 … In two separate cases, Mr Tan Chun Yong (Mr Tan) and Mr Xie Jianfeng (Mr Xie) were convicted and sentenced on 19 May 2026 to 10 weeks’ imprisonment , and to a fine of $200,000 respectively, for trading offences under the Securities and Futures Act (SFA).
Why this matters
Enforcement action by MAS against individuals for securities violations including false trading, unauthorized trading, and insider trading. Cases involve OCBC Securities and Sasseur Asset Management. Informational news release documenting completed convictions and sentences, not requiring immediate action.
Opening Address by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of the Monetary Authority of Singapore, at the Financing Asia’s Transition Conference on 20 May 2026.
Why this matters
This is an opening address from MAS Deputy Chairman at the Financing Asia's Transition Conference, presenting policy initiatives and strategic direction on climate finance.
Read the Monetary Policy Statement for April 2026.
Why this matters
This monetary policy statement from the Monetary Authority of Singapore (MAS) is relevant for banks, wealth managers, and asset managers operating in Singapore. It discusses changes to the Singapore dollar nominal effective exchange rate (S$NEER) policy, which impacts prudential requirements and operational...
Written reply to Parliamentary Question on Variable Capital Companies (VCCs)
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) provides information on the current state of Variable Capital Companies (VCCs) in Singapore, including the number of VCCs, those without assets or investors, and supervisory interventions.
The explanatory brief for the Securities and Futures (Amendment) Bill 2026 provides the background and key amendments of the Bill.
Why this matters
The regulatory update introduces a new framework for a dual-listing board, which will impact capital markets participants such as broker-dealers, asset managers, and banks. It also covers changes to market abuse provisions and reporting/disclosure requirements, which are of medium importance.
Written reply to Parliamentary Question on exposure of Singapore-domiciled financial institutions to US private credit
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) addresses the exposure of Singapore-domiciled financial institutions to US private credit, which has seen record defaults.
Written reply to Parliamentary Question on pre-emptive adjustments to monetary policy to curb energy cost-driven inflation
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) discusses potential pre-emptive adjustments to monetary policy to address inflation driven by higher energy costs.
The table below provides an overview of the key public enforcement actions taken by the Monetary Authority of Singapore (“MAS”) from January to March 2026.
AI Analysis
This MAS publication summarizes key public enforcement actions in Q1 2026, focusing on prohibition orders (POs) against individuals for investor fraud and money laundering, plus a joint operation against a licensed firm for AML failures and related offences. It matters as it underscores MAS's aggressive enforcement on financial crime, individual accountability, and firm controls, signaling heightened scrutiny to protect Singapore's financial centre integrity.[MAS publication]
Suggested considerations
Conduct immediate AML/CFT control gap assessments, focusing on customer due diligence (CDD), transaction monitoring, source-of-funds verification, and suspicious transaction reporting (STR) timelines; integrate proliferation financing (PF) risks.
Enhance senior management oversight and accountability, ensuring compliance functions are resourced and independent; review director/representative conduct for fraud or ML risks.[MAS publication]
For CMS licensees and LFMCs: Update risk assessments for high-risk clients (e.g., trusts, beneficial ownership), automate quarterly reporting (e.g., QDC for mandates >SGD 500m), and train staff on accelerated STRs.
Perform thematic reviews of past flagged transactions and escalate unresolved suspicious activities to avoid composition penalties or POs.
All FIs: Prepare for heightened MAS inspections by documenting governance, including liquidity frameworks and cyber/AI risks tied to financial crime.
What changed
This is not a regulatory change document but a retrospective enforcement summary; no new requirements are imposed. It highlights MAS's ongoing application of existing powers under the Financial Services and Markets Act 2022 (FSMA), Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA), and related frameworks, emphasizing deterrence via POs, composition penalties, civil penalties, and criminal referrals.[MAS publication] Related context shows MAS reinforcing AML/CFT expectations, such as robust controls, senior management oversight, and escalation of...
Compliance impact
Urgency: High – This reinforces MAS's "evergreen" priorities on AML/CFT and market abuse, with rapid escalation to criminal probes, asset seizures, and long POs (up to 16 years), amid ongoing investigations like Capital Asia.[MAS publication] Firms risk supervisory actions, penalties (e.g., S$27.45m on FIs in 2025), and reputational damage, especially with 2026 priorities amplifying scrutiny on controls and reporting.
MAS and the Singapore Bullion Market Association (SBMA) set out key focus areas to strengthen Singapore’s position as a trusted gold trading centre serving the Asia-Pacific region. This will meet the growing interest among investors to vault and trade gold in Singapore. The key focus areas were developed by a Gold…
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) outlines key focus areas to develop Singapore as a gold trading center, which is relevant for banks, wealth managers, and family offices involved in precious metals trading and investment.
This February 2026 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
Why this matters
This regulatory update from MAS provides information on consumer price developments in Singapore, which is relevant for banks, wealth managers, and asset managers in terms of understanding the economic environment and its impact on consumer behavior and financial services.
MAS announced the successful conclusion of phase two of Project MindForge, which culminates in the publication of an Artificial Intelligence (AI) Risk Management Toolkit for the financial services sector.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) announces the development of an AI Risk Management Toolkit for the financial sector. It is a significant initiative to provide guidance and resources for financial institutions on managing AI-related risks across different AI technologies.
Singapore, 9 March 2026…The Monetary Authority of Singapore (MAS) and the Economic Society of Singapore (ESS) today launched the MAS-ESS Essay Competition 2026. The theme for this year’s competition is “Singapore’s AI-Driven Economic Future: How can artificial intelligence reshape our industries, workforce, and…
Why this matters
This is an informational announcement about an essay competition focused on the impact of AI on Singapore's economy and industries. It is of general interest to the financial sector, particularly banks, wealth managers, and fintechs, as they are likely to be impacted by AI developments.
At the opening of Nasdaq’s new office in Singapore, Mr Alvin Tan, Minister of State, Ministry of National Development & Ministry of Trade and Industry, and Board Member of MAS, highlighted the Global Listing Board as a "digital bridge" connecting Asian and US markets, and emphasised Singapore's broader efforts to…
Why this matters
This regulatory update discusses the expansion of Nasdaq's presence in Singapore, including the launch of a new Global Listing Board to connect Asian and US markets.
The Police and MAS jointly conducted enforcement operations against Capital Asia Investments Pte Ltd and its directors for suspected money laundering offences under Section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and suspected failure to comply with various…
Why this matters
This regulatory update indicates that a licensed fund management company and its officers are being investigated for suspected money laundering and failure to comply with regulatory obligations as a licensed capital markets services license holder.
Oral reply to Parliamentary Question on Singapore dollar Malaysia ringgit exchange rate
Why this matters
This is a regulatory update from the Monetary Authority of Singapore (MAS) regarding the Singapore dollar exchange rate against the Malaysian ringgit. It covers topics related to monetary policy, exchange rate management, and implications for the labor market.
At the Singapore Institute of Directors’ inaugural Chairpersons Guild Forum on 6 March 2026, Mr Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, spoke about the role of boards and strong board leadership in influencing strong shareholder outcomes, and highlighted how MAS would support the…
Why this matters
The speech discusses measures to strengthen corporate governance and value creation for listed companies in Singapore, which is relevant for capital markets, investment management firms, and banks.
MAS today issued three Guidelines on Environmental Risk Management - Transition Planning to separately set out MAS’ supervisory expectations for banks, insurers and asset managers to manage the transition and physical risks they and their portfolios face from climate change.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) sets supervisory expectations for financial institutions (banks, insurers, and asset managers) to manage transition and physical risks from climate change.
Written reply to Parliamentary Question on green, social, sustainability, and sustainability-linked loans
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) provides information on the total value and number of green, social, sustainability, and sustainability-linked loans originated by financial institutions in Singapore over the past five years.
Written reply to Parliamentary Question on Philanthropic Contributions by Single Family Offices
Why this matters
This regulatory update discusses philanthropic contributions made by Single Family Offices, which are relevant to the Wealth & Private Banking and Investment Management sectors.
In response to media queries, MAS said that it is closely monitoring developments arising from the ongoing situation in the Middle East, and is assessing the impact on the domestic economy and financial system.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) provides commentary on the current market conditions and the central bank's monitoring of the situation.
Written reply to Parliamentary Question on New Currency Note Series
Why this matters
This is a regulatory update from the Monetary Authority of Singapore (MAS) regarding the issuance of a new series of Singapore dollar banknotes. It is of general interest to the banking and financial services industry, including banks, wealth managers, and other financial firms.
Reply at Committee of Supply 2026 on Adequate Provision of ATMs and VTMs, Mandating the Acceptance of Cash, Sustainability of EQDP and Insurance for Persons with Disabilities
Why this matters
This regulatory update covers several key areas for financial firms, including maintaining cash accessibility, sustainability of equity market development programs, and insurance coverage for persons with disabilities.
This January 2026 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
Why this matters
This regulatory update from MAS provides information on consumer price developments in Singapore, which is relevant for banks, wealth managers, and asset managers in terms of understanding the economic environment and its impact on consumer behavior and financial services.
NUS and MAS have jointly appointed Professor Arvind Krishnamurthy as the MAS Distinguished Term Professor in Economics and Finance from 18 to 28 February 2026.
Why this matters
This is an informational news release about the appointment of a distinguished finance professor to a visiting role at NUS and MAS. It does not appear to contain any urgent regulatory updates, but rather highlights the academic and policy expertise of the professor and the MAS Term Professorship program.
Singapore, 13 February 2026… The Prime Minister and Minister for Finance announced at his 2026 Budget Statement the establishment of a workgroup to develop strategies to strengthen Singapore as a leading centre for growth capital. The Growth Capital Workgroup will be chaired by Mr Chee Hong Tat, Minister for…
Why this matters
This regulatory update announces the establishment of a workgroup to develop strategies to strengthen Singapore as a leading center for growth capital, including measures to support the financing needs of companies across various growth stages.
Reply to Adjournment Motion on “An Industrial Policy in Finance” by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS, on 12 February 2026
Why this matters
This regulatory update discusses the development and growth of Singapore's financial sector, including initiatives around digital banking, fintech regulation, and talent development. It covers key topics such as prudential requirements, technology, and licensing that are relevant across various financial firms.
The expansion of the EQDP will enable more high-quality asset managers with strategies that invest significantly in Singapore equities to be funded, and also catalyse more third-party investments into the equities market.
Why this matters
The regulatory update announces the expansion of the Equity Market Development Programme (EQDP) by the Monetary Authority of Singapore (MAS), which is aimed at developing the local fund management industry and increasing investor participation in Singapore equities.
“Singapore’s Grant to the International Monetary Fund’s Trust for the Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (“PRG-HIPC Trust”), to Support Sudan’s Debt Relief” - Second Motion Speech by Mr Alvin Tan, Minister of State for Ministry of Trade and Industry and Ministry of…
Why this matters
This regulatory update announces Singapore's grant to the IMF's Trust for the Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries to support Sudan's debt relief.
First Motion Speech by Mr Alvin Tan, Minister of State for Ministry of Trade and Industry and Ministry of National Development and Board Member of the Monetary Authority of Singapore (MAS), on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS on 4 February 2026.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) discusses Singapore's contributions to the International Monetary Fund (IMF), including grants to the IMF's Poverty Reduction and Growth Trust (PRGT) and the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor...
Reply to Adjournment Motion on “Make (Singapore) Equities Great Again” by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS, on 3 February 2026.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) covers measures to strengthen Singapore's equities market, including enhancing market infrastructure, improving transparency and investor protection, and promoting international connectivity.
Read the Monetary Policy Statement for January 2026.
Why this matters
This monetary policy statement from the Monetary Authority of Singapore (MAS) is relevant for banks, asset managers, and wealth managers as it outlines changes to the Singapore dollar nominal effective exchange rate (S$NEER) policy band and expectations for economic growth and inflation.
MAS announced that Singapore intends to join international efforts to enhance the capacity of the International Monetary Fund to help vulnerable member countries deal with economic shocks.
Why this matters
This regulatory update from the Monetary Authority of Singapore (MAS) announces that Singapore will join international efforts to support the IMF's initiatives for vulnerable countries.
This circular informs licensed financial advisers, exempt financial advisers, holders of capital markets services licence, exempt capital markets services entities, registered insurance brokers, exempt insurance brokers and licensed direct insurers of the issuance of the response to the Consultation Paper on Revised…
AI Analysis
MAS issued its response to the 2022 consultation and three revised misconduct-reporting Notices on 30 December 2025. The Notices create a more structured framework for misconduct, investigation and update reports, generally require reporting within 21 calendar days after reasonable grounds arise, and take effect on 1 January 2027, giving affected firms one year to prepare.
Key dates
2022-04-19
MAS opened Consultation P002-2022 on revised misconduct-reporting Notices.
2022-05-20
Consultation P002-2022 closed.
2025-12-30
MAS issued the consultation response and Revised Notices FAA-N27, Notice 508 and SFA 04-N24.
2026-06-30
MAS targeted the second quarter of 2026 for sharing finalised misconduct and investigation-report templates; the source does not specify a precise day.
2027-01-01 Deadline
The Revised Notices take effect and affected firms must comply with the revised misconduct-reporting framework.
Suggested considerations
Firms should map their representative and broking-staff populations, regulated activities and product lines to the applicable Notice, including the separate FAA and IA reporting treatment where conduct involves both a designated investment product and a long-term accident and health policy.
Compliance teams may wish to update misconduct taxonomies and escalation criteria to cover Part 12 SFA market-conduct breaches, fraud, dishonesty, illegal monetary gains, client detriment, gross negligence, inappropriate advice, misrepresentation and inadequate disclosure, while documenting how non-reportable internal-policy breaches are distinguished from reportable underlying conduct.
Firms should design procedures that identify when reasonable grounds arise and start the 21-calendar-day reporting clock without waiting for conclusive findings of culpability.
Firms should establish decision trees for simultaneous misconduct and investigation reports, later investigation reports, update reports, police-report assessments and developments received from law enforcement or public sources.
Firms should implement controls to provide reports and updates to current and former representatives, including identity verification, secure transmission, reasonable attempts using last-known contact details, acknowledgement or mailing evidence, and documented exceptions where disclosure could prejudice an investigation.
Firms should review disciplinary frameworks, proportionality factors, fine calibration, appeal processes and governance to evidence a fair and transparent assessment of severity and client impact.
Firms should enhance record-retention procedures to preserve relevant investigation, reporting, representative-notification and submission records in accessible and retrievable form for at least five years.
Firms should monitor MAS implementation materials and final reporting templates, which MAS targeted to publish by the second quarter of 2026, and test operational readiness before the effective date.
What changed
The revised instruments are Notice FAA-N27 under the Financial Advisers Act 2001, Notice 508 under the Insurance Act 1966, and Notice SFA 04-N24 under the Securities and Futures Act 2001. A firm must generally submit a misconduct report within 21 calendar days after it has reasonable grounds to believe that misconduct was committed; conclusive proof of culpability is not required.
Compliance impact
This is a binding conduct-reporting change with broad impact across Singapore financial advisers, capital-markets firms, insurance brokers and direct insurers. Failure to identify reasonable grounds promptly, report within 21 calendar days, provide required copies, submit investigation or update reports, or retain supporting records could lead to supervisory engagement and concerns about the firm’s governance, controls and fitness-and-propriety oversight.