MAS Consults on a New Omnibus Act for the Financial Sector

The Monetary Authority of Singapore (MAS) published a consultation paper on the New Omnibus Act for the Financial Sector. The proposed new omnibus Act (the New Act) will consolidate provisions in the MAS Act into one legislation. The New Act will also include additional provisions relating to the expanded power to issue prohibition orders, expansion of the scope of AML/CFT, imposition of technology risk management requirements and an approved dispute resolution scheme with statutory protection from liability.

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ACRA Consults on Proposed Amendments to the Companies Act

ACRA and its Companies Act Working Group issued a public consultation paper seeking comments on recommended amendments to the Companies Act. The proposed changes aim to ease companies' compliance obligations and ensure Singapore's corporate laws and regulatory framework keep abreast with companies' changing practices in the current business landscape.

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