The Financial Institutions (Miscellaneous Amendments) Bill 2024 harmonises and strengthens MAS’s regulatory powers across various financial institutions.


FIMA Bill to Enhance MAS Regulatory Powers Passed

March 10, 2024

On 7 March 2024, the Singapore Parliament passed the Financial Institutions (Miscellaneous Amendments) Bill (FIMA), which enhances and harmonises the regulatory powers of the Monetary Authority of Singapore (MAS) over various financial institutions (FIs). It introduces amendments to the following MAS-enforced legislations (collectively, the Amended Acts):

  • the Financial Advisers Act 2001;
  • the Financial Services and Markets Act 2022;
  • the Insurance Act 1966;
  • the Payment Services Act 2019;
  • the Securities and Futures Act 2001 (SFA); and
  • the Trust Companies Act 2005.

Enhanced MAS Regulatory Powers

Below is a summary of key MAS’ regulatory powers following the passage of FIMA:

Investigative Powers

MAS has the following powers under the Amended Acts:

  • To compel individuals to attend interviews and record written statements
  • To enter premises without a warrant
  • To obtain a court warrant to seize evidence following a failure to comply with an order to produce information or where evidence may be destroyed or tampered with
  • To transfer evidence to the Commercial Affairs Department or the Attorney-General Chambers
Reprimand Power MAS has the power under the Amended Acts to reprimand employees, officers, partners or representatives of FIs regulated under the Amended Acts (relevant persons) who are relevant persons when they committed misconduct, including where they cease to be relevant persons
Supervisory and Inspection Powers

Under the SFA:

  • Approval requirements are imposed for controllers, directors and CEOs of Singapore-incorporated recognised market operators, Singapore-incorporated recognised clearing houses and approved trustees
  • MAS approval is required for foreign regulators’ appointment of agents that inspect specified FIs
  • Appointment requirements are imposed for external auditors of approved exchanges, approved clearing houses, licensed trade repositories, and approved holding companies

In addition, MAS may now issue written directions to capital markets service licence holders in relation to their unregulated businesses, such as dealing in payment token derivatives that are traded on overseas exchanges.


The FIMA Bill introduces significant amendments on the way MAS regulates financial institutions.  Therefore, MAS-regulated companies should be mindful of the changes brought by FIMA and its possible impact to their operations.

For More Information

OrionW regularly advises clients on financial services regulatory and licensing matters.  For more information about compliance with Singapore laws and regulations, or if you have questions about this article, please contact us at


Disclaimer: This article is for general information only and does not constitute legal advice.


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