Consultation Paper on the Statutory Instruments proposed to be re-issued under the supervisory laws (April 2021)

Consultation Paper on the Statutory Instruments proposed to be re-issued under the supervisory laws (April 2021)

Monetary Authority of Singapore

April 2021

Contents

1. Introduction

2. Background

3. Scope of the Re-issuance

4. Proposed Changes

5. Consultation Questions

6. Next Steps

7. Introduction

1.1 The Monetary Authority of Singapore (MAS) is proposing to re-issue certain statutory instruments (SIs) made under the supervisory laws administered by MAS. This consultation paper sets out the proposed changes and invites public feedback.

1.2 The re-issuance is part of MAS’s ongoing efforts to improve the accessibility and usability of its regulatory framework. By consolidating related instruments and updating their formatting and terminology, MAS aims to make it easier for market participants to understand and comply with the regulations.

2. Background

2.1 MAS administers several supervisory laws, including the Banking Act, the Securities and Futures Act, and the Insurance Act. Under these laws, MAS has made numerous SIs to provide detailed regulatory requirements.

2.2 Over time, the number of SIs has grown, and some instruments have become outdated or difficult to navigate. The re-issuance project seeks to address these issues by grouping related instruments together and updating their structure and language.

3. Scope of the Re-issuance

3.1 The re-issuance will cover SIs made under the following laws:

• Banking Act
• Securities and Futures Act
• Insurance Act
• Payment Services Act

3.2 The re-issuance will not change the substantive legal requirements. The goal is to improve the presentation and organization of the laws without altering their content.

4. Proposed Changes

4.1 Grouping of Related Instruments: MAS proposes to group related SIs together under common headings to facilitate easier reference.

4.2 Updating Formatting: The formatting of the SIs will be updated to align with current legislative drafting standards, including consistent use of headings, numbering, and cross-references.

4.3 Terminology Updates: MAS will update terminology to reflect current usage and ensure clarity. For example, outdated terms will be replaced with more modern equivalents where appropriate.

4.4 Consolidation: Where possible, MAS will consolidate multiple SIs into a single instrument to reduce fragmentation and improve coherence.

5. Consultation Questions

5.1 Do you support the proposed re-issuance of the SIs?

5.2 Are there any specific SIs that you believe should not be re-issued or should be treated differently?

5.3 Do you have any comments on the proposed grouping of related instruments?

5.4 Are there any terminology updates that you believe are necessary or inappropriate?

6. Next Steps

6.1 MAS will review all feedback received from this consultation and consider any necessary adjustments to the proposed re-issuance.

6.2 Following the consultation period, MAS will finalize the re-issued SIs and publish them for implementation.

6.3 MAS will provide further updates on the timeline for implementation and any additional guidance that may be required.

Appendix A: List of Statutory Instruments Proposed for Re-issuance

Appendix B: Summary of Proposed Changes

Appendix C: Glossary of Terminology Updates