The Financial Services and Markets Act (“FSMA“) was passed in Parliament on 5 April 2022. The FSMA is an omnibus Act for the sector-wide regulation of financial services and markets that applies to financial institutions (“FIs“). The FSMA consolidates the provisions and powers that relate to the Monetary Authority of Singapore’s (“MAS“) regulatory oversight of different FIs into a single Act.
On 27 April 2023, MAS announced that the FSMA will be implemented in phases. The first phase commenced on 28 April 2023. The remaining phases are targeted to be implemented between the second half of 2023 and 2024.
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