To better protect retail investors in Singapore against inappropriate prospecting and marketing activities and tactics engaged by some financial institutions (“FIs“) and their representatives, the Monetary Authority of Singapore (“MAS“) is proposing various measures to address conduct risks and issues associated with these activities.
The proposed measures are set out in the following two consultation papers issued by MAS on 25 April 2023. Comments on the consultation papers must be submitted to MAS by 30 June 2023.
- Consultation Paper on Enhancing Safeguards for Proper Conduct of Prospecting Activities at Public Places and Telemarketing. This paper focuses on safeguards for prospecting and marketing activities by physical means and telemarketing.
- Consultation Paper on Enhancing Safeguards for Proper Conduct of Digital Prospecting and Marketing Activities. This paper focuses on safeguards for digital prospecting and marketing activities.
FIs should review the proposed measures set out in the MAS consultation papers and consider the impact of these proposals on their current prospecting and marketing practices.
This Update highlights some of the key proposed measures set out in the MAS consultation papers.
For more information, click here to read the full Legal Update.
