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Implementation of Securities and Futures (Amendment) Act 2005 and Financial Advisers (Amendment) Act 2005
Posted on Thursday, July 14, 2005 - 12:00 AM

The Monetary Authority of Singapore (MAS) announced today that the Securities and Futures (Amendment) Act 2005 (SF(A)A) and the Financial Advisers (Amendment) Act 2005 (FA(A)A) will take effect on 1 July 2005.

Singapore, 14 June 2005...The Monetary Authority of Singapore (MAS) announced today that the Securities and Futures (Amendment) Act 2005 (SF(A)A) and the Financial Advisers (Amendment) Act 2005 (FA(A)A) will take effect on 1 July 2005.The amendments relating to Part XIII of the Securities and Futures Act (SFA) on Offers of Investments will be implemented later in the third quarter of 2005.

2. Parliament passed the SF(A)A and the FA(A)A on 25 January 2005. The SF(A)A introduces amendments to rules on capital raising, the provision of markets and clearing facilities and the conduct of intermediaries. The FA(A)A seeks to maintain high standards that promote fair dealing by financial advisers with customers.

3. To implement the amendments in the SF(A)A and the FA(A)A, MAS issued Subsidiary Legislation and Guidelines. These will also take effect on 1 July 2005. The Subsidiary Legislation and Guidelines issued and their key aspects are set out in the Appendix.

4. MAS has consulted the industry on these Regulations and Guidelines. We have incorporated the comments received, where appropriate, and have published our response to the consultation on the website.

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