SINGAPORE: The Monetary Authority of Singapore has taken tougher enforcement actions against financial institutions and individuals for market abuse and financial misconduct.published on Wednesday , the authority detailed various actions taken for breaches of MAS regulations covering the period from January 2019 to June 2020.This includes imposing civil penalties worth S$11.7 million in relation to market misconduct and related offences.
The report also highlighted shorter turnaround times for the regulatory authority in completing reviews and investigations compared to the previous reporting period. “In the four years since we established a centralised Enforcement Department, MAS has deepened our enforcement capability and expertise.
MAS' enforcement priorities going forward include pursuing serious and complex cases of disclosure breaches, deepening capabilities to proactively detect the potential misselling of financial products and updating enforcement-related powers.