Financial Services and Markets Act 2022 - Singapore Statutes Online

REPUBLIC OF SINGAPORE

GOVERNMENT GAZETTE

ACTS SUPPLEMENT

Published by Authority

NO. 17]

Friday, May 13

[2022

The following Act was passed by Parliament on 5 April 2022 and assented to by the President on 25 April 2022:—

Financial Services and Markets Act 2022

(No. 18 of 2022)

I assent.

HALIMAH YACOB,

President.

25 April 2022.

Date of Commencement: 30 June 2022 Section 202

Date of Commencement: 28 April 2023 Parts 1, 2, 4, 6, 10 and 11, sections 178 to 182, 184 to 192, 193(1), (2), (3)(a) and (b), (4), (5), (7)(a), (b) and (c), 194(1), 195, 196(1) and (3), 197, 200(1)(a), (8) and (9), 201(1), 203(1) and (2), 204(5), (6) and (7), 205(2)(a) and (d), (3) and (5), 206, 207(2), (4) and (5), 208, 209(1)(b), (2), (15) and (16), 210(2), 211, 212(1)(a) and (3) to (12), 213, 219(a) to (q) and (zd) to (zi) and 222

Date of Commencement: 10 May 2024 Parts 5, 7 and 8 and sections 183(a) and (d), 193(3)(c), (7)(d), (9), (10) and (11), 194(2), 198, 199(1), (2) and (4), 203(3), 204(8) and (9), 205(1), (2)(b), (c) and (e) and (4), 209(3), 210(1), 215, 216, 219(r) to (zc), 220(1) and 221

An Act to provide for a financial sector-wide regulation of financial services and markets, the exercise of control over and the resolution of financial institutions and their related entities, the licensing and regulation of digital token service providers, and other incidental and connected matters, to make related and consequential amendments to certain other Acts, and to amend a provision of the Income Tax Act 1947 consequent upon the operation of the Financial Holding Companies Act 2013.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART 1

PRELIMINARY

Short title and commencement

1. This Act is the Financial Services and Markets Act 2022 and comes into operation on a date that the Minister appoints by notification in the Gazette.

Interpretation

2. In this Act, unless the context otherwise requires —

“Authority” means the Monetary Authority of Singapore established by the Monetary Authority of Singapore Act 1970;

“bank” means a bank licensed under the Banking Act 1970;

“corporation” has the meaning given by section 4(1) of the Companies Act 1967;

“financial institution” means —

(a)

any bank;

(b)

any merchant bank licensed under the Banking Act 1970;

(c)

any finance company licensed under the Finance Companies Act 1967;

(d)

any person that is approved as a financial institution under section 4;

(e)

a person granted a licence under the Payment Services Act 2019;

(f)

any insurer licensed or regulated under the Insurance Act 1966;

(g)

any insurance intermediary registered or regulated under the Insurance Act 1966;

(h)

any financial adviser licensed under the Financial Advisers Act 2001;

(i)

any approved holding company, approved exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house, recognised clearing house, authorised benchmark administrator, authorised benchmark submitter, designated benchmark submitter or holder of a capital markets services licence under the Securities and Futures Act 2001;

(j)

any trustee for a collective investment scheme authorised under section 286 of the Securities and Futures Act 2001, that is approved under that Act;

(k)

any trustee-manager of a business trust that is registered under the Business Trusts Act 2004;

(l)

any licensed trust company under the Trust Companies Act 2005;

(m)

any designated financial holding company under the Financial Holding Companies Act 2013;

(n)

any person licensed under the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore;

(o)

any operator of a designated payment system regulated under the Payment Services Act 2019;

(p)

any person licensed under this Act to carry on the business of providing any type of digital token service; and

(q)

any other person licensed, approved, authorised, designated, recognised, registered or otherwise regulated under this Act or any other MAS scheduled Act —

(i)	including any person who is exempted under this Act or any other MAS scheduled Act from being licensed, approved, authorised, designated, recognised, registered or regulated; but
(ii)	not including any collective investment scheme that is authorised under section 286, or recognised under section 287, of the Securities and Futures Act 2001,

but does not include (whether in respect of the whole, or any Part or provision, of this Act) such person or class of persons as the Authority may, by regulations made under section 192, prescribe;

“Guidelines on Fit and Proper Criteria” means the Guidelines on Fit and Proper Criteria mentioned in section 188 which are for the time being in force;

“MAS scheduled Act” means any Act set out in the Schedule to the Monetary Authority of Singapore Act 1970.

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