Financial Services and Markets (Appeals under Part 3) Regulations 2024

No. S 620

Financial Services and Markets Act 2022

Financial Services and Markets
(Appeals under Part 3)
Regulations 2024

In exercise of the powers conferred by section 191 of the Financial Services and Markets Act 2022, the Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, the Minister charged with the responsibility for the Financial Services and Markets Act 2022, makes the following Regulations:

PART 1

GENERAL

Citation and commencement

1. These Regulations are the Financial Services and Markets (Appeals under Part 3) Regulations 2024 and come into operation on 31 July 2024.

Definitions

2. In these Regulations —

“appeal” means an appeal under section 7(5) or 9(5) of the Act;

“Appeal Advisory Committee” means an Appeal Advisory Committee constituted under section 13(2) of the Act;

“Appeal Advisory Panel” means the Appeal Advisory Panel appointed under section 14 of the Act;

“appeal proceedings” means proceedings before an Appeal Advisory Committee regarding an appeal contained in a notice of appeal;

“Appeals Secretary” means an Appeals Secretary appointed under regulation 3;

“appellant” means any person who wishes to appeal under section 7(5) or 9(5) of the Act to the Minister;

“decision” means a decision of the Authority mentioned in section 7(5) or 9(5) of the Act;

“legal representative”, in relation to a party to any appeal, means any advocate and solicitor named in the register of practitioners and having in force a practising certificate issued under the Legal Profession Act 1966, retained by the party to represent the party in the appeal;

“notice of appeal” means a notice of appeal mentioned in regulation 10;

“party” means the appellant or the Authority;

“virtual meeting technology” means any technology that allows a person to participate in a meeting without being physically present at the place of meeting.

Appeals Secretary

3.—(1) The Minister may appoint one or more officers or employees of the Authority, either by name or by office, to perform the functions of an Appeals Secretary for the purposes of these Regulations.

(2) The Appeals Secretary must provide administrative and secretarial support to the Minister, the Appeal Advisory Panel or any Appeal Advisory Committee in the performance of the Minister’s, the Panel’s or the Committee’s functions, as the case may be.

(3) Without limiting paragraph (2), the Appeals Secretary must —

(a)	act as the channel of communication between a party and the Minister, the Appeal Advisory Panel or the Appeal Advisory Committee;
(b)	transmit information or documents in accordance with these Regulations;
(c)	upon receipt of any information or document sent in accordance with regulation 4(1), transmit the information or document as soon as practicable to the Minister (or the Minister’s legal representative) or the Appeal Advisory Committee, as the case may be; and
(d)	assist the Appeal Advisory Committee to fix the date, time and place of any meeting, case management conference or oral hearing of the Committee.

(4) The Appeals Secretary may attend any meeting, case management conference or oral hearing of any Appeal Advisory Committee.

Submission of information or documents

4.—(1) Any information or document to be filed with, sent to or served on the Minister, the Appeal Advisory Committee or the Appeals Secretary in connection with an appeal must be addressed to the “Appeals Secretary” and sent to the email address AAP_Secretariat@mas.gov.sg.

(2) Subject to paragraph (3), a party must forward a copy of any information or document filed with, sent to or served on the Minister, the Appeal Advisory Committee or the Appeals Secretary, to the other party as soon as practicable.

(3) Paragraph (2) does not apply to a notice of appeal and any information, document, or part of a document, in respect of which the Authority has requested confidential treatment under regulation 22.

Representation

5. In any appeal proceedings —

(a)

an appellant may be represented by —

(i)	one or more persons authorised by the appellant to represent the appellant in the appeal (each called in these Regulations an authorised representative); or
(ii)	one or more legal representatives; and

(b)

the Authority may be represented by —

(i)	one or more officers authorised by the Authority to represent the Authority in the appeal (each called in these Regulations an authorised officer); or
(ii)	one or more legal representatives.

Made on 25 July 2024.

LEO YIP

Permanent Secretary,
Prime Minister’s Office,
Singapore.

[AG/LEGIS/SL/110B/2020/11]

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