Version 2.0 - Singapore’s Continued Focus on Culture and Conduct

Further consultation on the proposed Individual Accountability and Conduct Guidelines (“Proposed Guidelines”).

On 6 June 2019, the Monetary Authority of Singapore (the “MAS”) issued its response to feedback received (“MAS Response”) on the Consultation Paper on the Proposed Guidelines on Individual Accountability and Conduct issued on 26 April 2018 (“Prior CP”). The MAS also released a new consultation paper (“New CP”) on the scope of application of the Proposed Guidelines. The consultation for the New CP closes on 22 July 2019 and the MAS has proposed a transitional period of 1 year after the finalised guidelines are published.
 
This note provides an overview of the MAS’ clarifications and new proposals and their key implications, as well as a brief summary of recent similar developments in major international jurisdictions.