Singapore – MAS proposes guidelines on individual accountability and conduct

On 26 April 2018, the Monetary Authority of Singapore (“MAS”) issued a consultation paper on proposed guidelines on individual accountability and conduct (the “Guidelines”). If implemented as proposed, these Guidelines will enhance the regulatory scrutiny of senior managers and other individuals of financial institutions (“FIs”) in Singapore and (in certain cases) their affiliates in Singapore and overseas. The Guidelines are aimed at enhancing the accountability and conduct of key individuals at FIs, and as such, will have practical implications for the governance, employment, and operational control arrangements of FIs.

The proposals also confirm that the MAS’ regulatory policy on individual accountability and conduct is broadly aligned with that of regulators in other major jurisdictions where similar regimes have been introduced, such as the United Kingdom and Hong Kong.

The consultation closes on 25 May 2018, and the Guidelines are targeted to be issued in Q4 2018.

This note provides an overview of the MAS’ proposals and their key implications for FIs.