New Omnibus Act for Singapore's Financial Sector – Financial Services and Markets Act 2022 (April 2022)
Client Briefings
Introduction
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The Financial Services and Markets Bill 2022 (FSM Bill) was passed by Parliament on 5 April 2022. The FSM Bill introduces an omnibus legislation to enhance MAS' agility and effectiveness in addressing financial sector-wide risks in a rapidly changing and increasingly integrated environment.
This briefing will outline key features of the FSM Bill, and its potential impact on financial institutions (FIs) and virtual asset service providers (VASPs) in Singapore.
