Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation
IMF Staff Country Reports, December 5, 2013
Source details
- Canonical URL
- Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation
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Bibliographic details
- Published: December 5, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475528367.002
Executive summary and key findings
- The paper reports findings from the Detailed Assessment of Implementation on the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for Singapore.
- Overall compliance with IOSCO principles is generally high.
- The assessors identified some vulnerabilities that need to be resolved.
- The Monetary Authority of Singapore’s (MAS) enforcement philosophy as regards securities markets and the financial intermediaries active therein is described as cogent, with outcomes focused and well developed.
- The Securities and Futures Act (Cap. 289) provides an effective framework to enable the sharing of information and cooperation between MAS and foreign regulators on supervisory and enforcement matters.
Notable strengths
- High overall compliance with IOSCO objectives and principles.
- Well-developed, outcomes-focused enforcement philosophy at MAS.
- Effective legal framework (Securities and Futures Act (Cap. 289)) for cross-border information sharing and cooperation with foreign regulators.
Vulnerabilities and areas for resolution
- The assessment identifies unspecified vulnerabilities that need to be resolved (the source text states that some vulnerabilities were identified but does not specify them on the landing page).