Singapore clamps down on investment sales process
Wednesday 27 October 2010 - by Nicola York
Financial advisers in Singapore will be subject to stringent new rules restricting the sales process for unlisted investment products.
This due diligence exercise will have to be formally approved by every member of the senior management of the financial adviser. The financial adviser will have to maintain records of the due diligence exercise and the approval from senior management.
In practice, banks already voluntarily comply with these proposals. The amendments to the Financial Advisers Regulations will give the proposals the force of law.
MAS says: “The proposals are focused on promoting effective disclosure by improving the quality of information available to investors, strengthening fair dealing in the sale and advisory process and enhancing MAS’ powers under the Financial Advisers Act.”
All responses to the consultation must be submitted by 26 November 2010.
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