Regulatory Updates – Q3 2025
The Monetary Authority of Singapore (MAS) has issued several important regulatory updates this quarter that impact financial institutions, fund managers, and digital marketers.
25 September 2025 - Guidelines on Standards of Conduct for Digital Advertising Activities
The Monetary Authority of Singapore (MAS) released new Guidelines (effective 25 March 2026) setting out expectations for financial institutions and their digital marketers when conducting digital advertising, particularly on social media. The Guidelines stress the need for clear disclosures, responsible use of influencers, and proper oversight of advertising activities. Boards and senior management are held accountable for ensuring robust governance, monitoring, and disciplinary measures to prevent misleading or unbalanced promotions.
To view the Guidelines, please click Standards of Conduct for Digital Advertising Activities.
03 September 2025 - Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05]
MAS has updated its Guidelines on Licensing and Conduct of Business for Fund Management Companies (SFA 04-G05), with the latest revision issued on 3 September 2025. The revised guidelines provide clarity on categories of FMCs (Retail LFMCs, A/I LFMCs, and VCFMs), licensing criteria, minimum staffing and competency requirements, compliance arrangements, and ongoing obligations. Notably, the update reinforces expectations around substantive fund management activity, internal controls, risk management frameworks, and proper governance of conflicts of interest.
To view the Guidelines, please click Licensing registration and Conduct of Business for Fund Managers.
15 August 2025 - Financial Advisers (Appeals) Regulations 2025
The Financial Advisers (Appeals) Regulations 2025 came into effect on 21 May 2025, introducing a clearer framework for appeals made under the Financial Advisers Act. The Regulations set out the procedures for submitting a notice of appeal, the role of the Appeals Secretary, and the functions of the Appeal Advisory Committee. They also cover case management, timelines for hearings, representation rights, confidentiality obligations, and the Minister’s final decision-making authority. Importantly, they repeal the earlier regulations while preserving appeals already filed under the previous regime.
To view the regulation, please click Financial advisers appeals regulations.
15 August 2025 - Insurance (Appeals) Regulations 2025
The Insurance (Appeals) Regulations 2025 came into operation on 21 May 2025, replacing the earlier 2005 regulations. These regulations establish the framework for appeals under the Insurance Act, including procedures for filing notices of appeal, roles of the Appeals Secretary and Appeal Advisory Committee, case management, conduct of oral hearings, and confidentiality of proceedings. They also revoke the previous Insurance (Appeals) Regulations 2005, with transitional provisions ensuring continuity for appeals lodged before the new regulations took effect.
To view the regulation, please click Insurance appeals regulations 2025.
14 August 2025 - Securities and Futures (Appeals) Regulations 2025
MAS has introduced the Securities and Futures (Appeals) Regulations 2025, which came into effect on 21 May 2025. These Regulations revoke the 2005 framework and establish updated processes for appeals under the Securities and Futures Act. Key provisions cover the constitution and role of Appeal Advisory Committees, procedures for filing notices of appeal, timelines for responses, case management directions, conduct of oral hearings, and confidentiality of proceedings. The Regulations also set out the Minister’s powers in determining appeals and clarify transitional provisions for appeals lodged before commencement.
To view the regulation, please click Securities and futures (appeals) regulations 2025.
14 August 2025 - Trust Companies (Appeals) Regulations 2025
MAS has issued the Trust Companies (Appeals) Regulations 2025, effective from 21 May 2025, under the Trust Companies Act 2005. These regulations set out the framework for appeals to the Minister against certain MAS decisions, including provisions on the role of an Appeals Secretary, the constitution of an Appeal Advisory Committee, timelines for submissions, case management procedures, and the confidentiality of proceedings. They replace the earlier Trust Companies (Appeals) Regulations and provide greater clarity on the appeals process for trust companies.
To view the regulation, please click Trust companies appeals regulations.
01 August 2025 - MAS Pathfinder Programme - PathFin.ai
MAS has launched the Pathfinder Programme for AI adoption in the financial sector (PathFin.ai), a collaborative initiative with industry participants to accelerate safe and effective AI implementation. The programme enables financial institutions to share proven AI use cases, access a curated library of solutions, and exchange best practices across banking, insurance, capital markets, and payments. Applications showcased include AI-driven lending, fraud detection, compliance monitoring, investment research, fund administration, and client engagement. With major global and local players already onboard, MAS invites more institutions and solution providers to join this growing ecosystem.
To view the initiative, please click Schemes and initiatives/pathfinai.
16 July 2025 - Notice SFA 02/02A/03-N01 Capital Requirements for Approved Exchanges, Approved Clearing Houses, and Licensed Trade Repositories
MAS has issued Notice No. SFA 02/02A/03-N01 on 16 July 2025, which will take effect from 1 October 2025. The Notice establishes updated liquidity and solvency requirements for approved exchanges, clearing houses, and licensed trade repositories. It sets out methodologies for calculating liquid assets, eligible capital, liquidity resource and total risk requirements, and introduces stricter obligations on maintaining clearing funds and reporting capital positions. The Notice also requires early notification to MAS if capital levels fall below 120% of prescribed thresholds, ensuring stronger resilience of Singapore’s market infrastructure institutions.
To view the article, please click Notice SFA 02 02A 03 N01.
16 July 2025 - FAQs on Two-Factor Authentication for Online Financial Services Platforms
MAS published updated FAQs on Two-Factor Authentication (2FA) under the Securities and Futures Act. The FAQs clarify that all licensed and exempt fund managers and dealers must implement mandatory 2FA at login for all customer online accounts by 12 September 2025. While institutional and broker-assisted access channels (e.g., DMA or FIX) are excluded, MAS emphasizes that firms must adopt strong internal controls beyond 2FA—such as trade notifications, robust password policies, and enhanced cyber surveillance—to mitigate risks of unauthorized trading and account breaches.
To view the FAQs, please click Faqs on Two Factor Authentication for online financial services platforms.
16 July 2025 - Consultation Paper on Enhancements to Product Highlights Sheet (PHS) Requirements and the Complex Products Framework
MAS has issued a Consultation Paper on Enhancements to Product Highlights Sheet (PHS) Requirements and the Complex Products Framework. The paper proposes improvements to PHS design and content—such as clearer layouts, use of diagrams, and stronger warnings for complex products—as well as a broader review of the complex products regime. Key proposals include reclassifying products as “complex” or “non-complex” (instead of SIP/EIP), enhancing disclosures to aid investor decision-making, and recalibrating distribution safeguards (e.g., introducing a Product Knowledge Assessment in place of certain existing requirements). MAS is seeking industry feedback on these proposals, with submissions due by 1 September 2025.
To view the consultation paper, please click CP on Enhancements to Product Highlights Sheet (PHS) requirements and the complex products framework.
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