MAS Publishes Guidelines On Individual Accountability And Conduct

The Monetary Authority of Singapore ("MAS") has on 10 September 2020 published its guidelines on individual accountability and conduct (the "Guidelines"). The Guidelines seek to improve standards of conduct across the financial industry by promoting the individual accountability of senior managers, strengthening oversight of material risk personnel, and reinforcing standards of proper conduct among all employees. Specifically, the Guidelines spell out five accountability and conduct outcomes for Financial Institutions to achieve. This note sets out the key highlights.

Applicability of the Guidelines to Financial Institutions

The Guidelines apply to all Financial Institutions regulated by the MAS, except for exempt financial advisers¹, exempt corporate finance advisers², exempt trust businesses³, exempt over-the-counter (OTC) derivatives brokers⁴, exempt futures brokers⁵, exempt payment services providers⁶, foreign-incorporated recognised market operators,