MAS is proposing further regulations to protect and safeguard consumers from the sales and marketing of unlisted investment products.
Some of the main proposals include:
- Issuers to provide a short and user-friendly product highlight sheet for more effective disclosure.
- Financial Institutions to conduct a more enhanced due diligence before selling any products.
- Introducing a new category of product – complex investment products.
- Giving additional powers to MAS to enforce the Financial Advisors Act (FAA), including the introduction of a civil penalty regime.
The full consultation paper can be found here:
Review of the Regulatory Regime Governing the Sale and Marketing of Unlisted Investment Products
Inside the paper, there are many specific questions asked by MAS that require feedback from the public. The response can be sent to: