The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have announced that they will jointly investigate market misconduct offences such as insider trading and market manipulation, under Part XII of the Securities and Futures Act (SFA), going forward.
This arrangement will enhance the enforcement process and improve the overall effectiveness of market misconduct investigations. It will also streamline investigations into potential offences that may fall into either of the civil or criminal regimes under the SFA. The two authorities will utilise their respective investigative resources and expertise, being MAS’s expertise as the financial regulator and CAD’s financial crime investigation and intelligence capabilities. MAS officers will be designated Commercial Affairs Officers with the same criminal powers of investigation as CAD officers when taking part in joint investigations, such as the ability to search premises and seize items, and order financial institutions to monitor customer accounts.
There will also be greater co-ordination when it comes to formulating enforcement policies on market misconduct. It is expected that the new arrangement would further strengthen public trust and confidence in the capital markets regime in Singapore.