ADDED Rights OF SUPERVISORY PERFORMANCE
In contrast, the proposed amendments may give MAS more authority to issue directions to licensees of illegal company, such as Bitcoin prospects and other transaction key derivatives traded on foreign exchanges.
According to Mr. Tan, for unregulated businesses may be a source of contagion risk because they could lead to adverse effects on a capital markets services license holder’s ability to fulfill its customer obligations in a controlled business.
Customers may not be aware, he added, that regulation protections do not apply to a license owner’s illegal companies.
” While MAS has issued guidance to ( capital markets services license holders ) on risk mitigation measures and safeguards that they should adopt when conducting unregulated businesses, we should put these on a clear legal footing,” Mr. Tan told the House.
In response to the Bill, MAS will be able to challenge legally binding directives regarding the minimum requirements and safeguards that license holders and their representatives should have in place when conducting illegal businesses.
The new regulations, among others, may strengthen MAS ‘ administrative and inspection authority.
These include the appointment of senior executives and their removal, the appointment of additional auditors, and the appointment of agents by international regulators to evaluate specific financial institutions.  ,
MPS RAISE QUESTIONS
Members of Parliament ( MPs ) backed the bill, but they also expressed concerns about the regulator’s expansion of its investigative powers.
For instance, Mr. Edward Chia ( PAP- Holland- Bukit Timah ) said that the potential for MAS to activate grounds without a warrant has” sparked a apparent sense of concern.”
” We must recognize and address these concerns actively, describe the need for these capabilities, and discuss why MAS cannot simply apply for a permit to enter,” he said.  ,
Mr. Chia inquired if there are any safeguards in place to stop use, noting that such a estimate is not popular in other financial centers like Hong Kong.
Mr. Tan responded that the MAS must be able to properly investigate prospective breaches without a warrant.
There will be instances where a suspect wo n’t be present, raising the possibility that the evidence will be destroyed or concealed, even though legitimate financial institutions may cooperate by providing important evidence to the MAS.
Therefore, a more robust strategy may be required for these situations, according to Mr. Tan, adding that it is” never necessary for the court to act as a guardian” whenever the MAS wishes to practice for capabilities.
However, safety measures are in place, such as the requirement for the MAS to give two days ‘ notice before entering premises without a warrant.
The MAS is only permitted to do so in situations where there are legitimate grounds to believe a suspect is occupying the premises, or where the MAS has taken “reasonably sensible steps” to give notice to the occupant of the grounds but was unable to do so.
Another safeguard concerns how MAS may not be able to acquire information after entering the premises without a permit. It will need to apply to the judge for a permit to enter the premises and capture data if it wishes to do so.
“MAS will determine whether obtaining access without a warrant will probably lead to cooperation in the production of the important evidence.” MAS may choose to apply for a jury subpoena to enter grounds and capture evidence in the event that the cooperation is determined to be in vain, he said.
According to Mr. Tan, Singapore does not have a special right to enter grounds without a permit. In some circumstances, such as anti-money fraud investigations, financial officials in the United Kingdom, Australia, and Canada have the authority to do so.  ,
Singapore’s attractiveness as a financial gateway is unlikely to be impacted by the extension of MAS’s investigative powers, he added, because the authority’s authority now has access to this authority through a number of Acts, he added.