Statute Details
- Title: Financial Services and Markets (Appeals under Part 3) Regulations 2024
- Act Code: FSMA2022-S620-2024
- Type: Subsidiary legislation (SL)
- Authorising Act: Financial Services and Markets Act 2022
- Enacting power: Section 191 of the Financial Services and Markets Act 2022
- Commencement: 31 July 2024
- Regulation number: SL 620/2024
- Status: Current version as at 27 Mar 2026
- Legislative focus: Procedural framework for appeals “under Part 3” (as referenced in the Act), including documents, case management, hearings, confidentiality, and service
- Key provisions (from extract): Regulation 2 (definitions); Regulation 3 (Appeals Secretary); Regulation 4 (submission of information/documents)
What Is This Legislation About?
The Financial Services and Markets (Appeals under Part 3) Regulations 2024 (“Appeals Regulations”) set out the procedural rules for how appeals are made and managed in the financial regulatory context under the Financial Services and Markets Act 2022 (“FSMA”). In practical terms, the Regulations translate the high-level appeal rights in the Act into a workable process: who files what, where it is sent, how parties participate, how the appeal is scheduled and managed, and how the appeal is ultimately determined.
Although the Regulations are “procedural” in nature, they are legally significant. Procedural requirements often determine whether an appeal is properly constituted, whether documents are admissible or considered, and whether a party can rely on confidential material. For practitioners, the Regulations therefore function as a roadmap for compliance—especially around filing, representation, confidentiality requests, and case management directions.
The scope of the Appeals Regulations covers the full lifecycle of an appeal: from making the notice of appeal and exchanging the Authority’s reasons, through case management (including directions, evidence, witnesses, and confidentiality handling), to the determination stage (including oral hearings and the Minister’s decision). The Regulations also include “miscellaneous” provisions dealing with confidentiality of proceedings, service of documents, time, and irregularities.
What Are the Key Provisions?
1) Definitions and the architecture of the appeal process (Regulation 2)
The Regulations define key terms that control interpretation across the entire instrument. For example, “appeal” is tied to appeals under specific provisions of the Act (section 7(5) or 9(5)). The Regulations also define the “Appeal Advisory Committee,” “Appeal Advisory Panel,” “appeal proceedings,” and “virtual meeting technology.” These definitions matter because they determine which body hears the appeal, what procedural steps apply, and how participation may occur (including remotely).
Practitioners should pay close attention to the definition of “legal representative.” It is not any lawyer in general; it is an advocate and solicitor named in the register of practitioners and holding a practising certificate under the Legal Profession Act 1966. This ensures that representation is properly authorised and avoids disputes about standing or competence to act.
2) The Appeals Secretary as the procedural “hub” (Regulation 3)
Regulation 3 establishes the “Appeals Secretary” and sets out the administrative role that supports the Minister, the Appeal Advisory Panel, and Appeal Advisory Committees. The Minister may appoint one or more officers or employees of the Authority to act as Appeals Secretary. The Appeals Secretary must provide administrative and secretarial support, and—critically—acts as the channel of communication between parties and the relevant decision-making bodies.
Regulation 3(3) specifies core functions: transmitting information and documents in accordance with the Regulations; upon receipt of documents sent under Regulation 4(1), transmitting them as soon as practicable to the Minister (or the Minister’s legal representative) or to the Appeal Advisory Committee; and assisting the Committee to fix the date, time, and place of meetings, case management conferences, or oral hearings. The Appeals Secretary may attend meetings and hearings, reinforcing the centrality of the role in procedural coordination.
3) Filing and service mechanics: where documents must go (Regulation 4)
Regulation 4 is one of the most practically important provisions for compliance. It requires that any information or document “to be filed with, sent to or served on” the Minister, the Appeal Advisory Committee, or the Appeals Secretary in connection with an appeal must be addressed to “Appeals Secretary” and sent to a specific email address: AAP_Secretariat@mas.gov.sg.
Regulation 4(2) then imposes a parallel obligation: subject to an exception, a party must forward a copy of any filed/sent/served document to the other party as soon as practicable. The exception in Regulation 4(3) is important: it does not apply to the notice of appeal and to any information/document (or part of a document) where the Authority has requested confidential treatment under Regulation 22. This means confidentiality requests can affect the normal “copy to the other side” workflow.
4) Representation and who may appear (Regulation 5)
Regulation 5 governs representation in appeal proceedings. An appellant may be represented either by (i) one or more authorised representatives (persons authorised by the appellant), or (ii) one or more legal representatives (as defined). The Authority may be represented by authorised officers or legal representatives. This flexibility is useful in practice: regulated entities may choose internal staff as authorised representatives, while still retaining the option of counsel.
For practitioners, the key is to ensure that any authorised representative is properly authorised and that any legal representative meets the statutory definition (practising certificate and registration). Representation rules can affect procedural validity and the ability to make submissions at hearings or conferences.
5) Procedural stages beyond the extract (Regulations 6–37)
While the extract focuses on Parts 1 and the early procedural provisions, the Regulations contain a detailed procedural framework across Parts 2 to 6. In summary:
- Part 2 (Regulations 6–9): Establishes the Appeal Advisory Committee’s membership, quorum, determination, and provides that meetings and hearings are not open to the public.
- Part 3 (Regulations 10–15): Covers making an appeal (notice of appeal), the contents of the notice, the Authority’s reasons, and the exchange of response materials.
- Part 4 (Regulations 16–24): Provides for consolidation of appeals, case management (timetable, directions, conferences), evidence and witnesses, and the handling of confidential treatment and reliance on confidential material. It also addresses consequences for failure to comply with directions.
- Part 5 (Regulations 25–33): Sets out how appeals are heard and determined, including oral hearing procedure, adjournment, summary of arguments, summary arguments for non-oral proceedings, withdrawal of appeal, the Committee’s report, the Minister’s decision, and dissolution of the Committee.
- Part 6 (Regulations 34–37): Includes confidentiality of proceedings, service of documents, time rules, and irregularities.
Even where specific text is not reproduced in the extract, practitioners should treat these provisions as an integrated procedural code. For example, confidentiality provisions in Part 4 interact with filing and copying obligations in Regulation 4, and the hearing/determination provisions in Part 5 interact with case management directions in Part 4.
How Is This Legislation Structured?
The Appeals Regulations are structured into seven main components: a general Part, an appeal advisory committee Part, a Part on making the appeal and documents, a case management Part, a determination Part, and a miscellaneous Part, followed by a Schedule.
Part 1 (General) contains the citation and commencement, definitions, the Appeals Secretary, submission of documents, and representation. This Part sets the “rules of engagement” for the rest of the Regulations.
Part 2 (Appeal Advisory Committee) addresses the composition and functioning of the committee that manages and advises on the appeal.
Part 3 (Making Appeal and Documents of Appeal) focuses on the notice of appeal and the exchange of the Authority’s reasons and the appellant’s response.
Part 4 (Case Management) provides the procedural tools for managing the appeal efficiently and fairly, including directions, conferences, evidence, witnesses, and confidentiality handling.
Part 5 (Determining Appeal) governs the hearing and decision-making process, including oral hearing procedures and the Minister’s decision.
Part 6 (Miscellaneous) addresses confidentiality, service, time, and irregularities—issues that often arise in practice and can affect enforceability and fairness.
Who Does This Legislation Apply To?
The Regulations apply to parties to an appeal under the FSMA framework—specifically, an “appellant” (a person who wishes to appeal under the relevant FSMA provisions) and the “Authority” (the regulatory authority whose decision is being appealed). The procedural rules govern how those parties must file documents, exchange submissions, participate in hearings, and comply with directions.
Representation rules apply to both sides. The appellant may use authorised representatives or legal representatives; the Authority may use authorised officers or legal representatives. The Regulations also apply to the administrative bodies involved in the appeal process: the Appeals Secretary, the Appeal Advisory Panel, and the Appeal Advisory Committee.
Why Is This Legislation Important?
For practitioners, the Appeals Regulations are important because they provide the procedural compliance framework that can make or break an appeal. In regulatory disputes, timelines, document handling, and confidentiality procedures are often the difference between a smoothly managed appeal and one that is delayed, procedurally challenged, or disadvantaged.
Regulation 4’s requirement to address filings to the Appeals Secretary and send them to a designated email address is a concrete example of how the Regulations reduce ambiguity but also impose strict administrative discipline. Similarly, the confidentiality provisions (including requests for confidential treatment and reliance on confidential material) are central in financial regulatory appeals where sensitive information is frequently involved.
Finally, the Regulations’ case management structure—directions, case management conferences, evidence and witness handling, and consequences for failure to comply—reflects a commitment to procedural fairness and efficiency. Practitioners should therefore treat the Regulations not as a mere formality, but as a procedural strategy document: it informs how to structure submissions, how to manage disclosure and confidentiality, and how to prepare for oral or non-oral hearings.
Related Legislation
- Financial Services and Markets Act 2022
- Legal Profession Act 1966
- Markets Act 2022 (as referenced in the statute metadata)
Source Documents
This article provides an overview of the Financial Services and Markets (Appeals under Part 3) Regulations 2024 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.