Statute Details
- Title: Financial Services and Markets (Opportunity to be Heard) Regulations 2024
- Act Code: FSMA2022-S619-2024
- Type: Subsidiary Legislation (SL)
- Authorising Act: Financial Services and Markets Act 2022 (FSMA 2022)
- Enacting power: Section 192 of the FSMA 2022
- Commencement: 31 July 2024
- Primary provisions in extract: Regulation 1 (Citation and commencement); Regulation 2 (Opportunity to be heard)
- Regulation number / SL reference: S 619/2024
- Status: Current version as at 27 Mar 2026 (per platform extract)
What Is This Legislation About?
The Financial Services and Markets (Opportunity to be Heard) Regulations 2024 (“Opportunity to be Heard Regulations”) set out a procedural framework for how the Monetary Authority of Singapore (“MAS”) must give a person an opportunity to be heard when the Financial Services and Markets Act 2022 (“FSMA 2022”) requires it. In practical terms, the Regulations translate a broad statutory right—“opportunity to be heard”—into concrete steps: notice, content of the notice, a minimum response period, the form of submissions, and MAS’s duty to consider those submissions before making its decision.
These Regulations are not a standalone enforcement regime. Instead, they operate as a procedural “bridge” between the FSMA 2022’s substantive powers and the fairness safeguards embedded in that Act. Where the FSMA 2022 provides that a person must be given an opportunity to be heard by MAS, the Regulations specify what MAS must do to comply with that requirement.
For lawyers, the key value of the Regulations is predictability and enforceability. They help counsel identify (i) what notice must be issued, (ii) what information must be included, (iii) how long the person has to respond (with a statutory minimum), (iv) what form the response must take (including signature requirements), and (v) MAS’s obligation to consider the response before finalising its decision.
What Are the Key Provisions?
Regulation 1: Citation and commencement is straightforward. It provides that the Regulations are cited as the Financial Services and Markets (Opportunity to be Heard) Regulations 2024 and come into operation on 31 July 2024. This matters for practitioners assessing whether MAS’s procedural steps were taken under the correct legal instrument and whether any procedural non-compliance could be argued in relation to decisions made after commencement.
Regulation 2: Opportunity to be heard is the substantive operative provision. It applies when “the Act provides for a person to be given an opportunity to be heard by the Authority.” In other words, Regulation 2 is triggered by the FSMA 2022’s own provisions (or other provisions within the FSMA 2022 framework) that require an opportunity to be heard. The Regulations do not themselves create new substantive rights; they prescribe the procedural mechanics of those rights.
Notice requirements (Regulation 2(1)): MAS must send a notice to the affected person that does two things. First, the notice must state the decision MAS intends to make that affects the person. Second, it must set out the grounds for the decision. This dual requirement is important: it ensures the person understands both the outcome MAS is contemplating and the factual or legal basis for that outcome. Without adequate articulation of grounds, the opportunity to respond risks being illusory.
Invitation to make written representations (Regulation 2(1)(b)): The notice must also invite the person to give MAS, within a specified period, a written statement accompanied by relevant supporting documents. The Regulations impose a minimum response time: the period specified in the notice must be not less than 10 days after the date of receipt of the notice. This is a concrete procedural safeguard. Practitioners should note that the clock runs from receipt, not from the date of issuance, which can be relevant in disputes about whether the response deadline was properly calculated.
Form and signature of the written statement (Regulation 2(2)): Any written statement must be signed by one of three categories: (i) the person to whom the opportunity to be heard is given, (ii) a duly authorised employee of that person, or (iii) an advocate and solicitor acting for that person. This provision is practical and compliance-oriented. It prevents unsigned or improperly authorised submissions from being treated as valid representations. For corporate clients, counsel should ensure that the signatory is indeed a “duly authorised employee” and that internal authorisation can be evidenced if needed.
MAS’s duty to consider submissions (Regulation 2(3)): MAS must consider any written statement and supporting documents submitted under Regulation 2(1)(b) when making its decision. While the Regulations do not require MAS to provide reasons for accepting or rejecting each point, the duty to “consider” is a meaningful procedural obligation. In administrative law terms, it supports arguments that MAS must engage with the substance of the representations rather than treating them as a formality.
Definition of “decision” (Regulation 2(4)): The Regulations define “decision” broadly. It includes “any action of, direction by or order issued by the Authority under the Act.” This expansive definition is significant: it clarifies that the opportunity to be heard is not limited to final determinations in a narrow sense. It can cover directions and orders—forms of regulatory action that may materially affect regulated persons. Practitioners should therefore consider whether the procedural safeguards apply to a wider range of MAS regulatory outputs than might be assumed if “decision” were read narrowly.
How Is This Legislation Structured?
The Regulations are compact and consist of an enacting formula and two operative provisions:
(a) Regulation 1 sets out citation and commencement.
(b) Regulation 2 contains the procedural requirements for giving an opportunity to be heard, including notice content, minimum timelines, submission form, and MAS’s consideration duty.
There are no additional parts or complex schedules in the extract provided. The structure reflects the Regulations’ function as a procedural instrument designed to be applied across multiple substantive FSMA 2022 contexts where an opportunity to be heard is mandated.
Who Does This Legislation Apply To?
The Regulations apply to “a person” who is entitled under the FSMA 2022 to be given an opportunity to be heard by MAS. The scope is therefore conditional: it depends on whether the relevant FSMA 2022 provision (in the substantive regime governing MAS’s powers) requires an opportunity to be heard before MAS makes a particular decision, direction, or issues an order.
In practice, this typically affects regulated entities and other persons subject to MAS regulatory action—such as financial institutions, market participants, and individuals whose conduct or status is relevant to MAS’s regulatory determinations. However, the Regulations themselves do not list categories; instead, they provide the procedural “how” for whatever “opportunity to be heard” right is triggered by the FSMA 2022.
Why Is This Legislation Important?
First, the Regulations operationalise procedural fairness in MAS decision-making. By requiring a notice that states both the intended decision and the grounds, the Regulations ensure that affected persons can meaningfully respond. This is essential in regulatory contexts where decisions may have significant consequences—such as restrictions, directions, or orders affecting business operations, licensing, or market conduct.
Second, the Regulations impose a minimum response period of 10 days from receipt. This is a practical safeguard for counsel and regulated persons. It supports adequate preparation of written submissions and the gathering of supporting documents. From a litigation or judicial review perspective, a failure to comply with the minimum timeline can be a strong procedural challenge, particularly if the person can show prejudice (for example, that they were unable to provide material evidence within the shortened period).
Third, the Regulations clarify the formality requirements for submissions (including signature) and confirm MAS’s obligation to consider the representations. For practitioners, these points guide how to structure and file representations to maximise procedural compliance. Submissions should be signed by an appropriate person, accompanied by relevant documents, and delivered within the time specified in the notice (subject to the minimum statutory floor). Counsel should also be prepared to argue that MAS must genuinely consider the content, not merely receive it.
Finally, the broad definition of “decision” (including actions, directions, and orders) means the procedural safeguards may apply to a wider range of MAS regulatory outputs. This can influence how lawyers assess whether a particular MAS step is subject to an opportunity-to-be-heard process and whether procedural non-compliance could affect the validity of the outcome.
Related Legislation
- Financial Services and Markets Act 2022 (FSMA 2022) — including section 192 (authorising power) and the substantive provisions that require an opportunity to be heard
- Markets Act 2022 — referenced in the platform metadata (practitioners should check cross-references, if any, to FSMA 2022 procedural frameworks)
Source Documents
This article provides an overview of the Financial Services and Markets (Opportunity to be Heard) Regulations 2024 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.