April is typically a busy season to prepare submissions to the Monetary Authority of Singapore (“MAS”). The quarterly returns (Form 1, Form 2 and the QIE form) must be submitted to the MAS by 14 April. Holders of a capital markets services (“CMS”) licence whose financial year coincides with the calendar year are busy with their audit to finalise the financial statements and annual MAS returns by 31 May. This coincides with the next Quarterly Fund Data Collection due on 31st May.

MAS released 2 circulars on MAS-Tx to emphasise the need to place attention on. First, an Advisory on Strengthening Cyber Security Posture Through Effective Risk Governance, Assurance and Security Practices on 8 April. Second, MAS’ Supervisory Priorities for Capital Markets Entities on 23 April. Fund Managers can refer to the circulars for potential areas to improve on.

MAS also began to focus on quantum security and developed a questionnaire to assess the current quantum security preparedness of Financial Institutions and understand their future transition plans. This follows the original circular published on 20 February 2024, Addressing the Cybersecurity Risks Associated with Quantum.

On 30 April, MAS issued the circular on the Decommissioning of MASNET Portal and the Discontinuation of MASNET Service. All functions will be accessible on MAS-Tx subsequently.