It seeks to cover in a single rulebook the range of capital market activities undertaken in Singapore, for the convenience of market participants. The SFA introduces a single licensing regime covering the various activities in securities and futures, fund management and corporate finance advice under a modular approach. This is a shift away from folding all capital market activities into the categories of dealing in securities, and provision of investment advice. In its place, the new licensing framework is designed to accommodate individual slices of the capital market value chain. To complement the modular licensing of intermediaries, MAS has announced the introduction of a risk based capital framework which will take effect later this year. Under the framework, capital market licence holders need only maintain capital sufficient to the business risks they undertake, according to their respective operations. Complementing the SFA is the Financial Advisors Act which governs the provision of investment advice and the sale of collective investment products across all financial institutions. This will include banks, insurance companies, capital market intermediaries as well as independent financial advisers. A common code of conduct and business practices will be promulgated under the FA Act, and will set minimum standards for all investment advisers. Conclusion In concluding, there is little doubt that the new financial landscape both domestically and internationally has thrown up challenges and opportunities for regulators and market players alike. It is a time of change and renewal as the tried and tested means of doing things come under scrutiny as markets continually innovate.

I hope all of you will be able to draw new insights and perspective as well as leverage on the initiatives and best practices shared in this Workshop, potentially to emulate it in your respective jurisdictions. For your benefit, the Secretariat will upload the relevant presentation materials and outcome report on the APG website after the conclusion of the Workshop. I would also like to encourage any further dialogue between the delegates on these issues post the Workshop and I am sure the Secretariat will be able to assist in connecting the delegates. There will no doubt be challenges in networking under a virtual setting, but these are the ‘new normal and conditions’ that the more we are accustomed to, the more we are able to adapt. The APG itself is still in the initial phase of using the virtual platforms and the Secretariat would appreciate any feedback on how to improve this further. In line with the APG Co-Chairs’ Priorities, we are also continuously working with the Secretariat to deliver more capacity building initiatives for the members, especially in the areas of Public2/3  BIS central bankers' speeches  Private Partnership (PPP), DNFBPs Supervision and Data Analytics. Before I conclude my remarks, let me take this opportunity to thank the APG Secretariat in organising this Workshop and all partners, including the Alliance for Financial Stability with Information Technology, and the Global Centre on Cooperative Security. Special thanks as well to the speakers and discussants from the APG members and observers.