Quote:
Originally Posted by Unregistered
I don't think they are drunk on power la.
It's just that they have some difficulty comprehending the limits of MAS' powers. We are indeed a regulator but we can only act in accordance with the law. We can't just override the day-to-day operations of the company because we don't fully agree with it.
In fact, I think the FIs here are generally co-operative and receptive to advice. If this were in the US, the FI/state may well bring a lawsuit against the regulator for overstepping its mandate. |
I think this points to
MAS not having enough law trained officers and in the management for a financial regulator. Especially in the securities, markets space, most regulators are staffed with much more lawyers. Lawyers are not always great people but they understand legal limits and the need to build a coherent web of binding regulations. Not haphazard moral suasion , random guidelines without teeth when things really blow up. Why guidelines? Only because industry is so called not ready for binding regulations.
To go back to the organisation culture part of this thread,
MAS is not exactly as good as it looks. It looks good because worse and more unethical people exist in droves in the industry. On the international stage, it will become clear
MAS is out of depth and all about putting up a front.