The Monetary Authority of Singapore ( MAS ) has proposed significant amendments to financial advertising rules, aiming to close regulatory gaps amid rising concerns over misleading promotions, particularly on digital and social media platforms.

The authority, via a consultation paper, is recommending the removal of existing exemptions that allow certain entities and products to bypass current advertising requirements under the Financial Advisers Regulations and the Securities and Futures Licensing and Conduct of Business Regulations.

Currently, certain advertisements targeting accredited or institutional investors, or relating to specific products, such as spot foreign exchange contracts, are excluded from compliance with key advertising standards.

These include requirements for advertisements to be fair, balanced and not misleading. The MAS now argues that such exclusions are no longer appropriate, given the evolving landscape of digital financial marketing.

“The principles of fair dealing and transparency should apply to all forms of solicitation,” the MAS states in the consultation paper. Even sophisticated investors, the regulator notes, are not immune to misleading advertising, particularly in a fast-moving, digitally driven marketplace.

If implemented, the changes would bring all financial advertisements, regardless of audience or product category, under a uniform set of rules. These rules require advertisements to be clear, legible, approved by senior management and properly attributed.

The proposal builds on the authority’s 2023 initiative to enhance safeguards around digital prospecting and non-product marketing, further reinforcing efforts to ensure responsible conduct in the promotion of financial services. Stakeholders have until June 5 to submit feedback.