Rules, Statements of Guidance and Principles
Section 34 of the Monetary Authority Law (2010 Revision) provides that CIMA may issue rules, statements of guidance or statements of principle concerning the conduct of licensees.
The Authority adopted the following definitions for this purpose in May 2007:
A clear and precise directive issued to licensees on a subject matter that the Authority considers essential for the prudential supervision of regulated entities and which creates binding obligations on all licensees and for which a breach may lead to the imposition of a fine or regulatory action being taken against the licensee by the Authority pursuant to the exercise of its powers under the regulatory laws.
"Statement of Principle" ("SOP")
A general statement by the Authority of the conduct expected of licensees under the Monetary Authority Law and the Regulatory Laws (as defined in the Monetary Authority Law) in relation to their duties and responsibilities.
"Statement of Guidance" ("SOG")
Guidance intended to assist licensees to comply with relevant laws, regulations, rules and statements of principles or to describe standards for conduct of business. Guidance contains recommendations on how licensees should operate and represent a measure against which the Authority will assess compliance by licensees.
Please see Index of Regulatory Measures to access the rules, SOPs and SOGs that apply to each sector.