singapore - Banking & Finance - Notices & Directives

Consultation Paper on Proposed Regulatory Capital Treatment of Banks' Holdings of Total Loss-Absorbing Capacity (TLAC) Liabilities under Mas Notice 637

This consultation paper proposes to amend the Risk-Based Capital Adequacy Requirements for Banks incorporated in Singapore (the Notice) to implement the relevant requirements under the final standard issued by the Basel Committee on Banking Supervision. The proposed amendments are intended to take effect from 1 January 2019.
Date: 09 April 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Measures to Address the Risks Posed by the Use of Sign-on Incentives in the Recruitment of Financial Advisory Representatives

The Monetary Authority of Singapore (MAS) is concerned about the risk of mis-selling and improper switching of insurance policies, in particular life insurance policies and accident and health policies. The proposed rules set out in this consultation paper will require all sign-on incentives to be paid out over a minimum pe ...
Date: 07 March 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Register for the Common Reporting Standard by 15 March 2018

This Circular is to inform all Financial Institutions in Singapore to complete the Common Reporting Standard (CRS) registration by 15 March 2018 rather than the deadline 31 March 2018, to avoid any unexpected issues during the registration process. Failure to register on time is an offence under the CRS Regulations.
Date: 26 February 2018; Type: Circular; Source: Inland Revenue Authority of Singapore

Consultation Paper on Draft Regulations for Mandatory Trading of Derivatives Contracts

The Monetary Authority of Singapore (MAS) invites comments and feedback on the draft Securities and Futures (Trading of Derivatives Contracts) Regulations ("SF(TDC)R"). The details of how to implement the initial set of products and persons subject to derivatives trading obligations under the new Part VIC of the Securities and Futures Act (Cap. 289 ...
Date: 21 February 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation paper on Proposed E-payments User Protection Guidelines

These Guidelines are to standardise the protection offered to individuals or micro-enterprises from losses arising from unauthorised or mistaken payment transactions from the protected accounts of the account holders.
Date: 13 February 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Revisions to the Regulatory Framework for Large Exposures of Singapore-Incorporated Banks

Monetary Authority of Singapore (MAS) proposes to set out the regulatory requirements on large exposures of banks under the Banking Act and MAS Notice 639 on Exposures to Single Counterparty Groups, with an intention to limit the concentration and contagion risks arising from a bank’s exposures to a counterparty or a single counterparty ...
Date: 03 January 2018; Type: Consultation Paper; Source: Monetary Authority of Singapore

Response to Feedback received on Proposed amendments to Disclosure Requirements under MAS Notices 637, 651 and 653

The revised MAS Notices 637 and 651 will take effect from 31 December 2017 while MAS Notice 653 will take effect from 1 January 2018.
Date: 28 December 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed amendments to Disclosure Requirements under MAS Notices 637, 651 and 653

The proposed amendments to MAS Notices 637 and 651 are intended to take effect from 31 December 2017 while MAS Notice 653 will take effect from 1 January 2018.
Date: 10 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Cashless Payments with effect from 1 January 2018

MPA will cease accepting cash payments in line with Singapore’s move towards a cashless society as part of the Smart Nation initiative. Port Marine Circular No. 22 of 2017
Date: 04 December 2017; Type: Circular; Source: Maritime and Port Authority

Consultation Paper on the Proposed Payment Services Bill

The Monetary Authority of Singapore (MAS) proposes to enact a new payments legislation in the form of the proposed Payment Services Bill to regulate the payment activities along the payment value chain and mitigating attendant risks in order to promote greater confidence among consumers and merchants to adopt electronic payments (e-paymen ...
Date: 21 November 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS simplifies Rules for Managers of Venture Capital Funds to facilitate Start-ups’ Access to Capital

Singapore, 20 October 2017: The Monetary Authority of Singapore (MAS) announced today that a simplified regulatory regime for managers of venture capital funds (VC managers) will come into immediate effect, following public consultation on the proposal earlier this year. [1]
Date: 20 October 2017; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper I on Draft Notices and Guidelines Pursuant to the Securities and Futures Act

Given the wide-ranging amendments to the Securities and Futures Act, the Monetary Authority of Singapore is consulting on draft Notices and Guidelines to support the implementation of the legislative amendments in two phases.
Date: 06 October 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Review of Anti-Commingling Framework for Banks

The Monetary Authority of Singapore (MAS) has introduced a policy to separate the financial and non-financial businesses of banks in Singapore. This is intended to help banks remain focused on their core banking business and competencies, and avoid potential contagion from the conduct of non-financial businesses.
Date: 29 September 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS' Approach to Resolution of Financial Institutions in Singapore

A principal objective of the Monetary Authority of Singapore ("MAS") is to promote financial stability and foster a sound and reputable financial centre.  MAS seeks to reduce the risk and impact of a failure, through rigourous financial supervision coupled with robust recovery and resolution planning.
Date: 23 August 2017; Type: Guide; Source: Monetary Authority of Singapore

Response to Feedback Received on Review of Mandatory Audit Firm Rotation for Local Banks

On 30 September 2016, Monetary Authority of Singapore (MAS) issued a consultation paper to seek comments on policy proposals on the appointment and rotation of auditors. MAS has considered the feedback received and is responding to feedback deemed to be of wider interest.
Date: 22 August 2016; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to the Payment and Settlement Systems (Finality and Netting) Act

The Payment and Settlement Systems (Finality and Netting) Act was enacted to ensure the finality and irrevocability of transactions made through payment and settlement systems. In order for the laws to remain ready and relevant to the new landscape, MAS proposes to amend the Act to incorporate global best practice developments from leading jurisdic ...
Date: 03 August 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Capital Requirements for Singapore-Incorporated Banks in MAS Notice 637

This consultation paper proposes amendments to MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore ("the Notice") to introduce a minimum leverage ratio requirement of 3%.
Date: 25 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

Consultation Paper on Proposed Amendments to Disclosure Requirements under MAS Notices

Date: 10 July 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

MAS streamlines Framework for Banks carrying on Permissible Non-financial Businesses

The Monetary Authority of Singapore (MAS) announced today that it will streamline the regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses.
Date: 27 June 2017; Type: Press Release; Source: Monetary Authority of Singapore

Consultation Paper II on Draft Regulations Pursuant to the Securities and Futures Act

The Securities and Futures (Amendment) Act 2017 is aimed at ensuring that the capital markets regulatory framework in Singapore keeps pace with market developments and is aligned to international standards and best practices.
Date: 26 May 2017; Type: Consultation Paper; Source: Monetary Authority of Singapore

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