General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
August 16, 2018

MAS issued the final guidelines on liquidity risk management practices for fund management companies, with respect to the management of collective investment schemes (CIS). These guidelines have been issued pursuant to section 321 of the Securities and Futures Act (SFA). Draft amendments to the Code on Collective Investment Schemes (CIS Code) have also been published, along with the MAS feedback to the responses received to the consultation on the guidelines and CIS code amendments. The effective date of the revised CIS Code is August 17, 2018, except for the revisions to paragraph 8.8 of Appendix 1 and paragraph 11.1(c)(v) of Appendix 6, which will take effect for the first annual report relating to their respective financial year ending on or after December 31,2018.

These guidelines should be read in conjunction with the provisions of the SFA, the SF(LCB)R, CIS Code, along with the other relevant legislation and other guidelines and frequently asked questions (FAQs) issued by MAS. The guidelines aim to promulgate sound liquidity risk management practices that fund management companies should adopt, where appropriate, to minimize the risk of investor detriment due to mismatches in the liquidity profile of the assets in the CIS and its redemption terms. Additionally, amendments to the CIS Code seek to enhance the resilience of money market funds to liquidity risks and strengthen their ability to meet redemption requests from investors, especially during stressed market situations. The consultation on these guidelines and the draft amendments to the CIS Code ran from October 26, 2017 to November 28, 2017. After considering the feedback received, MAS has made further revisions to the guidelines, where appropriate.


Effective Date: August 17, 2018 (CIS Code Amendments)

Keywords: Asia Pacific, Singapore, Banking, Liquidity Risk, MMFs, CIS, Fund Management Companies, MAS

Related Articles

EBA Single Rulebook Q&A: Fourth Update for March 2019

EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 22, 2019 WebPage Regulatory News

ECB Updates Validation Checks and List of Identifiers Under AnaCredit

ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting.

March 21, 2019 WebPage Regulatory News

BCBS Publishes Results of the Basel III Monitoring Exercise

BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018.

March 20, 2019 WebPage Regulatory News

EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation

EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities.

March 20, 2019 WebPage Regulatory News

HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks

HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO).

March 20, 2019 WebPage Regulatory News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News

EBA Updates List of Other Systemically Important Institutions in EU

EBA updated the 2018 list of other systemically important institutions (O-SIIs) in EU. The list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.

March 19, 2019 WebPage Regulatory News

HKMA Expects Banks to Manage Risks Related to Crypto-Asset Exposures

HKMA issued a statement announcing that it expects authorized institutions to take note of the BCBS statement on crypto-assets and its prudential expectations.

March 18, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2780