MAS published revised Notices 610 and 1003 on submission of statistics and returns, along with the guidelines and frequently asked questions (FAQs) associated with these Notices. The revised notices take effect from July 01, 2021. MAS also released a list of changes to the submission templates, schema, and validation rules, along with sample XML files. The notices set out requirements for submission of returns to MAS, including reporting forms, completion notes, and submission timeframe.
Notice 610 has been issued pursuant to section 26(1) of the Banking Act (Cap. 19) and applies to all "banks" in Singapore while Notice 1003 has been issued pursuant to section 28(3) of the MAS Act (Cap. 186) and applies to all "merchant banks." These notices require all "banks" and "merchant banks" in Singapore to submit to MAS:
- Monthly statement of assets and liabilities
- Monthly return on foreign-exchange business transacted
- Quarterly return on classified exposures and collateral value of housing loans
Effective Date: July 01, 2021
Keywords: Asia Pacific, Singapore, Banking, Merchant Banks, Reporting, MAS Notice 610, MAS Notice 1003, MAS
Previous ArticleHKMA Relaxes Prudential Measures for Non-Residential Property Loans
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.