MAS Issues Consultation on Outsourcing by Banks and Merchant Banks
MAS proposed revisions to the regime governing banks’ and merchant banks’ outsourcing arrangements, including proposed amendments to the Banking Act. MAS invites comments from banks, merchant banks, and other interested parties. Comments must be submitted by March 08, 2019.
MAS proposed to issue an Outsourcing Notice for Banks and an Outsourcing Notice for Merchant Banks that will set out identical requirements for banks and merchant banks in respect of outsourcing arrangements that are material (material outsourcing arrangements). The proposed Outsourcing Notices will set out legally binding requirements for banks and merchant banks in relation to their material outsourcing arrangements in the areas of management of such arrangements, assessment of service providers, access to information by MAS and the bank or merchant bank, protection of customer information, audit, and termination of such arrangements.
The proposed Outsourcing Notices will incorporate the existing requirements under MAS Notice 634 and MAS Notice 1108. The Notices will impose minimum requirements on management of material outsourcing arrangements, assessment of service providers, and additional requirements on audit. To not subject banks and merchant banks to two sets of overlapping requirements on outsourcing arrangements, MAS intends to repeal MAS Notice 634 and MAS Notice 1108 after the Outsourcing Notices take effect. MAS proposes that the Outsourcing Notices take effect 12 months from the date of issuance to provide a transition period for banks and merchant banks to make the necessary arrangements to comply with the proposed Outsourcing Notices.
Comment Due Date: March 08, 2019
Keywords: Asia-Pacific, Singapore, Banking, Outsourcing, Outsourcing Notice, MAS
Previous Article
ESMA Publishes Report on Trends, Risks, and Vulnerabilities in EUNext Article
MAS Consults on Amendments to the Banking ActRelated Articles
|
News
HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.
April 16, 2019
WebPage
Regulatory News
|
|
News
EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.
April 16, 2019
WebPage
Regulatory News
|
|
News
FDIC Consults on Approach to Resolution Planning for IDIsFDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.
April 16, 2019
WebPage
Regulatory News
|
|
News
EP Resolution on Proposal for Sovereign Bond Backed SecuritiesThe European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).
April 16, 2019
WebPage
Regulatory News
|
|
News
PRA Seeks Input and Issues Specifications for Insurance Stress TestsPRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.
April 15, 2019
WebPage
Regulatory News
|
|
News
PRA Finalizes Policy on Approach to Managing Climate Change RisksPRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).
April 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: First Update for April 2019EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.
April 12, 2019
WebPage
Regulatory News
|
|
News
EIOPA Statement on Application of Proportionality in SCR SupervisionEIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.
April 11, 2019
WebPage
Regulatory News
|
|
News
FED Updates Form and Supplemental Instructions for FR Y-9C ReportingFED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.
April 11, 2019
WebPage
Regulatory News
|
|
News
OSFI Finalizes Guidelines on Liquidity Adequacy and NSFR DisclosuresOSFI published the final Liquidity Adequacy Requirements (LAR) guideline and the net stable funding ratio (NSFR) disclosure requirements guideline.
April 11, 2019
WebPage
Regulatory News
|
