February 26, 2018

FSB published a report on its peer review of Singapore. The peer review examined the macro-prudential policy framework and the resolution framework for financial institutions—two topics that are relevant for financial stability in Singapore. Focus was on the steps taken by the authorities to implement reforms in these areas, including by following up on relevant IMF Financial Sector Assessment Program (FSAP) recommendations and G20/FSB reforms.

The peer review found that good progress has been made in the recent years on both the macro-prudential and resolution frameworks. The assessment reflects strong adherence to international standards and focus on financial stability in Singapore. The peer review report includes recommendations to the authorities of Singapore to address the following issues, on which additional work is required:

  • On the macro-prudential policy framework, the review recommends clarifying responsibility within MAS for the calibration and implementation of its macro-prudential policies and continuing to enhance the risk assessment framework in terms of process, use of modeling tools, and ongoing work to assess systemic risks from fintech.
  • On the resolution framework for financial institutions, the review recommends extending the scope of liabilities subject to bail-in to senior debt and promulgating regulations on ex post recovery from the industry of any temporary funding provided by the authorities in resolution; balancing supervision and resolution perspectives through appropriate organizational arrangements within MAS; and continuing work to refine, expand, and implement resolution planning, including for domestic systemically important banks as well as for insurance companies and financial market infrastructures that could be systemic in failure.

 

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Keywords: International, Asia Pacific, Singapore, Banking, Insurance, Securities, Fintech, Peer Review, Macro-prudential Framework, Resolution Framework, FSB

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