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.
Keywords: International, Asia Pacific, Singapore, Banking, Insurance, Securities, Fintech, Peer Review, Macro-prudential Framework, Resolution Framework, FSB
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).