MAS Amends Notices on Minimum Liquid Asset Requirements for Banks
MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements. MAS also published Form 2 associated with the Notice 649. The amendments shall take effect on January 28, 2020. MAS Notice 1015 (Amendment) 2020, MAS Notice 613 (Amendment) 2020, and MAS Notice 649 (Amendment) 2020 reflect the consequential amendments made to Notices 1015, 613, and 649, respectively, as a result of the commencement of the Payment Services Act 2019 (Act 2 of 2019) on January 28, 2020.
Notice 1015 sets out the minimum liquid assets requirements and the liquidity coverage ratio, or LCR, requirements, is issued pursuant to section 28(4) of the MAS Act (Cap. 186), and applies to all merchant banks approved under section 28 of the MAS Act. Notice 613 sets out the minimum liquid assets requirements, is issued pursuant to section 38 of the Banking Act (Cap. 19), and applies to all banks in Singapore. Finally, Notice 649 sets out the minimum liquid assets requirements and liquidity coverage ratio requirements, is issued pursuant to sections 38 and 65 of the Banking Act (Cap. 19), and applies to all banks in Singapore.
Effective Date: January 28, 2020
Keywords: Asia Pacific, Singapore, Banking, LCR, Merchant Banks, Reporting, Liquidity Risk, MAS Notice 649, MAS Notice 613, MAS Notice 1015, MAS
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