July 16, 2018

MAS published proposed regulations to enhance the resolution regime for financial institutions in Singapore. MAS is proposing amendments to the MAS (Control and Resolution of Financial Institutions) Regulations 2013 and MAS (Safeguards for Compulsory Transfer of Business, and Exemption from Moratorium Provisions) Regulations 2018 (Safeguard Regulations). MAS is also proposing new regulations under the Deposit Insurance and Policy Owners’ Protection Schemes Act. Comments are requested by August 16, 2018.

The proposed changes to the MAS (Control and Resolution of Financial Institutions) Regulations 2013 are related to temporary stays on termination rights, statutory bail-in regime, and creditor compensation framework. The proposed changes to the Safeguards Regulation are related to safeguards on covered bond programs. The proposed new regulations under the Deposit Insurance and Policy Owners’ Protection Schemes Act are related to resolution funding arrangements. As part of the review of the resolution regime for financial institutions in Singapore, MAS amended the MAS Act to strengthen the powers to resolve distressed financial institutions while maintaining continuity of their critical economic functions. To exercise these new resolution powers under the MAS Act, MAS is proposing these amendments.

 

Comment Due Date: August 16, 2018

Keywords: Asia Pacific, Singapore, Banking, Securities, MAS Act, Deposit Insurance, Resolution Regime, MAS

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