MAS launched a consultation on the scope of application of the guidelines on Individual Accountability and Conduct, or IAC, for the financial institutions in Singapore. MAS proposes to extend the Guidelines to all financial institutions regulated by MAS. Comment period on this consultation ends on July 22, 2019. MAS has also published its response to the feedback received on an earlier consultation on the Individual Accountability and Conduct guidelines.
MAS, in April 2018, had consulted on the guidelines on Individual Accountability and Conduct and this consultation had ended on May 25, 2018. MAS has considered the comments received during the consultation period and made revisions to the Individual Accountability and Conduct guidelines, where appropriate. Respondents had various comments on the scope of application of the Individual Accountability and Conduct guidelines. In particular, three respondents proposed to extend the Guidelines to insurance brokers and approved trustees for collective investment schemes. Two others suggested to include registered fund management companies (RFMCs), while one was supportive of excluding RFMCs from scope. There was also one suggestion to extend the Individual Accountability and Conduct guidelines to all financial institutions regulated by MAS. Consequently, MAS has issued this consultation to extend the scope of application of the guidelines on Individual Accountability and Conduct.
The guidelines on Individual Accountability and Conduct reinforce financial institutions’ responsibilities in the areas of promoting the individual accountability of senior managers, strengthening the oversight of employees in material risk functions, and embedding standards of proper conduct among all employees. The guidelines set out five outcomes that financial institutions are expected to work toward through implementing appropriate policies and processes to address the MAS expectations underpinning each outcome.
Comment Due Date: July 22, 2019
Keywords: Asia Pacific, Singapore, Banking, Securities, Insurance, Operational Risk, Conduct Risk, Individual Accountability, Guidelines, MAS
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.
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).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.