Featured Product

    MAS Amends Regulatory Notices Applicable to Banks in Singapore

    June 11, 2021

    MAS revised multiple notices that are applicable to banks and merchant banks in Singapore and have been issued pursuant to the Banking Act (Cap 19). For foreign full and wholesales banks, MAS revised a notice on the minimum asset requirements. For both foreign and locally incorporated full and wholesale banks, MAS revised notices on the collection of statistical returns for unsecured credit facilities and on certain definitions, including that of the term "capital funds." For locally incorporated merchant banks and branches of foreign merchant banks, MAS published revised notices on the minimum liquid assets and liquidity coverage ratio, the credit facilities to a single borrower or group of borrowers, and the credit facilities to merchant bank directors, staff, and related concerns,. The notices take effect from July 01, 2021.

    The revised MAS notices set out the following information:

    • Notice 640 on minimum asset maintenance requirements. It covers requirements for the minimum amount of eligible assets that foreign banks must maintain in Singapore. This notice applies to all foreign banks. It sets out requirements on maintaining eligible assets in Singapore, computation of eligible assets and asset maintenance ratio, and submission of reports.
    • Notice 760 on collection of statistical returns for unsecured credit facilities. It sets out requirements for banks to submit quarterly statistical returns to MAS for their unsecured non-card credit facility portfolio. The notice includes statistics collection templates (Appendix I and II), notes for completion, and timeline for submission.  
    • Notice 601 on definitions for certain terms. It sets out the definitions for the terms "capital funds," "net head office funds," and "head office capital funds," which banks must adhere to. 
    • Notice 1015 on minimum liquid assets and liquidity coverage ratio. It sets out the minimum liquid assets requirements and the liquidity coverage ratio requirements that a merchant bank has to comply with.
    • Notice 1012 on credit facilities to a single borrower or group of borrowers. It sets out the limits for a merchant bank’s credit facilities to a single borrower or group of borrowers, and the conditions that must be met for the limit to be increased. Appendix I of the notice provides general guidelines or credit facilities to a single borrower or group of borrowers.
    • Notice 1004 on credit facilities to merchant bank directors, staff, and related concerns. It sets out the requirements a merchant bank has to comply with when granting credit facilities to directors, staff, and related concerns. Appendix I of the notice includes statement of advances, loans or credit facilities to merchant bank directors, staff and related concerns. Appendix II of the notice provides explanatory notes for completion of the statement of advances, loans or credit facilities.

     

    Effective Date: July 01, 2021

    Keywords: Asia Pacific, Singapore, Banking, Merchant Banks, Regulatory Capital, Statistical Reporting, LCR, Credit Risk, Reporting, Liquidity Risk, MAS

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514