MAS Introduces Revised Reporting Standards for Banks Under Notice 610
MAS issued revised reporting standards for banks in Singapore, under its Notices 610 and 1003 on Submission of Statistics and Returns. The changes will take effect on October 01, 2020. MAS also published a response to the feedback received on proposed revisions to the Notice 610 and Notice 1003. The revisions are in line with the MAS objectives to collect data in machine-readable format and to reduce duplicate data submissions by financial institutions.
Banks will have 24 months to make the necessary changes to their systems and processes to meet the new requirements. MAS had earlier provided banks with the finalized template for their data submissions on March 29, 2018. Banks can continue to use the existing reporting forms for data submission prior to October 01, 2020. The key changes to the regulatory requirements include:
- Collecting more granular data of banks’ assets and liabilities by currency, country, and industry.
- Rationalizing the collection of data on RMB business activities and deposit rates. The standardized requirements will provide greater consistency and reusability of the data.
- Removing the Domestic Banking Unit and Asian Currency Unit and for banks to report their regulatory returns in Singapore dollar and foreign currency instead.
Responding to feedback from the public consultation, MAS also formed an industry working group to review whether transactional data provided to the OTC trade repository can be used as an alternative source for data collected in the revised regulatory requirements. If possible, this will further rationalize data collection for OTC data reporting, thus improving efficiency and reducing costs for banks.
Effective Date: October 01, 2020
Keywords: Asia Pacific, Singapore, Banking, MAS Notice 610, Reporting, Statistics and Returns, MAS
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