MAS Amends Notice 122 on Asset and Liability Exposures for Insurers
MAS issued the revised MAS Notice 105 on Insurers’ Appointment of Custodians and made consequential amendments to MAS Notice 122 on Asset and Liability Exposures for Insurers. The revised MAS Notice 105 will take effect on January 01, 2020 and will apply to all existing and new custody arrangements. The revised MAS Notice 122 shall take effect on May 30, 2019.
MAS, in August 2018, had issued its response to the feedback received on a consultation paper on the review of MAS Notice 105, which sets out requirements on insurers’ appointment of custodians and fund managers. As mentioned in the response to the consultation paper, insurers are required to submit custodian information based on the template under the revised MAS Notice 122 for asset positions as at December 31, 2019. This will be due for submission by March 31, 2020.
Effective Date: January 01, 2020 (MAS Notice 105); May 30, 2019 (MAS Notice 122)
Keywords: Asia Pacific, Singapore, Insurance, MAS Notice 122, Asset and Liability Exposures, MAS Notice 105, MAS
Related Articles
PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA Finalizes Standards on Methods of Prudential Consolidation
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA Updates List of Other Systemically Important Institutions in EU
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities Welcome FSB Review of their Remuneration Regime
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Proposes to Enhance Assurance Expectations for Basel Returns
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.