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
Previous Article
EIOPA Publishes Annual Report for 2018Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.