Featured Product

    MAS Publishes Explanatory Brief on Banking (Amendment) Bill 2019

    November 04, 2019

    MAS published an explanatory brief on the Banking (Amendment) Bill 2019. The brief highlights that the Minister for National Development and the Second Minister for Finance, Mr Lawrence Wong, on behalf of Mr. Tharman Shanmugaratnam, Senior Minister and Minister-in-charge of MAS, moved the Bill for First Reading in Parliament. This round of Banking Act amendments will significantly rationalize the banking regulation by removing the divide between the Domestic Banking Unit (DBU) and the Asian Currency Unit (ACU) and will consolidate the licensing and regulation of merchant banks under the Banking Act.

    MAS had consulted the industry and public on the significant policy changes and draft legislative amendments for banks and merchant banks in February 2019 and May 2019, respectively. Feedback from the consultations was largely supportive. MAS has made refinements, where appropriate, in finalizing the Bill. As part of the key amendments, the Bill will:

    • Remove the DBU-ACU divide and make corresponding consequential amendments to the relevant provisions in the Banking Act
    • Introduce a new Part VIIB to set out the licensing regime for merchant banks, clarify their permitted scope of activities, stipulate applicable prudential requirements, and provide to MAS the regulatory and supervisory powers over merchant banks
    • Expand the grounds for MAS to revoke bank licenses
    • Provide MAS with new powers in the Banking Act to strengthen its supervisory oversight of relevant services such as the outsourcing arrangements of banks and merchant banks

    Keywords: Asia Pacific, Singapore, Banking, Banking (Amendment) Bill 2019, Banking Act, Licensing, Merchant Banks, MAS

    Related Articles
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6432