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

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7311