November 29, 2017

MAS amended Notice 637 on risk-based capital adequacy requirements for banks incorporated in Singapore and the amendments shall take effect on January 01, 2018. MAS also published its response to the feedback received on proposed amendments to the capital framework for securitization exposures in MAS Notice 637.

The recent revisions to MAS Notice 637 reflect amendments to implement revisions to the capital framework for securitization exposures applicable to Singapore-incorporated banks. The amendments to the securitization framework will strengthen the capital standards for securitization exposures, while providing a preferential capital treatment for simple, transparent, and comparable traditional securitizations. The amendments include the International Development Association and the Asian Infrastructure Investment Bank in the list of qualifying multilateral development banks, along with other miscellaneous amendments. MAS amendments to Notice 637 are consistent with the BCBS standard on securitization framework, including the one on regulatory capital treatment for simple, transparent, and comparable securitizations.

MAS had, in January 2017, published a consultation paper on the capital framework for securitization exposures as well as for interest rate risk in the banking book (IRRBB). The consultation period ended on February 10, 2017. Although MAS has published responses to the feedback received on the amendments for securitization exposures, it will be publishing its responses to the feedback received on the amendments for IRRBB at a later date.

 

Effective Date: January 01, 2018

Keywords: Asia Pacific, Singapore, Banking, MAS Notice 637, Securitization, STC Securitization, Capital Adequacy, Basel III, MAS

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