MAS and CBIRC Enhance Cooperation and Regulatory Oversight
MAS and CBIRC reaffirmed their commitment to deepen supervisory cooperation by signing the CBIRC-MAS Supervisory Memorandum of Understanding (MoU) to enhance supervisory cooperation. The MoU will also facilitate the exchange of information between MAS and CBIRC in the areas of banking and insurance supervision and crisis management. The MoU was signed by the MAS Deputy Managing Director Mr. Ong Chong Tee and the CBIRC Vice Chairman Mr Liang Tao.
The agencies also held the MAS-CBIRC Supervisory Roundtable. Topics discussed during the Roundtable included supervisory developments in the banking and insurance sectors of China and Singapore, such as digital banking, risk-based capital frameworks, and the insurance intermediary market. Mr. Ong of MAS said: “This MoU affirms the close partnership between both regulators. It will facilitate regulatory cooperation, given the growing presence of banks and insurers in both our jurisdictions. Discussions at the Roundtable have deepened our understanding of each other’s regulatory regime and supervisory practices. Both sides agreed to deepen our supervisory cooperation and to further strengthen our working relationship.”
Keywords: Asia Pacific, China, Singapore, Banking, Insurance, Fintech, MoU, Supervisory Cooperation, Regulatory Oversight, Crisis Management, CBIRC, MAS
Previous Article
ISDA on Responses to Consultation on Pre-cessation Issues for LIBORRelated Articles
Regulators Fine Goldman Sachs for Risk Management Failures
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
Canada Hosts International Conference of Banking Supervisors
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA Proposes More Measures to Help Insurance Customers Amid Crisis
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA Issues Opinion to Address Risk Stemming from Legacy Instruments
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury Publishes Policy Statement Amending Benchmarks Regulation
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA Initiates Action Against a Bank for Liquidity Compliance Breach
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies Finalize Rule to Reduce Impact of Large Bank Failures
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies Finalize Rule on Net Stable Funding Ratio Requirements
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.
