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
APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
FSB Sets Out Good Practices for Crisis Management Groups
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.
APRA Penalizes Heritage Bank for Incorrect Reporting of Capital
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
OSFI Releases Annual Report 2021-2022
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
OSFI Updates Timeline for Implementation of Certain Basel Rules
Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.
EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR
EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.
FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR
The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.
APRA Finalizes Capital Adequacy Standards for Banks
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.
