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    MAS Proposes Liquidity Risk Framework for Fund Management Companies

    October 26, 2017

    MAS proposed to introduce a liquidity risk management framework for fund management companies, with respect to the collective investment schemes (CIS) that they manage. MAS also proposed to amend the Code on Collective Investment Schemes (CIS Code) to impose additional portfolio requirements for money market funds (MMFs) due to their systemic relevance in the event of a crisis. Comment due date is November 27, 2017.

    The framework seeks to provide guidance on sound practices in liquidity risk management of CIS, with the aim to address the risks to investors from potential liquidity mismatches between the CIS’ portfolio liquidity and redemption terms. MAS intends to introduce the framework in the form of guidelines, to accord proportionality to fund management companies in implementing the liquidity risk management practices, in line with their roles in managing the CIS, the business models, and fund structures that they employ. MAS invites comments from fund management companies and other interested parties on the proposed guidelines and the amendments to the CIS Code. The proposed guidelines and CIS Code amendment take into account the international recommendations of FSB and IOSCO.

     

    Comment Due Date: November 27, 2017

    Keywords: Asia Pacific, Singapore, Banking, Liquidity Risk, CIS, Fund Management Companies, MMFs, MAS

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