Featured Product

    MAS Outlines Enforcement Approach for Breach of Rules and Regulations

    September 24, 2018

    MAS published its enforcement monograph to provide greater clarity and transparency into how it deters, detects, investigates, and takes action against breaches of the rules and regulations it administers. The monograph sets out the approach that MAS takes toward enforcement, the role that enforcement plays in the wider objective of financial industry oversight, and the key areas of the MAS enforcement practice and powers across the financial industry.

    The approach and monograph outlines how the Enforcement Department of MAS works together with the other financial sector oversight functions in MAS to uphold Singapore’s reputation as a clean and trusted financial center. The enforcement monograph first describes the role of enforcement within MAS’ oversight of the financial industry, along with the role of other government agencies and organizations in the enforcement of laws and regulations under the MAS purview. It then explains the way MAS proactively identifies breaches of laws and regulations and describes the range of enforcement actions available to MAS as well as the underlying principles that guide the use of enforcement actions by MAS.

    This monograph builds on the earlier monograph on Capital Markets Enforcement, which was published in January 2016. It has been extended to cover enforcement functions in the banking and insurance sectors following the setting up of a centralized Enforcement Department in MAS in August 2016. 

    Keywords: Asia Pacific, Singapore, Banking, Insurance, Enforcement Monograph, Enforcement Approach, Breach of Rules and Regulations, MAS

    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142