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
Previous ArticleFSB and IMF Report Progress on Phase Two of G20 Data Gaps Initiative
BCBS is consulting on two technical amendments to the rules on minimum haircut floors for securities financing transactions, or SFTs.
BIS launched a EUR-denominated, open-ended fund for green bond investments by central banks and official institutions, following the launch of the first BIS green bond fund denominated in USD in September 2019.
EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021.
BoE announced that the reporting entities are no longer required to report Form CX after the fourth quarter of 2020 reference period, with the last collection on January 29, 2021.
ECB published a letter in which the President Christine Lagarde answered questions, from a Member of the European Parliament, on the application of the EU taxonomy on sustainable finance.
PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook.
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.