General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
September 29, 2017

MAS published consultation paper on review of anti-commingling framework for banks. The anti-commingling policy was introduced by MAS in 2001, to separate the financial and non-financial businesses of banks in Singapore. MAS recognizes that there is scope to simplify the regulatory requirements and expand the scope for banks seeking to conduct or invest in permissible non-financial businesses that are related or complementary to their core financial businesses. Comments are to be submitted by November 15, 2017.

MAS is proposing to refine the following two aspects of the anti-commingling framework for banks:

  • The conditions and requirements under regulation 23G will be streamlined to make it easier for banks to conduct or invest in permissible non-financial businesses that are related or complementary to their core financial businesses.
  • Banks will be allowed to engage in the operation of digital platforms that match buyers and sellers of consumer goods or services as well as in the online sale of such goods or services.

The anti-commingling policy was intended to help banks remain focused on their core banking business and competencies and to avoid potential contagion from the conduct of non-financial businesses. The policy was updated in 2011, through the introduction of regulation 23G of the Banking Regulations, to give banks flexibility to carry on businesses that are related or complementary to their core financial businesses. MAS recognized that there is scope to simplify and adjust the anti-commingling framework, while safeguarding its core policy objectives. This will allow banks to broaden and better integrate their range of services. 

 

Comment Due Date: November 15, 2017

Keywords: Asia Pacific, Singapore, Banking, Anti-Commingling Policy, Banking Regulation, MAS

Related Articles
News

APRA Proposes Changes to Credit Risk Management Standard for Banks

APRA is proposing to update its prudential standard on credit risk management requirements for authorized deposit-taking institutions.

March 25, 2019 WebPage Regulatory News
News

EIOPA Publishes Q&A on Regulations in March 2019

EIOPA updated questions and answers (Q&A) on the implementing and delegated regulations related to the Solvency II Directive.

March 25, 2019 WebPage Regulatory News
News

BCBS Issues Follow-Up Reports on Basel III Implementation Assessments

BCBS published a report summarizing the follow-up actions taken or planned by member jurisdictions as of the end of 2018; these actions are intended to address deviations from the Basel standards identified as part of the Regulatory Consistency Assessment Program (RCAP).

March 25, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Fourth Update for March 2019

EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 22, 2019 WebPage Regulatory News
News

ECB Updates Validation Checks and List of Identifiers Under AnaCredit

ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting.

March 21, 2019 WebPage Regulatory News
News

BCBS Publishes Results of the Basel III Monitoring Exercise

BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018.

March 20, 2019 WebPage Regulatory News
News

EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation

EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities.

March 20, 2019 WebPage Regulatory News
News

HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks

HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO).

March 20, 2019 WebPage Regulatory News
News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News
News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2786