Featured Product

    MAS Proposes Notices on Management of Services Outsourced by Banks

    December 18, 2020

    MAS is consulting on notices for management of "outsourced relevant services," which include certain cloud services, by banks and merchant banks in Singapore. Once the proposed notices take effect, MAS Notices 634 and 11082 will be repealed. Banks and merchant banks are expected to comply with the proposed notices when disclosing customer information to service providers under the exceptions permitted in the Third Schedule to the Banking Act. The comment period for the consultation ends on January 29, 2021. A bank or a merchant bank will need to comply with the requirements that relate to outsourcing agreements within 12 months of the date of issuance of the proposed notices, or from the date on which the bank or merchant bank enters into a new agreement or renews an existing agreement, whichever is later.

    Services that are covered as outsourced relevant services include public cloud services such as software-as-a-service, platform-as-a-service, and infrastructure-as-a-service. Other services in this category are information technology helpdesks services, data center operations or data center facility management services, express letter and parcel delivery services, and card embossing services. MAS also proposed that relevant services that are not for the conduct of banking business and where the service provider does not have access to a bank or merchant bank's confidential or customer information be considered as exempted outsourced relevant services, and not be subject to the proposed Notices given the nature of such services. To help the industry determine which relevant services are outsourced relevant services, MAS is proposing to set out:

    • A non-exhaustive list of relevant services that are commonly performed by banks or merchant banks (Annex A of the proposed notices)
    • An exhaustive list of relevant services that are not commonly performed by banks or merchant banks and thus, are excluded from the definition of outsourced relevant service (Annex B of the proposed notices)
    • An exhaustive list of relevant services, that are not commonly performed by banks or merchant banks, but are considered by MAS as outsourced relevant services and thus, are subject to relevant requirements in the proposed notices (Annex C of the proposed notices)

     

    Comment Due Date: January 29, 2021

    Keywords: Asia Pacific, Singapore, Banking, Merchant Banks, Outsourcing, Cloud Computing, SAAS, MAS

    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206