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    MAS Defers Implementation and Issues Reporting Pack for Basel Rules

    December 19, 2022

    The Monetary Authority of Singapore (MAS) published notices (632A and 1106A) on residential property loans for banks in Singapore, with the notices taking effect from December 15, 2023. The notices cover the information to include in the fact sheet to be provided to borrowers and how the information should be delivered and explained to the borrower through different channels. MAS also set out the implementation timeline for the final Basel III reforms, including the reporting schedules to be submitted via the Data Collection Gateway (DCG) as part of this implementation under the MAS Notice 637.

    Through its recent circular PPD 111/2022, MAS announced that it will defer the implementation of the final Basel III reforms in Singapore, to between January 01, 2024 and January 01, 2025. MAS plans to finalize the implementation timeline for the final Basel III reforms (including the transitional arrangement for the output floor) by July 01, 2023. MAS released the Version 1.0 submission pack for reporting schedules to be submitted via the DCG, upon implementation of the revised MAS Notice 637 with respect to the final Basel III reforms in Singapore. Version 1.0 submission pack includes Excel submission templates and guidelines, XML schema definition and rules, and sample XML files. Banks should complete implementation of the Version 1.0 submission pack no later than mid-March 2023, for participation in the intended testing from mid-March 2023 to April 2023. MAS will provide the test submission links to banks nearer to the start date for testing. Thereafter, the remaining time till go-live date will be set aside for error remediation, which will include the development and implementation of a subsequent submission pack, and a parallel run of submissions.

    Keywords: Asia Pacific, Singapore, Banking, Basel, Reporting, Notice 637, RRE, Residential Real Estate, MAS

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