MAS Proposes Revision to Scope of Eligible Collateral in Notice 637

By Regulatory News

December 20, 2017

MAS published consultation paper on proposals to widen the scope of eligible collateral relating to commodities and equity securities in MAS Notice 637. The paper sets out amendments to revise the list of eligible collateral that may be recognized for credit risk mitigation purposes. MAS also issued a template for submitting response to the consultation paper. Comments are invited from Singapore-incorporated banks and other interested parties by January 19, 2018.

MAS Notice 637 addresses risk-based capital adequacy requirements for banks incorporated in Singapore. MAS has proposed the following amendments:

Recognize commodities as eligible physical collateral for banks using the foundation internal ratings-based approach for credit risk.
Widen the scope of eligible equity securities to those listed on any regulated exchange (that is, an exchange regulated by MAS or other financial services regulatory authority).
In relation to eligible equity securities included in a main index that qualify for a 15% haircut, clarify the definition of main index as one which is referenced by futures or options traded on a regulated exchange.

Comment Due Date: January 19, 2018

Keywords: Asia Pacific, Singapore, Banking, Commodities, MAS Notice 637, Capital Adequacy, Credit Risk, MAS

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