Featured Product

    BoE, FCA, and MAS Announce Collaboration on Cyber Security

    June 13, 2019

    MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors. The authorities will commence work toward a Memorandum of Understanding to signify this enhanced collaboration. The collaboration will involve MAS and the UK financial authorities identifying effective ways to share information and explore potential for staff exchanges.

    As hosts to global financial centers and fintech firms, Singapore and the UK have much to benefit from enhanced collaboration on cyber security. Financial authorities in Singapore and the UK already cooperate on cyber security, both bilaterally and by supporting the work of BCBS to develop the best practices for supervising cyber risk in banks and contributing to the Cyber Lexicon published by FSB. Here's what the leaders from these authorities had to say about this cooperation to strengthen cyber security:

    • Mark Carney, Governor of the Bank of England, said: "The average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years. Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat. That’s why I’m pleased the Bank and the Prudential Regulation Authority are working with the MAS toward a Memorandum of Understanding on financial sector cyber security. This aligns with the work we are doing with a number of other countries to enhance global collaboration on cyber risk."
    • Andrew Bailey, Financial Conduct Authority Chief Executive said: “Cybercrime is an ever increasing global problem, particularly in the financial services sector. It creates risks not just for individual customers’ money and data but for the UK economy. We will only be able to tackle this if we work together across industry and regulators to combat the threat it poses. Working closely with our global partners will help us to detect and respond to potential threats and attacks. I am pleased the FCA can work together with international partners, like MAS, to enhance cyber security in the financial sector.”
    • Ravi Menon, Managing Director of the MAS, said: “Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation. I am very pleased that MAS and the Bank of England have resolved to work closer together in promoting the cyber resilience of our financial sectors.”

     

    Related Link: BoE News Release

     

    Keywords: Europe, Asia Pacific, UK, Singapore, Banking, Insurance, Securities, MoU, Cyber Risk, Cyber Security, Fintech, MAS, FCA, BoE

    Related Articles
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3830