Featured Product

    MAS Publishes Explanatory Brief on Banking (Amendment) Bill 2019

    November 04, 2019

    MAS published an explanatory brief on the Banking (Amendment) Bill 2019. The brief highlights that the Minister for National Development and the Second Minister for Finance, Mr Lawrence Wong, on behalf of Mr. Tharman Shanmugaratnam, Senior Minister and Minister-in-charge of MAS, moved the Bill for First Reading in Parliament. This round of Banking Act amendments will significantly rationalize the banking regulation by removing the divide between the Domestic Banking Unit (DBU) and the Asian Currency Unit (ACU) and will consolidate the licensing and regulation of merchant banks under the Banking Act.

    MAS had consulted the industry and public on the significant policy changes and draft legislative amendments for banks and merchant banks in February 2019 and May 2019, respectively. Feedback from the consultations was largely supportive. MAS has made refinements, where appropriate, in finalizing the Bill. As part of the key amendments, the Bill will:

    • Remove the DBU-ACU divide and make corresponding consequential amendments to the relevant provisions in the Banking Act
    • Introduce a new Part VIIB to set out the licensing regime for merchant banks, clarify their permitted scope of activities, stipulate applicable prudential requirements, and provide to MAS the regulatory and supervisory powers over merchant banks
    • Expand the grounds for MAS to revoke bank licenses
    • Provide MAS with new powers in the Banking Act to strengthen its supervisory oversight of relevant services such as the outsourcing arrangements of banks and merchant banks

    Keywords: Asia Pacific, Singapore, Banking, Banking (Amendment) Bill 2019, Banking Act, Licensing, Merchant Banks, MAS

    Related Articles
    News

    APRA Finalizes Guidance on Management of Climate Change Risks

    The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.

    November 26, 2021 WebPage Regulatory News
    News

    European Council Adopts Position on Digital Finance Package Proposals

    The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).

    November 25, 2021 WebPage Regulatory News
    News

    PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window

    The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.

    November 25, 2021 WebPage Regulatory News
    News

    EC Proposes New Measures Under Capital Markets Union Package

    The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.

    November 25, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR

    The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).

    November 24, 2021 WebPage Regulatory News
    News

    FED Outlines Lending Conditions and Supervisory Activities in H1 2021

    The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.

    November 24, 2021 WebPage Regulatory News
    News

    APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience

    The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.

    November 23, 2021 WebPage Regulatory News
    News

    FSB Updates List of Global Systemically Important Banks

    The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.

    November 23, 2021 WebPage Regulatory News
    News

    FASB Proposes Improvements to Credit Losses Standard

    The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.

    November 23, 2021 WebPage Regulatory News
    News

    US Agencies Issue Statement on Crypto-Asset Policy Initiatives

    US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.

    November 23, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7733