MAS and CBIRC Enhance Cooperation and Regulatory Oversight
MAS and CBIRC reaffirmed their commitment to deepen supervisory cooperation by signing the CBIRC-MAS Supervisory Memorandum of Understanding (MoU) to enhance supervisory cooperation. The MoU will also facilitate the exchange of information between MAS and CBIRC in the areas of banking and insurance supervision and crisis management. The MoU was signed by the MAS Deputy Managing Director Mr. Ong Chong Tee and the CBIRC Vice Chairman Mr Liang Tao.
The agencies also held the MAS-CBIRC Supervisory Roundtable. Topics discussed during the Roundtable included supervisory developments in the banking and insurance sectors of China and Singapore, such as digital banking, risk-based capital frameworks, and the insurance intermediary market. Mr. Ong of MAS said: “This MoU affirms the close partnership between both regulators. It will facilitate regulatory cooperation, given the growing presence of banks and insurers in both our jurisdictions. Discussions at the Roundtable have deepened our understanding of each other’s regulatory regime and supervisory practices. Both sides agreed to deepen our supervisory cooperation and to further strengthen our working relationship.”
Keywords: Asia Pacific, China, Singapore, Banking, Insurance, Fintech, MoU, Supervisory Cooperation, Regulatory Oversight, Crisis Management, CBIRC, MAS
Previous Article
ISDA on Responses to Consultation on Pre-cessation Issues for LIBORRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.
