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    MAS Finalizes Regulations to Enhance Resolution Regime in Singapore

    October 29, 2018

    As part of the initiative to enhance the resolution regime in Singapore, MAS revoked MAS (Control and Resolution of Financial Institutions) Regulations 2013 and instead issued two new separate regulations—MAS (Control of Financial Institutions) Regulations 2018 and MAS (Resolution of Financial Institutions) Regulations 2018. MAS also issued its response to the feedback received on the consultation to enhance the resolution regime for financial institutions in Singapore. The changes will take effect from October 29, 2018, unless otherwise stated.

    Additionally, the MAS (Safeguards for Compulsory Transfer of Business, and Exemption from Moratorium Provisions) Regulations 2018 will be revoked and the relevant provisions will be incorporated into the MAS (Resolution of Financial Institutions) Regulations 2018. However, the new regulations related to resolution funding arrangements under the Deposit Insurance and Policy Owners’ Protection Schemes Act (DI-PPF Act) will be issued at a later date. MAS had launched a consultation on amendments to these regulations in July 18, 2018 and the comment period for the consultation ended on August 16, 2018. The comments that were of wider interest, along with the responses of MAS, have been set out in the response paper, categorized by the sections on temporary stays on termination rights (Section 2), statutory bail-in regime (Section 3), creditor compensation framework (Section 4), and resolution funding arrangements (Section 5). 

     

    Effective Date: October 29, 2018

    Keywords: Asia Pacific, Singapore, Banking, Resolution Regime, Responses to Consultation, Deposit Insurance, Resolution Funding, Bail-in, MAS

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